S-corp
Tax-advantaged business structure
An S-corp (S corporation) is a business structure that passes income, losses, and deductions directly to shareholders, avoiding the double taxation of regular corporations.
The designation comes from Subchapter S of the Internal Revenue Code.
S-corps combine the liability protection of a corporation with the tax benefits of a partnership: We structured the business as an S-corp to reduce our tax burden.
Equity owner in corporation
- pass-throughTransferred without retention
- LLCHybrid business entity abbreviation
- entityIndependent existing thing
- articlesWritten works or items
bylaws · stock · ownership · partnership · formation · capitalization · equity · shares
Staff wages collectively
- salaryFixed periodic employment payment
- bookkeepingRecording financial transactions systematically
- accountingMaintaining financial records
- minutesSixty-second intervals
distributions · profit-sharing · 401k · SEP-IRA · reimbursement
Federal tax collector
- distributionAllocation across recipients
- dividendCorporate profit share
- FICAFederal wage withholding law
- MedicareFederal senior health program
Confidence in another
- estateProperty and grounds
- individualOne separate human being
- qualificationRequired skill or condition
- electionOrganized public voting
revocation · termination · disqualification · restrictions · requirements · compliance
shareholder
Equity owner in corporation
- pass-throughTransferred without retention
- LLCHybrid business entity abbreviation
- entityIndependent existing thing
articles · bylaws · stock · ownership · partnership · formation · capitalization · equity · shares
payroll
Staff wages collectively
- salaryFixed periodic employment payment
- bookkeepingRecording financial transactions systematically
- accountingMaintaining financial records
minutes · distributions · profit-sharing · 401k · SEP-IRA · reimbursement
IRS
Federal tax collector
- distributionAllocation across recipients
- dividendCorporate profit share
- FICAFederal wage withholding law
trust
Confidence in another
- estateProperty and grounds
- individualOne separate human being
- qualificationRequired skill or condition
election · revocation · termination · disqualification · restrictions · requirements · compliance
- business termsfranchising, revenue stream, board meeting, gross margin, markdown
- tax strategiestax shelters, tax deferral, tax planning, tax avoidance, tax breaks
- corporationsApple, Microsoft, Google, Amazon, Toyota
- small businesssmall business, sole proprietor, owner, mom-and-pop, startup
- taxationtax, income tax, sales tax, tax return, tax refund
S-corpsole proprietorship
Unincorporated individual-owned business
general partnership · nonprofit corporation · cooperative · LLC · public corporation
corp, corporation, corporations, corporate, corporately, corporatism, corporatist, incorporate, incorporated