which tax form would you select for a subchapter s corporation? course hero

If you’re electing S corp status as a C corporation, you must submit Form 2553, Election by a Small Business Corporation to the IRS, signed by all of your company’s shareholders. If you’re electing S corp status as an LLC, you’ll need to file Form 8832, Entity Classification Election.

Full Answer

How do corporations compute their federal tax liability?

Corporations compute their federal tax liability by multiplying their state tax liability by 2.

What happens when a partner assigns his or her interest in a partnership to a creditor?

If a partner assigns his or her interest in a partnership to a creditor, the assignee steps into the shoes of the partner and becomes entitled to participate in the management of the business.

What is a partner's capital contribution?

A partner's capital contribution may consist in business experience or service to the firm.

Where are profits taxed?

Profits are taxed at the corporate level as income and again at the shareholder level as dividends.

How long can a corporation be in existence?

A corporation can be in existence for a maximum of ninety-nine years.

How often do partnerships pay interest?

The partnership must pay interest each year on the capital contributions of the partners.

Who has the ability to veto the admission of a new partner into the business?

One partner has the ability to veto the admission of a new partner into the business.