Question
What is the sequence for forming an S Corp?
I have done a lot of research, and I know I need to - get a lawyer to oversee or write up my articles - get a bank account - get a tax id - find an accountant But I am a little confused about the sequence. I need to have a corp. formed to open the bank account and get an ID, yet, I would like to pay the lawyer etc.. from my business funds What order should I do these things?
3 months ago - 1 answers
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There is technically speaking no such thing as a "S Corp." S Corp is a tax option that is selected and registered with the IRS. First, you have to incorporate. You can obtain the forms from the Secretary of State for your state and fill them out and submit them. After you get your corporate ID, you apply to the IRS for S Corp tax status, which means the owners of the corporation (you) must include all the income from the corporation on your personal income tax returns, even if you never received the income.
Source(s)
Personal experience
by Yorky
3 months ago
Asker's Rating: 