Maintaining an S Corporation

After you form a general corporation at the state level, you must apply for S Corporation status through the IRS by filing form 2553.

Most states require S Corporations to file annual reports and pay franchise taxes to maintain their good standing. Failure to file annual reports and pay franchise taxes can result in fines, notices, and the inability to conduct business.

State laws require all corporations to hold annual meetings of shareholders and directors and record meeting minutes. Owners and directors of an S Corporation use corporate minutes to reflect changes in management and activities.

Additionally, almost all state, county, and local governments require corporations to complete business license, permit, and tax registration applications before beginning to operate. Learn more about how our Business License Compliance Package can help your company.

Form your S Corporation online or contact a Business Specialist at 800-818-6082 (toll-free) or 302-636-5440.