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S Corporation: Designation
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While S corporations provide relief from the tax filings of a C corporation, there are negative aspects to using them. Simply put, a C corporation can write off more expenses. S corporations may not be able to deduct certain types of insurance and costs of doing business. The list is fairly complicated, so you should speak with a tax professional prior to deciding which designation works for your business.
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Making the “S” designation for a corporation is not overly difficult, but many new entities run into problems because they fail to take care of the designation in a timely manner. Make sure you stay on top of the filing or you will have to wait for an additional year to make the designation.
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In addition to these two executive hires, Rubio's announced the title change designation for corporate officers from Vice President to Senior Vice President. A. Gerald Leneweaver (People Services), Lawrence A. Rusinko (Marketing & Product Development), and Frank E. Henigman (Finance) will now carry the title of Senior Vice President of their respective functions. Henigman will continue to carry the designation of CFO.
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