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S Corporation: States
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To gain “S” corporation status, you must take affirmative steps with the IRS. Specifically, you must file an application to be designated as an “S” corporation. The application in question is Form 2553. This form must be filed within 2 and ½ months of the creation of the entity or in the year prior to the year you wish the designation to be made. Prior to filing the designation, of course, you must have your employer identification number. This can be obtained with Form SS-4.
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HOFFMAN ESTATES, Ill., Nov. 12 /PRNewswire-FirstCall/ -- Sears Holdings Corporation (Nasdaq: SHLD), today announced the company currently plans to release financial results for its fiscal 2007 third quarter on Nov. 29, 2007, before the market opens. In addition, the company expects to file its Quarterly Report on Form 10-Q for its fiscal 2007 third quarter on or before Dec. 13. About Sears Holdings Corporation Sears Holdings Corporation is the nation's fourth largest broadline retailer with over $50 billion in annual revenues and approximately 3,800 full-line and specialty retail stores in the United States and Canada. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance. Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands. It ... has Martha Stewart Everyday products, which are offered exclusively in the U.S. by Kmart and in Canada by Sears Canada.
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For many small businesses, the “S” corporation is the business entity of choice. The “S” in S corporation refers to a tax designation. All corporations are created the same way under state law. A small business must then chose a tax status, to wit, “C”, “S” or non-profit. Important issues concerning S corporations are covered in this article.
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Corporations may elect to register in New Jersey as a Sub-Chapter S corporation. Since the S corporation status for federal purposes does not automatically flow through for New Jersey state purposes, you must apply for S corporation status in this state and receive approval of the election. Without this filing and approval, your filings in New Jersey will be considered as those of a standard C corporation with all the rates that apply to that designation.
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STOCK LIMITATIONS To remain eligible for S corporation status, a corporation is only allowed to issue one class of stock, which may be a deterrent to businesses that would like to issue preferred as well as common stock. In addition, a limit of 75 stockholders is placed on the S corporation, and all stockholders must be individuals who reside in or are citizens of the United States. The small business corporation, therefore, is denied the benefit of foreign investors in an increasingly global business world.
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One court had held the 10-year holding period started on the date of the initial election of S status for a corporation that later lost or revoked its status and then elected S status again. Final regulations now provide that the 10-year period begins on the date of the most recent election.
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