History, Characteristics, Advantages, Disadvantages, And Procedures Of A Subchapter S Corporation

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Authors
Spika, Nick
Advisor
Ernest Bacon
John Semmens
Charles Mandeville
Editor
Date of Issue
1974-04-01
Subject Keywords
Publisher
Citation
Series/Report No.
item.page.identifier
Title
History, Characteristics, Advantages, Disadvantages, And Procedures Of A Subchapter S Corporation
Other Titles
Type
thesis
Description
Abstract
A Subchapter S corporation is but one of many forms of business available to a businessman. Each form of business has its own characteristics, advantages, and disadvantages. The Subchapter S form of business is the form which has most recently been developed; it has evolved from the corporate form of business and has been existence only since 1958. Basically, a Subchapter S corporation is a qualified small business corporation which elects to have income taxed directly to its shareholders, as like income is taxed to partners in a partnership, thereby eliminating tax at the corporate level. A Subchapter S corporation is a regular corporation in all respects except in the tax treatment afforded it by the IRS. Naturally there are advantages to a Subchapter S election made by a small business corporation, but there are also disadvantages. If it is determined by the owners of a small corporation that a Subchapter S election would be beneficial, there are legal qualifications that must be met and election procedures prescribed by the Internal Revenue Service which must be followed. Five areas, then, will be discussed. They are (1) general forms of business available, (2) history of the Subchapter S corporation, (3) characteristics and qualifications of a Subchapter S corporation, (4) advantages and disadvantages of a Subchapter S election, and (5) Subchapter S election procedures and Internal Revenue Service prescriptions
Sponsors
Degree Awarded
Bachelor's
Semester
Spring
Department
Business, Accounting & Economics