A C Corporation (C-Corp) is a corporation that is taxed separately from its owners. An S Corporation (S-Corp) is a closely held corporation and is not required to pay federal income taxes. Instead, the corporation’s income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns. The primary benefits of forming a corporations are protection of shareholders from personal liability, liquidity and transferability.
Formation of a New York C-Corp or S-Corp requires registering a corporation with the New York Department of State. Formation of a New York S-Corp requires filing of Form 2553 with IRS and Form CT-6 with New York State Tax Department. Ishimbayev Law Firm provides both of these services for a flat fee.
New York C-Corp or S-Corp Formation package:
- Corporate name availability check
- Preparation of Certificate of Incorporation
- File Certificate of Incorporation with New York Department of State
- Preparation of Corporate Bylaws
- Obtain Employer Identification Number (EIN)
- Prepare IRS Form 2553 to elect “S” status, if applicable
- Prepare CT-6 to elect “S” status in the state of New York, if applicable
Please contact us to learn more about forming a C-Corp or S-Corp in a different state.