"S" Corporation

Description: Electing S Corporation status is an option that must be made through the Internal Revenue Service (IRS) when starting a business. In general, an S Corporation passes through income and expenses to its shareholders, who then report them on their own income tax returns. To qualify for S Corp. status, a corporation must meet several requirements, one of which limits the number of shareholders. Get online or contact:

Business Services
Room 328 Howlett Building
Springfield, Illinois 62756
217–782-6961
TDD: 1–800-252–2904

Business Services
17 North State St., Room 1137
Chicago, Illinois 60602
312–793-3380
TDD: 1–800-252–2904

Source: Illinois Business Portal
Date Last Revisited: 12/04/09