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Q: What kind of Corporation do I have ? ( Answered,   1 Comment )
Question  
Subject: What kind of Corporation do I have ?
Category: Business and Money > Consulting
Asked by: onlinepresence-ga
List Price: $2.00
Posted: 16 Mar 2006 14:48 PST
Expires: 15 Apr 2006 15:48 PDT
Question ID: 708121
For most of you this question might sound dumb, but I really need the answer.

Here is my case, I have ordered a Corporation through the form:
https://www.corporate.com/doIncOrderStart.do?shippingPackage=INTERNATIONAL
and I do not know if I got a C Corporation or an S Corporation.

This action has been done a very long time ago (in 2004).
From that time, I didn't do anything at all with the package received.

Could you please tell me, what kind of Corporation I have ?
You can ask about forms, legal papers, and I will provide the answers,
just I need to know which kind first, in order to purchase the second
question.

Request for Question Clarification by umiat-ga on 16 Mar 2006 17:21 PST
Can't you just look at the package and see what kind of corporation
form you ordered?
Answer  
Subject: Re: What kind of Corporation do I have ?
Answered By: weisstho-ga on 17 Mar 2006 08:22 PST
 
Dear Online,

NO QUESTION ABOUT IT - YOU HAVE A "C" CORPORATION. 

This outfit's website says the following:

"To form an Subchapter S Corporation (S-Corp), please select
corporation as the entity type and choose the complete package. Our
complete package contains IRS form 2553, Election by a Small Business
Corporation, which must be completed and submitted to the IRS to
obtain S Corporation status."

The ONLY thing that they are giving you is a piece of paper, IRS Form
2553, which you, or your accountant, fill out and send to the IRS
requesting Subchapter "S" status. The IRS processes the application
and informs you (1) if you qualify, that the status is granted, and
(2) the tax year (date) in which it becomes effective.

Even if you didn't order their "complete package" you can get the IRS
Form here, for free:
http://www.irs.gov/pub/irs-pdf/f2553.pdf for the form, and
http://www.irs.gov/pub/irs-pdf/i2553.pdf for the instructions.

The IRS website is fantastic; there is a ton of helpful information.
For example, see this:  http://www.irs.gov/businesses/small/index.html

One next to last note:  a corporation is a corporation is a
corporation. As far as the state in which you are incorporating there
is really only one flavor of corporation (unless you are a licensed
professional such as a doctor, lawyer, etc.) - doesn't matter. The
"Sub 'S'" is merely an IRS designation as to how you are taxed. It, by
itself, doesn't change the underlying rules and regulations concerning
the management of the corporation.

And lastly, if you spent your money incorporating in a state other
than the state in which you will do business - you really must ask
your tax professional whether that was a good idea. For example, a lot
of people get hooked into forming Nevada corporations only to find out
that now they have to keep the Nevada corporation alive by paying fees
every year to Nevada, AND they have to register the Nevada corp. in
their home state and pay its fees, AND perhaps file tax returns for
Nevada and their home state and the IRS . . .
Its more a marketing ploy by the people "selling" the corporations
than it is a make sense alternative to just filing in their home
state.

If you need any more information, please hit the CLARIFICATION button.

Good luck,

weisstho-ga

Search Strategy:
IRS
IRS Form 2553
IRS Small Business
Comments  
Subject: Re: What kind of Corporation do I have ?
From: myoarin-ga on 16 Mar 2006 16:32 PST
 
We cannot tell you.  The site allows you to choose one of four types
of companies.  I did not check furthe about S or C corporation.  If
you had to select, the information will be in your package.

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