There is no limit to how often the owner can take an owner's draw.
There are different taxation levels based on how much is taken out
(the higher the amount taken out, the higher the personal taxation
level). A chart with the different taxation levels is available here:
With regards to your second question, this quote explains how
dividends work and are taxed in an S Corporation: "Let's consider the
S-corporation case. The S-corporation earns $1,000 but is not taxed as
a separate entity. From a tax standpoint, the earnings are assumed to
flow to you. You owe personal income tax on them. So, since you are in
the 30% tax bracket, you pay $300 in tax. This is unaffected by
whether or not the remaining $700 stays within the corporation or is
paid out to you."
In addition to the above, it is important to note that in an S
corporation, "shareholders must receive dividends according to the
number of shares that they own, regardless of the amount of effort put
into the business."
All the best,
"s corporation" "owner's draw"
"s corporation" "dividends"
"s corporation" "owner's draw" limit
"s corporation" "owner's draw" limits