An “S” Corporation is created in much the same fashion as a traditional “C” Corporation and has, fundamentally, the same filing and formation requirements. However, upon formation, every corporation is presumed to be a “C” Corporation. In order to obtain the special tax treatment afforded “S” Corporations, the directors of the business must affirmatively elect to treat the business as an “S” Corporation. This requires the filing of IRS Form 2553 within seventy-five (75) days of the business beginning operations.
