Arkansas S Corporation Definition
Arkansas S Corporation
DEFINITION
The Arkansas S Corporation is a corporation that chooses to be taxed under Subchapter S of the Internal
Revenue Tax Code. Being an S Corporation is a tax matter only. S Corporations are considered
“tax pass through” business entities, meaning their profits and losses are reported by their owners
on the owners’ personal tax returns.
S Corporations:
• Are corporations in the view of the state and comply with state corporation laws.
• Must have only one class of stock.
• Must be made up of shareholders that are individuals, estates, or trusts, but
not corporations.
• Can only have shareholders that are United States citizens or residents.
• Cannot be members of affiliated groups of corporations.
• Are limited to 75 shareholders.
• Are created by filing Articles of Incorporation with the Arkansas Secretary of State and
then the Internal Revenue Service.
• Must file annual franchise tax reports with, and pay franchise taxes to, the Arkansas
Secretary of State.
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