Iowa S Corporation Definition
Iowa S Corporation
DEFINITION
This form of business takes its name from a provision in the federal tax code called "subchapter S.” An S corporation is essentially a C corporation which has met certain specific requirements and is therefore entitled to the liability limitations of a C corporation but is taxed like a partnership. In other words, individual owners may be better able to pass through losses incurred early in the business’s existence for their own advantage unlike in a C corporation scenario. An S corporation requires an additional filing with the Internal Revenue Service within a specified time period and has limitations to which C corporations are not subject including that an S corporation may not have more than 75 shareholders, may not have a corporate shareholder, and can only have one class of stock. The primary disadvantage of an S corporation is that it has a higher cost of maintenance than other business forms.
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