Overview
When starting a new venture, business owners have many options in deciding which entity form is best for their new company. One of the larger driving factors in making these decisions is the answer to the question of how will the new company be taxed.
Even when new business owners decide that they would like to incorporate their new business, they are still faced with another choice: should they stay as a default C corporation or should they select the S election?
Write an essay describing: the process of forming an S Corporation; the benefits of an S Corporation versus a C Corporation or LLC; the downfalls of an S Corporation versus a C Corporation or LLC; any special considerations or unique characteristics of an S Corporations.
Use scholarly sources such as the Code, Supreme Court decisions, Tax Court decisions, and scholarly articles to support your position. In addition to a References page in APA format, this Essay should be 4-5 pages, double spaced.