S Corporation Formation Step-by-Step Checklist

Summary

This checklist presents a sequential synopsis of verification steps consistent with best practices in electing Subchapter S corporation status and actions expediting the election for federal tax purposes. At the outset, validating the entity's eligibility for Subchapter S status is critical, since failing to do so can yield unwanted costs and wasted motion. Similarly, an untimely election can retard entity principals' pursuit of federal tax advantages. This checklist then synthesizes the order of operations advised to consummate S corporation status qualified for defined federal tax advantages.