S 1 Corporation
Industries Headquarters Regions Greater Atlanta Area, East Coast, Southern US Founded Date 1996 Founders Michael McChesney Operating Status Active Company Type For Profit Number of Exits 1 Phone Number 1-404-923-3500 S1 Corporation delivers integrated financial services on an open platform to leading financial institutions, retailers, and processors. Their solution family spans payments, online banking, branch banking, and lending. S1 Corporation was acquired by ACI Worldwide for $360M on Oct 11, 2011. This deal was done in Cash & Stock. Transaction Name S1 Corporation acquired by ACI Worldwide Acquired by Announced Date Oct 11, 2011 Price $360M Get the most out of Crunchbase Terms of Service | Privacy Policy | Sitemap | © 2021 Crunchbase Inc. All Rights Reserved. (0. 1. 11672 548)
S 1 corporation for assigned
An S corporation is different from a regular (or C) corporation only in that it elects to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code of the IRS. Congress created Subchapter S in the tax code in 1958 to promote entrepreneurship and small businesses. S corporations combine the benefits of partnerships (single taxation) with the limited liability offered by corporations. C corporations, on the other hand, allow for more flexibility in the number and type of shareholders, as well as different classes of stock. Comparison chart C Corporation versus S Corporation comparison chart C Corporation S Corporation current rating is 2. 78/5 1 2 3 4 5 (205 ratings) current rating is 3. 12/5 1 2 3 4 5 (221 ratings) Suitable for Medium-size to large businesses with many shareholders (including institutional investors) Small businesses with less than 100 shareholders, consisting of US citizens and/or resident aliens for income tax purposes. Taxation Double taxation - Company income is taxed at corporate tax rate (roughly 34%); shareholders also pay tax on dividends or profits distributed (roughly 20%).
The fact that the S corporation's owners also typically work as employees of the corporation, can help them qualify for the deduction. Aside from the benefits, S corporations impose strict requirements. Here are the main rules: Each S corporation shareholder must be a U. S. citizen or resident. S corporations may not have more than 100 shareholders. S corporation profits and losses may be allocated only in proportion to each shareholder's interest in the business. An S corporation shareholder may not deduct corporate losses that exceed his or her "basis" in corporate stock -- which equals the amount of the shareholder's investment in the company plus or minus a few adjustments. S corporations may not deduct the cost of fringe benefits provided to employee-shareholders who own more than 2% of the corporation. Fortunately, a decision to elect to be an S corporation isn't permanent. If your business later becomes more profitable and you find there are tax advantages to being a regular corporation, you can drop your S corporation status after a certain amount of time.
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When you sell your S corporation, your taxable gain on the sale of the business can be less than it would have been had you operated the business as a regular corporation. S corporation shareholders are not subject to self-employment taxes on the distributions they receive from the corporation (active LLC owners are). These taxes, which add up to more than 15% of your income up to an annual ceiling, are used to pay your Social Security and Medicare taxes. However, S corporation shareholders ordinarily work as employees of the corporation and must pay employment tax on their employee compensation. Since S corporations are pass-through entities, their shareholders can qualify for the pass-through tax deduction established by the Tax Cuts and Jobs Act. During 2018 through 2025, S corporation shareholders may be eligible to deduct up to 20% of their share of the S corporation's income. There are many restrictions on this deduction. At some income levels, the deduction is limited to 50% of the W2 wages the business pays.
You must also obtain the written consent of all shareholders to elect S Corp status. S corporations can use the simpler cash method of accounting rather than the accrual method and are subject to similar legal fees and set-up costs as a standard corporation. If you need help with establishing an S corporation, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
The Form 2553 must be signed by all of the corporation's shareholders. If a shareholder resides in a community property state, the shareholder's spouse generally must also sign the 2553. The S corporation election must typically be made by the fifteenth day of the third month of the tax year for which the election is intended to be effective, or at any time during the year immediately preceding the tax year. Some states such as New York and New Jersey require a separate state-level S election in order for the corporation to be treated, for state tax purposes, as an S corporation. Taxation of a C corporation vs. S corp While employee Medicare and FICA taxes, as well as state taxes are not affected by a company's corporate structure, federal income tax treatments are different for C and S corporations. The corporate tax rate is usually lower than the personal income tax rate. However, in the case of C corporations, there is double taxation because (a. ) The corporation is taxed on profits, and (b) when these profits are distributed to shareholders (owners), the owners are taxed on these dividends.
Formal shareholders and board meetings are required Limited Liability Yes Yes Continuity of life Indefinite term Indefinite term Qualification for S corporation status In order to make an election to be treated as an S corporation, the following requirements must be met: Must be an eligible entity (a domestic corporation, or a limited liability company). Must have only one class of stock. ( See Common Stock vs Preferred Stock) Must not have more than 100 shareholders. Spouses are automatically treated as a single shareholder. Families, defined as individuals descended from a common ancestor, plus spouses and former spouses of either the common ancestor or anyone lineally descended from that person, are considered a single shareholder as long as any family member elects such treatment. Shareholders must be U. S. citizens or residents, and must be physical entities (a person), so corporate shareholders and partnerships are to be excluded. However, certain tax-exempt corporations, notably 501(c)(3) corporations, are permitted to be shareholders.
Click on any year of the timeline above for a series of photos and events for that year; click on the subject areas below for a list of milestones about a particular group of products. Alpha (64-bit architecture) Internet/Intranet x86 architecture Services VAX (32-bit architecture) Storage PDP-11 (16-bit architecture) Software 18-bit architecture Semiconductors 12-bit architecture Networking 36-bit architecture Early Modules The Information Research Services has assembled this interactive timeline of DIGITAL computing milestones. Included are DIGITAL landmark products and advances in technology, complete with text and photos from the Corporate Archives and Corporate Photo Library.