In order to elect S corporation status, a corporation must satisfy the following requirements:
* The corporation must be a domestic corporation that is organized under the laws of any state of U.S. territory.
* Maintain only one class of stock.
* Maintain a maximum of 100 shareholders.
* Shareholders may only be individuals, estates or certain qualified trusts.
* All shareholders must either be U.S. citizens or residents of the U.S.
