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What is an S-Corporation?

An "S-Corporation" is a regular corporation that has between 1 and 100 shareholders and that passes-through net income or losses to shareholders. An S Corp is a corporation that elects to be treated as a pass-through entity (such as a sole proprietorship or partnership) for tax purposes.

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Gerard wrote on : Sun Jan 03rd,2010 Back to Article

I am a share holder in an s corporation. The president of this corp. told me that I should give him all my fuel receipts, that it would give me more equity in the company. This doesn't sound correct to me, please help.

Reply : infotaxsquare.com

Dear Gerard,

First we thank you for choosing InfoTaxSquare.com for your business needs. As far as my knowledge is concerned It does not make sense. Fuel receipt can only allow you to claim legitimate expense for your business.

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