We can create an LLC, which is then eligible to qualify for S Corp classification. In addition to meeting certain requirements, small businesses that wish to obtain this status must apply by submitting the appropriate tax forms to the IRS. Some of the qualifying criteria for S Corp status includes having fewer than 100 allowable shareholders, maintaining one type of stock, and a few other stipulations. We strongly encourage speaking with a CPA to determine the most beneficial tax status for your business. If you don’t have one you trust, we’re happy to introduce you to one.