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What is an S-Corporation filing? Can an LLC be taxed as a S-Corp?   
To elect to be taxed as an S-Corporation, a Corporation or an LLC must file form 2553. The election permits the income of the S-Corporation to be taxed to the shareholders of the corporation or members of the LLC rather than to the corporation itself. A corporation or LLC may elect to be taxed as an S-Corporation only if it meets all of the following tests:
  • It is a domestic (United States) Entity
  • Its only shareholders or members are individuals
  • It has no Non-Resident Alien Shareholders or Members
  • It has only one class of stock

Additionally, the IRS has an expectation that at least one employee will be become an "employee" and receive W-2 earnings. 
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