Select all that applyIdentify the advantages of an S corporation over a C corporation. (Check all that apply.)Multiple select question.An S corporation may not adopt a calendar year for tax purposes.Multiple classes of stock, divided among more than 100 shareholders, are allowed for an S corporation.An S corporation can have more than 100 shareholders.An S corporation is not subjected to a minimum tax, as is a C corporation.Shareholders in an S corporation retain the same limited liability protection as a C corporation.

Which of the following is a disadvantage of an S corporation?Multiple choice question.An S corporation may not adopt a calendar year for tax purposes.It is mandatory for an S corporation to have more than 100 shareholders.Only two classes of stock are permitted in an S corporation.An S corporation may not deduct most fringe benefits for shareholders.

An advantage of an S corporation over a C corporation is that Blank______.Multiple choice question.capital gains or losses from the S corporation are considered personal income or losses by the shareholders on a pro rata basisthe S corporation involves more than 100 shareholdersthe S corporation must deduct all fringe benefits for shareholdersthe net loss of the S corporation is mostly limited to a shareholder's stock and loans to the business

Select all that applyIdentify the advantages of a limited liability company (LLC) over an S corporation. (Check all that apply.)Multiple select question.It can be formed by one or more individuals, corporations, partnerships, trusts, or other entities.Its owners are paid as employees of the company, and they are allowed to participate in all employee benefits.Its members are allowed to share income, profit, expense, deduction, loss and credit, and equity among themselves.It typically extends liability beyond a member's capital contribution to the business.

Which of the following is correct regarding an S corporation?Multiple choice question.It is a corporation under federal tax law but is taxed like a partnership as long as it follows certain regulations.It cannot have less than 500 shareholders.It is formed under local laws.The shareholders of an S corporation must report the income from the corporation on their business income tax forms.

Multiple Choice QuestionAn advantage of a limited liability company (LLC) over an S corporation is that an LLC Blank______.Multiple choice question.restricts any pass-through tax to its membersmay have tax advantages depending on the state in which the business operatesmay issue shares of stock to its membersextends liability beyond a member's capital contribution to the business, allowing unlimited liability