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S Corp Qualification Questionnaire

The purpose of this assessment is to confirm if the S Corp is a great strategy for you. Please answer this short assessment honestly to the best of your abilities. We will review your responses after you submit.

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Question 1 of 10

Profit: Do you expect your business to make at least $50,000 in profit (after expenses) in this tax year?

A

Yes

B

No

Question 2 of 10

Bookkeeping: Do you have a process in place to keep you books up to date and current?

A

Yes - I have a professional

B

Yes - I do them myself or have someone close to me helping

C

No - I am behind or need help with this

Question 3 of 10

Tax Filings: Are you current with all tax filings and payments that are due as of today?

A

Yes

B

No

Question 4 of 10

Payroll: Do you understand that you will be expected to run payroll for yourself, pay payroll taxes and file payroll tax returns as the owner of an S Corp?

Note: Services can help with this for a fee and we will assist with this implementation.

A

Yes - I understand

B

No - I do not want to do that even if it saves me more than the cost.

Question 5 of 10

Personal Transactions: Do you commingle business and personal transactions frequently?

A

No - I keep business and personal separate

B

Sometimes - I slip up here and there but generally keep them separated.

C

Yes - I mix them all the time or do not have a separate business bank account.

Question 6 of 10

Entity: Do you have a Limited Liability Company (LLC) or Corporation (C Corp) registered at the state level with its own EIN?

A

Yes

B

No

Question 7 of 10

Shares: Do you have more than 100 shareholders or more than 1 class of stock shares?

A

Yes, I do

B

No, I do not

C

I am not sure.

Question 8 of 10

Ownership: When it comes to the owners of your company, are they...?

A

Individuals, Trusts or Estates (i.e., your company is not owned by another corporation)

B

Partnerships or Corporations

Question 9 of 10

Are all owners US citizens or residents?

A

Yes

B

No

Question 10 of 10

In what state do you operate?

 

This is the state where you actually work, not where you formed your LLC or Corporation.

Confirm and Submit