S corporation is a type of corporation, which avoids the double taxation existing in a C corporation. The name of S corporation was get from the U.S tax code. It is also known as a subchapter S corporation. The format of S corporation makes good sense for many businesses especially in the hospitality industry, such as family-owned operations.
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S corporations are a unique business form. Named after Subchapter S of Chapter 1 of the Internal Revenue Code, these corporations mix the benefits of a partnership with the benefits of being a corporation to create a flexible business.