In order to ensure that the new business is subject to the tax treatment that you desire, in addition to the information indicated above, we may require additional data. We will also want to coordinate with your CPA or tax accountant, if you have one. The first thing we will do as part of the entity formation package, is obtain a federal tax identification number (FEIN) from the Internal Revenue Service. We will also, if required, file a Form 2553 with the IRS that will constitute your election that the business shall be treated as an “S corporation.” S corporations are ordinary business corporations that elect to pass corporate income, losses, deductions, and credit through to their shareholders for federal tax purposes. The S corporation rules are contained in Subchapter S of Chapter 1 of the Internal Revenue Code (sections 1361 through 1379). S corporation treatment may also be available to LLCs. NOTE: Not all corporations or LLCs qualify for S corporation treatment. Please consult the above referenced rules or your CPA or tax accountant if you have questions about whether your business may qualify.