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Close S-Corporation in Wyoming

Asked by: Anthony - 14 December, 2010
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 Is there a lot of difference between filing a regular S-Corporation versus a Close S-Corporation in Wyoming?
Answered by: Alec Green - 14 December, 2010
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/2.jpg-d85fc946de818bb769fdd6ce8cd95478 Anthony,  

The difference in filing for either type of entity is minimal. All one has to do to, as far as the state is concerned, is mention in the Articles of Incorporation that the new company will be a Close Corporation. Once the corporation is formed, its bylaws should reflect that it is a Close Corporation and contain the appropriate provisions.  

As for as the S-Corporation status, the IRS does not care whether the company is a regular or a close corporation. Either type of entity can elect to be treated as a subchapter-S corporation when it comes to its tax obligations.    

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