Hi, To be a partner in an S corp, you must be a resident or citizen. My question is whether a person under temporary protected status could be part of the company?
Thanks for the question! We’re not experts on immigration and resident status but it appears that you might find what you're looking for on the IRS website: "To qualify for S corporation status, the corporation must meet the following requirements: Be a domestic corporation Have only allowable shareholders May be individuals, certain trusts, and estates and May not be partnerships, corporations or non-resident alien shareholders" Have no more than 100 shareholders Have only one class of stock Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations)." You can read more here: www.irs.gov/businesses/small-businesses-self-employed/s-corporations
Hi, To be a partner in an S corp, you must be a resident or citizen. My question is whether a person under temporary protected status could be part of the company?
Thanks for the question! We’re not experts on immigration and resident status but it appears that you might find what you're looking for on the IRS website:
"To qualify for S corporation status, the corporation must meet the following requirements:
Be a domestic corporation
Have only allowable shareholders
May be individuals, certain trusts, and estates and
May not be partnerships, corporations or non-resident alien shareholders"
Have no more than 100 shareholders
Have only one class of stock
Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations)."
You can read more here:
www.irs.gov/businesses/small-businesses-self-employed/s-corporations