How to form an S-corporation for Media Devices

Introduction

If you’re in the media business and want to incorporate, you should know that there are many advantages to starting an S-corporation. It allows for more flexibility in how your company is structured and taxed, and it can help shield your personal assets from liability. If you decide to form an S-corporation for media devices, here’s what you need to do:

Find out if you qualify

As the name suggests, an S-corporation is a special type of corporation that has been approved by the IRS. S-corporations have been around since before 1917 and are similar to C-corporations in that they’re required to pay taxes as a business entity. The main difference between these two types of companies is that S-corporations provide some limited liability protection for their shareholders. This means that if something goes wrong with your company’s financials or product offerings and you can’t pay your debts, then only your personal assets would be at risk—not those of other investors or shareholders.

Register your new business name

Once you have your new business name, register it with the state in which you’ll be conducting business and setting up bank accounts. Next, get your website and social media accounts set up so that people can find out about what you’re doing. Don’t forget to make sure that the name is available on search engines before moving forward. Finally, decide how long-term this business will be—the longer term it is likely to be around, the less important it might be to make sure that your company’s brand fits seamlessly into its industry or field of work.

Get your EIN

You’ll need your EIN to file any tax documents or pay taxes on behalf of your business, so it’s good to have one before you start filing paperwork.

To get your EIN, head over here and click on “Get Your EIN” from the menu bar at the top of their page. From there, click “Apply for an EIN Online.” You’ll need basic information about your company: its name, address and type (S-corporation). After filling this out and submitting it, you’ll receive confirmation from the IRS via email within 24 hours showing off your new nine-digit ID number!

Set up a business bank account for the S-corporation

You can choose any bank that you like, but there are some things you should consider when choosing a bank:

Is it close to your office? If so, this will make it easier for customers and employees to come in with payments or deposits. If it’s too far away or inconveniently located, people might not want to visit often.

Do they have good customer service? It’s always good if the staff at the bank is friendly and helpful because then they’ll be able to answer questions better than someone who doesn’t care about their job as much as they do theirs!

Do they have good security measures in place? It’s important that no one hacks into your financial information or steals any money from either endpoints (your device) or internet traffic through which sensitive information could be intercepted by criminals/hackers trying to steal data from companies like yours.

Draft articles of incorporation and declare directors

After filing, these documents are available for public viewing.

The articles of incorporation must include:

• The name and address of the corporation
• The name and address of each incorporator or incorporators

Draft bylaws and name officers

To draft your bylaws, you first need to decide what structure you want to use. If you already have an LLC or corporation that’s been operating, then you can use its existing legal documents as templates for how your new S-corporation should be structured and run. But if this is brand new venture or it’s been operating under another legal structure (like sole proprietorship), then consider having someone experienced in corporate governance help guide you through drafting up some appropriate documents so that they reflect how things will really happen in practice while also remaining within legal limits set out by state and federal governments.

File Form 2553 with the IRS

The process is relatively easy: You can do it online and the form is free. The only caveat is that when you go to finish it, you may get stuck because there are two versions of Form 2553. If this happens to you, make sure to select “Form 1120S” from the dropdown menu of corporations at step 9 on page 2 of your tax return for an LLC or partnership (Form 1065).

Hold an organizational meeting for your board of directors

This is where you’ll establish a quorum and conduct a vote to approve or reject bylaws or articles of incorporation.

Once you’ve done this, you can begin conducting other business such as holding regular meetings, approving major issues like issuing stock or leasing real estate, etc. You’ll also want to keep minutes from each meeting in case there are any disputes about decisions made at previous meetings—and it’s always good practice to follow up on any decisions made by your board members so no one feels left out!

Takeaway

To form an S-corporation, you will need to pay a small fee to the state. You will also need to file some paperwork with the IRS.

Conclusion

That’s all there is to it. Once you’ve filed the necessary forms with the IRS, your S-corporation is ready to go.