An S corporation is an entity______________.

That is not registered with the state in which they do business; owners have total liability.

Usually registered with the state in which they do business; formed by an agreement between two or more individuals to carry on a business as co-owners.

Formed at the state level as a legal entity; separate and distinct from its owners or shareholders.

Formed at the state level; uses Form 2553 to elect to pass income, losses, deductions, and credits through to their members for federal tax purposes.

Mark for follow up