What are the requirements for structuring a business as an S Corporation?

Discuss at least two advantages to structuring a business as an S Corporation

Explain how income from the S Corporation taxed; include in your discussion on taxation of S Corporation income, the forms $($including their names and numbers$)$ utilized in reporting income and paying tax to the IRS.

Finally, explain to the business owners what the requirement is for corporate officers who work in their own S Corporations.

How are Corporate Officers required to be compensated and why?

Explain both the ethical and legal issue regarding their suggestion that they be paid in dividends thus eliminating the requirement that they pay Social Security tax.