However, S corps offer the same flexibilities, similar to a C corp, such as the ability to add or remove members.

 However, S corps offer the same flexibilities, similar to a C corp, such as the ability to add or remove members.

 To enjoy these flexibilities without the double taxation of a C corp, you must qualify for S corp status. To qualify, your shareholders cannot be partnerships or corporations and you cannot have more than 100 shareholders. You can also only issue one type of stock.

If you need help deciding which business structure is right for you, check out our business formation services guide to find a company that can advise you. 

2. Choose an available business name

Small business owners will need to choose a business name that’s available in their state and not trademarked by another company at the national level. Here are resources to help you appropriately choose a business name and verify its availability: 

Your secretary of state’s website. To ensure your business name is available within your state, check your state’s secretary of state website. Most offer naming guidelines and tools to verify your business name is available for use.