@Carl wrote:
Be aware that as an S-Corp, you are required by law to take a minimum draw from the business every year. You are also required to make quarterly reports to the state the S-Corp is registered in.
States typically require annual reports but quarterly reports (on Form 941) must be filed for those who pay salaries/wages and withhold Social Security and Medicare taxes and, of course, S corporations must pay their shareholders reasonable salaries for the services they perform for the corporation.
