Laws differ from state to state. You need to seek professional help in your local area from a CPA experienced in S-Corp matters for at least the first year of business. Doing things wrong *WILL* cost you dearly in fines and penalties with the IRS. If your state also taxes personal income, then you can double those files and penalties.
For example, the corporate 1120-S tax return is due to the IRS by March 15th. The late filing penalty is $205 per month, per member. You're required to file quarterly tax statements. You're required to take a minimum draw from the S-Corp each year, separate from any W-2 income (It gets reported to you on a K-1). There's a lot more too. So please seek professional help for at least your first year.
You wouldn't need to deal with all this corporate stuff, if you leave your business as a sole proprietorship or single member LLC.
