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Filing fees range from approximately $300 to $900, and legal fees range from approximately $1,000 to $4,000, depending upon the extent of the documentation. There may also be some accounting fees ($500 to $1,500) relative to the S corporation election and other accounting issues.
Differences between a C and S corporate structure: A C Corporation files a standalone tax return and pays taxes at the corporate level. Losses may be carried forward or backward. The maximum tax rate for a corporation is currently 35%. An S Corporation files a tax return but the profit or loss passes through via Form 1120S K-1 to the individual income tax return. The tax liability and the taxes are assessed and paid at the individual level. The maximum tax rate is 39.6%. Losses sustained in an S Corporation are applied to other income to reduce the tax liability of the shareholder. Owners in a C Corporation cannot arbitrarily draw funds the way a sole proprietor or partner in a partnership is able to do.