S corp and board composition?

There is no such thing as a digital S corporation. An S corporation is simply a corporation which makes an election to be taxed as a partnership.

Hi: Generally speaking, you have several options (many of which you've identified). 1. You can revoke S-Corp status (if you have a corporation and want C-Corp status). However, revocation won't be effective until the 2024 tax year. With that said, sometimes people inadvertently revoke S-Corp status by taking certain actions (which we can discuss). 2. You can create a new entity and structure it in the way you want (corporation, LLC, partnership, etc.). Then, you can wind down the S-Corp. 3. You can merge your existing S-Corp into an entity and have that entity survive and your S-Corp "merge out" and disappear. The approach that makes the most sense depends upon your business, the assets held by your S-Corp, and your objectives. Best regards, Chris Jackson

Employees of Sub-S corporations are employees under the IRC. So the question of employee benefits is not specific to Sub-S corporations. You should consider a PEO.

If you have already properly formed your S copy - 1120 S filing with a recognition from the IRS, your best next consult is with a CPA experienced with S corps and your personal financial situation. An attorney can assist with other capital suggestions, but the entity has been formed. So a CPA and/or an attorney with an LLM in tax are your next best partners.

An S-Corp has some limitations here (such as no more than 100 share holders and only one class of stock). Depending on the control that you seek to retain in your business, you may want to transition to a full C-Corp, restructure preferred (voting) shares from equity shares, and manage your business governance (Board of Directors, Officers, Resolutions, etc.) in a way big investors will find compelling.