In order to elect S corporation status, a corporation must satisfy the following requirements:

    * The corporation must be a domestic corporation that is organized under the laws of any state of U.S. territory.
    * Maintain only one class of stock.
    * Maintain a maximum of 100 shareholders.
    * Shareholders may only be individuals, estates or certain qualified trusts.
    * All shareholders must either be U.S. citizens or residents of the U.S.