How can S Corporations be voluntarily terminated?
An S corporation can have its S Corp status voluntarily terminated if shareholders that own 50% or more of the outstanding shares consent to the revocation and file notice. S Corp status can also be involuntarily terminated.
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How can S Corporations be involuntarily terminated?
An S corporation can be involuntarily or voluntarily terminated. There are a handful of reasons for why an S Corporation can bet determined involuntarily:
How long until a corporation can re-elect S Corp status if terminated?
If an S Corp has their S Corp status terminated, the corporation must wait five years before they can re-elect S corporation status. During that five-year period, the corporation would operate as a C-corp.