An S corporation: does not have a board of directors does not make the owners...
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Accounting
An S corporation: does not have a board of directors does not make the owners of the corporation personally liable for its debts is only a legal format for companies that have at least stockholders is taxed like a conventional corporation does not have stockholders 
An S corporation:
does not have a board of directors
does not make the owners of the corporation personally liable for its debts
is only a legal format for companies that have at least stockholders
is taxed like a conventional corporation
does not have stockholders
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