As an S Corporation owner, your responsibilities include:

  1. Complying with tax laws and regulations
  2. Keeping accurate financial records and records of shareholder meetings
  3. Paying yourself a reasonable salary and distributing profits to shareholders as dividends
  4. Filing annual tax returns (Form 1120-S)
  5. Holding regular meetings with other shareholders
  6. Following corporate bylaws and rules.

Note: S Corporation owners are personally responsible for any liabilities incurred by the company.