As an S Corporation owner, your responsibilities include:
- Complying with tax laws and regulations
- Keeping accurate financial records and records of shareholder meetings
- Paying yourself a reasonable salary and distributing profits to shareholders as dividends
- Filing annual tax returns (Form 1120-S)
- Holding regular meetings with other shareholders
- Following corporate bylaws and rules.
Note: S Corporation owners are personally responsible for any liabilities incurred by the company.