Identify the advantages of an S corporation over a C corporation. (Check all that apply.) Multiple classes of stock, divided among more than 100 shareholders, are allowed for an S corporation. An S corporation may not adopt a calendar year for tax purposes. Shareholders in an S corporation retain the same limited liability protection as a C corporation. An S corporation can have more than 100 shareholders. An S corporation is not subjected to a minimum tax, as is a C corporation..