You decide to incorporate your bracelet business and get your mother and brother involved in the corporation. Your executive committee is made up of you as the president, your mother as the secretary, and your brother as the treasurer. The three of you are the key officers of the corporation, with you as the CEO, your mother as the head of HR, and your brother as the CFO. The Brady Business Friendship Bracelet (BBFB), Inc., conglomerate is ridiculously successful, earning the three key executives over $100,000 each in salary and bonuses. Before you begin operating, the BBFB decides to become an S Corp designation and to remain a closely held corporation. You still have to file a registration with the state of incorporation. True

False