Making the Most of Florida Incorporation

Protect your assets with an incorporation in Florida

The key to making the most of Florida incorporation is selecting the best structure for your business. A corporation affects your ability to gain capital, controls the amount of debt you assume and determines your tax obligations. However, these advantages must be balanced against the additional taxes your business will incur.

You may prefer to create a partnership instead of Florida incorporations makes a partnership subject only to personal income tax, unlike a corporation. On the other hand, business partners may be held responsible for business debts.

There are several options for forming a company under Florida corporate law. These include:

1. A Florida business incorporation as a profit or non-profit corporation. An S corporation (S-corp) is taxed under Subchapter S of the Internal Revenue Code which generally does not include income taxes.

2. A Florida Limited Liability Corporation (LLC). This is a hybrid business entity that shares the characteristics of both a corporation and partnership. It pays incomes taxes and is more suitable for a small business with one owner.

3. A Florida limited partnership. This type of partnership has limited partners in addition to general partners.

 

Determine the best corporation for your business needs when starting a corporation in Florida

The most important factors to consider are the personal liability obligations and tax implications. You should also familiarize yourself with the operating requirements and reporting regulations.
Try: FloridaSmallBusiness.com provides a summary of the legal structures that are available for businesses in Florida. ActiveFilings is based in Hollywood and describes the different business entities available in Florida.

Find an attorney that specializes in createing a Florida business LLC

Incorporating in Florida must comply with the disclosure, operating and reporting requirements. Florida corporation law specifies these requirements in detail.
Try: Pohl & Short is based in Winter Park and has a corporate law practice that serves all types of businesses in Florida. Kurzban Kurzban Weinger and Tetzeli is located in Miami and includes corporate law as a major practice area.

Register your corporation or partnership and form an LLC in Florida

You must file the registration forms and pay the associated fees as required in order to form an LLC. Florida law may require you to file Articles of Incorporation, depending on the type of corporation you decide to register.
Try: Florida Incorporators has online and printable order forms for creating a business in Florida and a list of frequently asked questions on incorporating. FloridaFilings is a business incorporation provider in Florida that provides extensive information on forming businesses.

 

• An LLC in Florida requires annual fees and filings to maintain your corporation. Corporations are automatically C-corps unless they specifically register as S-corps with the primary difference being the way they are taxed. One person may frequently hold more than one position in these corporations and many if not all shareholders are also directors in a small corporation.

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