FLORIDA CORPORATION FAQ SHEET
What is a corporation?
A Florida Corporation is a business entity that is separate from its owners; corporations have shareholders, and the shares may be privately or closely held, or they may be offered for sale to the public (publicly held). Florida Corporations are formed by submitting Articles of Incorporation to the State of Florida where the corporation is doing business. Florida Corporations are taxed separately from their owners at the corporate tax rate.
What is a limited liability company?
The Limited Liability Company in Florida is a hybrid form of business structure. It contains elements of both a traditional partnership and a corporation. A Florida Limited Liability Company consists of one or more members/owners who actively manage the business of the limited liability company. There may also be nonmember managers employed to handle the business. An LLC must file with the Florida Department of State, Division of Corporations.
How long will it take to file?
In the State of Florida, establishing a corporation usually take approximately 7 to 10 days.
Corporation name availability?
When you come into our office, take your time in choosing a name of your liking and make sure it looks appealing with a suffix such as Inc., Corp. or Co. at the end of the corporate name. We will perform a preliminary name check for your proposed to determine if the name is available. Unique names, of course, are more likely to be available than common names.
What is an "S" Corporation?
After the corporation is created, a form can be filed with the Internal Revenue Service. For tax purposes, there are two types of corporations: C corporations and S corporations. A C corporation is taxed twice on its profits and the owners cannot write of the losses personally. An S corporation gets the pass-through tax treatment where the profits are only taxed once and the owners are able to write off the losses.
What is the Difference Between a Corporation and an LLC?
Corporations and LLCs are different in how they are taxed. Because corporations are separate entities, they are taxed at the corporate rate, while LLCs are taxed based on Adjusted Gross Income of the owners.
Requirements for the Articles of Incorporation.
The document required to form a corporation in Florida is called the Articles of Incorporation. The information required in the formation document varies by state. Florida's requirements include:
Officers: Officer names and addresses are required to be listed in the Articles of Incorporation.
Stock: Authorized shares and par value must be listed in the Articles of Incorporation.
Registered agent: Corporations must list the name and address of a registered agent with a physical address in Florida. The registered agent must be available during normal business hours to accept important information and tax documentation for the business.
What is a Federal Employer Identification Number?
An EIN number is assigned to Florida corporations and LLCs for tax purposes. A social security number is to an individual, the Federal Tax I.D. number is to a corporation. An EIN is needed to open a bank account and establish corporate credit.
Do I Have to File a D.B.A. or Fictitious name?
The Florida Articles of Incorporation are enough for official name registration and business name transactions with financial institutions provided that the entity uses its legal name. A DBA is simply a name statement registered with the state and not an official business formation like a corporation or an LLC. If your Florida business is incorporated or organized under state law, you only have to register a DBA if you operate your business under a name other than its legal name as filed with the state.
How much will it Cost?
We charge $100 to fill out your articles. The State filing fee in Florida for a corporation is $87.50. The state filing fee in Florida for an LLC is $130.
FOLLOW THE LINK BELOW FOR MORE INFORMATION REGARDING WORKMANS COMPENSATION AND THE FORM FOR FILING FOR WORKMANS COMPENSATION EXEMPT STATUS: