Florida Incorporation

Businesspersons and venture capitalists favor Florida incorporation for their businesses. Florida offers a working atmosphere, which is conducive for all types of businesses.

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Progressive legislation, favorable tax system, fourteen foreign trade zones, numerous business parks, and easy availability of labor, electrical power, and transportation facilities make Florida an ideal destination. Federal regulations support and encourage business growth in the state. Florida incorporation for your business accrues many benefits to you and your business.

Incorporation of your business is no doubt essential and beneficial but it involves much paperwork and legalities. Florida incorporation lays stress on specific points -

1)  The company name for Florida incorporation should reflect the business and contain the word ‘Corporation’ too. The name should be unique and different from other corporations listed in the state. Additionally, the company name should provide clear picture of the nature of business. Such business should be well within the federal and judicial laws of the state. It should not go beyond the articles of incorporation.

2)  Florida incorporation normally entitles all businesses to have ‘C’ incorporation. This ensures unlimited shareholders of the business. Your business has a separate legal entity with its own assets and liabilities. The state also allows ‘S’ corporation. However, the number of shareholders here must be less than 100.

3)  Florida incorporation requires your business to have a director above the age of eighteen. You do not have to provide the list of corporate directors, corporate officers, or shareholders in the articles of incorporation. There are no resident requirements too. You can maintain total privacy of personal details.

4)  You should maintain all corporate records of Florida incorporation although you need not store them in any particular location. You need to procure business license after payment of requisite fee.

5)  Increase in share value of your company stocks does not affect the initial filing fees of Florida incorporation. All Florida businesses have to file a Uniform Business Report. These are due on January 1. You have to file them by May 1 definitely to avoid any legal tussles. Annual filing fee is $150.

6)  Florida Division of Corporations takes care of all Florida incorporations. This is a ministerial filing agency. It is the centralized office for annual reports, business entity filings, judgment lien filings, and central registration office for fictitious names, trademarks, and service marks.

7)  Florida does not have a personal income tax. Florida incorporation thus disallows any taxes on shareholders from company earnings. However, the state imposes a 5.5% franchise tax on net income of both domestic and foreign corporations for doing business in the state. You receive exemption on the first $5,000 of the net income of the year.

8)  Florida incorporation of a business with ‘S’ status necessitates filing of the informational portion of Form F-1120 in the first year. This is Florida Corporate Income/Franchise tax return. In the later years, such ‘S’ corporations need to file Florida Form F-1120 only if the company has federal taxable income.     

9)  There is no specification of minimum business capital of your business for Florida incorporation. This is in sharp contrast to other states requiring a minimum business capital of $1,000 or more.