Florida Incorporation: Incorporate in Florida
To start a corporation in Florida, the key factor is to choose an appropriate business structure. Based on the Florida partnership law, there are clear distinctions between a corporation and a Limited Liability Company (LLC) in the state of Florida. An LLC set up in Florida need not pay any business tax in spite of the partners are liable for business debts.
According to the Florida corporate laws, an incorporated business needs to follow this structure:
- Shareholders can put in their money and invest in incorporation in Florida. They have benefits like electing the board members, proposing resolutions and sharing the profits of the company.
- The bylaws of the company determine the activities of the board of directors and they look after the activities of the company.
- Employees are shareholders of the company and they handle the day-to-day activities of the company.
Incorporate in Florida
The requirements for doing business are quite easy and enable individuals wanting to start a business to reserve their company name, incorporate, file the documents and pay the taxes easily. The most important reason to incorporate in Florida is that there is no personal income tax. If an S Corporation is set up in Florida, there is no need to pay the average corporation tax of 5.5%. Florida also does not have minimum capital requirements for incorporating a business.