In Balance takes great pride in its ability to get your Florida business started in just one to two business days! As the 15th largest economy in the world, the State of Florida provides an excellent business environment. The pro-business climate allows new entrepreneurs to easily reserve their new company name, incorporate, file required documents, and pay taxes online. Florida also boasts the United States 4th largest population and labor force. This simple guide explains the process of incorporating in Florida.
There is no personal income tax in Florida. In some states, corporations are charged an average (approx. 5.5%) tax on federal taxable income over $5,000. If you incorporate in Florida and choose the "S" status, you will not have to pay the average corporation tax. Florida S Corps are not taxable entities. This means they're not required to file state income tax returns after the first year resulting in saved tax dollars.
Florida does not require a minimum capital requirements to incorporate your business. Some states require a minimum of $1,000 to start your business but Florida does not. Incorporating in Florida is much simpler than other states because the director and officers can all be the same person. Florida offers some of the lowest annual fees and requires minimal corporate reporting documents.
A Florida corporation is a legal entity that exists separately from its owners. A corporation is more complex than a sole proprietorship or a partnership but it has many advantages over these business structures.
A corporation protects its owners from personal responsibility for business losses and potential lawsuits. Whereas in a partnership or sole proprietorship, the owner's personal assets may be used to pay debts of the business.
A Florida corporation does not dissolve when ownership changes.
When incorporated, benefits and retirement funds can be set up for officers and employees which are then deducted from the corporation.
There are four basic legal structures: Corporations, Limited Liability Companies, Sole Proprietorship, and Partnership. There are hybrid structures though they are typically reserved for extremely unique business scenarios.
Contact us to learn more about what structure is right for your unique business.
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