Opening a business in Florida rewards business owners with many privileges, including exemption from personal income tax. The state also doesn’t have minimum capital requirements and the fees are significantly lower.
The business climate in Florida lays out more friendly rules and advantages for the owner. Corporations exist on their own, without the owners being required to take responsibility in times of crises or losses.
Tips and Steps on How to Incorporate a Business in Florida
- Acquire the proper forms for incorporation from the website of the Department of State or through inquiring from the office of the State Secretary.
- Most of the process involved in registering a business in Florida can be completed online. To be more knowledgeable, however, the business owner can seek legal advice to ensure that the business is compliant to all legal measures.
- Register the name of the company to make sure that there are no other entities claiming ownership of that same name.
- Choose from four different legal business structures that are applicable in Florida:
- Sole Proprietorship
- Limited Liability Company
- A corporation in Florida offers the most number of advantages over other business structures as it operates as a legal entity separate from its owners.
- Owners are not bounded by personal responsibility to face losses.
- When ownership changes, the corporation maintain its status and will not dissolve.
- A Florida corporation can be established and operated by just one person regardless of having multiple owners.
- Submit all the Articles of Incorporation to the Secretary of State’s office. All the names of the owners as well as officers managing the company are stated in the paperwork.
- The time of processing of the Articles of Incorporation usually take anywhere from 4 to 8 weeks.
- Retain a copy of the Articles of Incorporation as well as the Employer Identification Number from the office of the Secretary of State after the registration.
After successfully fulfilling the steps on how to register a business in Florida, relevant matters such as stock offers, benefits, and retirement funds can be established for the officers. Health and retirement benefits can be deducted from the company.