If you are thinking about starting a corporation in Florida, you might be wondering what steps you need to take and what challenges you might face.
Starting a business can be an exciting and rewarding venture; however, it also involves making many critical legal and financial decisions.
Below, we will guide you through the process of forming a corporation in Florida and provide you with some tips to help you along the way.
Starting a Corporation in Florida – What You Need to Know
A corporation is a legal entity that is separate from its owners – also known as shareholders – and can own property, enter into contracts, sue and be sued, and pay taxes.
A corporation provides limited liability protection for its shareholders, meaning that they are not personally responsible for the debts and obligations of the business.
There are different types of corporations, such as C corporations, S corporations, nonprofit corporations, and professional corporations. Each type has its own advantages and disadvantages, depending on your business goals, tax situation, and industry.
To form a corporation in Florida, you need to follow these steps:
- Choose a name for your corporation.
The name must be unique and distinguishable from other businesses registered in Florida and include a corporate suffix, such as “Inc.”, “Corp.”, or “Co.”
- Choose a registered agent for your corporation.
A registered agent is a person or entity that agrees to receive legal notices and documents on behalf of your corporation. The registered agent must have a physical address in Florida and be available during normal business hours. You can choose an individual or a professional service company to act as your registered agent.
- File articles of incorporation with the Florida Department of State.
The articles of incorporation are the official document that creates your corporation and establishes its basic information, such as its name, purpose, duration, authorized shares, initial directors, and registered agent. You can file the articles online or by mail. The filing fee varies depending on the type of corporation and the number of shares authorized.
- Hold an organizational meeting and adopt bylaws.
After filing the articles of incorporation, you need to hold an organizational meeting with your initial directors and shareholders. At this meeting, you will adopt bylaws – the rules that govern your corporation – as well as elect officers, issue shares, and take care of any other initial business matters.
- Obtain an employer identification number (EIN) from the IRS.
An EIN is a unique number that identifies your corporation for tax purposes. You will need an EIN to open a business bank account, file tax returns, hire employees, and apply for licenses and permits. You can apply for an EIN online or by mail or fax.
- Register with the Florida Department of Revenue.
Depending on your type of business activities and income sources, you may need to register with the Florida Department of Revenue to pay state taxes, such as sales tax, corporate income tax, reemployment tax, or other taxes.
- Obtain any necessary licenses and permits for your business.
Depending on your type of business, industry, location, and activities, you may need to obtain various licenses and permits from federal, state, county, or municipal authorities. For example, you may need a professional license from the Department of Business and Professional Regulation, an occupational license from your local county, or a zoning permit from your city.
We Can Help You
Starting a corporation in Florida can be a complex and time-consuming process that requires careful planning and attention to detail. If you want to avoid costly mistakes and ensure that your business is set up properly and legally, you need the help of experienced and reliable attorneys who specialize in business law.
At Jurado & Associates, P.A., we can assist you with every aspect of forming a corporation in Florida, from filing the required documents with the state to obtaining the necessary licenses and permits for your industry.
We are not just lawyers; we are also business owners ourselves who understand the challenges and opportunities that come with running a successful company. We are passionate about helping our clients achieve their goals and dreams through our personalized and professional legal services.
If you are ready to start your corporation in Florida today or have any questions about the process, please contact us at (305) 921-0976 or [email protected]. You can also reach us via WhatsApp at +1 (305) 921-0976.