Incorporate in Florida
Why Incorporate in Florida
Why incorporate in Florida versus another state? First, you don’t have to live in Florida in order to incorporate in Florida. You do not even have to live in the United States to incorporate in Florida – at least for some business entities. In the case of a “S” corporation, it may only be owned by a U.S. citizens or resident aliens. An LLC does not have this restriction, nor does a “C” Corporation.
Therefore, if you are planning on having a foreign citizen or a corporate entity with any ownership interest in your business, you’ll want to look into forming a LLC or “C” corporation.
The State of Florida Division of Corporations – which handles incorporations -believes that the reason Florida has more new business formations than the majority of states, is the many advantages Florida offers. These include Florida’s low tax rates, the effortless entry to foreign markets and the low cost of hiring people in the state.
There are other important advantages to why people incorporate in Florida. The value of each of these depends on your personal choices and preferences. Here are the primary benefits:
- No minimum capital requirement for a corporation to be formed.
- For-profit corporations in Florida only need one director. This director can fill all the required roles – president, treasurer and secretary.
- Florida is corporation friendly and has low annual fees for forming and maintaining a Florida corporation.
- The Florida Secretary of State of Florida does not keep records of the stockholders of a Florida corporation.
- Florida corporations have a continuous life which means that the corporation keeps going even if the ownership changes.
- Tax benefits:
- No personal income tax
- No tax franchises
- No corporation income tax
- No corporate shares taxes
- No IRS information sent
- No state tax reports required
- There is shareholder confidentiality and the members of the board are not required to be shareholders.
- There is no limit to the stock allowed and no price caps on the stock that is issued. The value of the shares is set by the board.
- One individual can own several corporations and it is not possible to prove ownership of a Florida corporation.
- Corporate meetings can be held anywhere.
When incorporating in Florida you’ll find the rates low and the benefits very favorable.
Cheap Incorporation Service
The lowest cost incorporate service we’ve found is at CreateLLC.com, where you can create a LLC for $0 upfront filing fees. You only pay the state filing fee. The rest is free.