When most people think of Florida they think of sunshine, palm trees and fabulous winter vacations. What most people don't realize is that Florida is also a great place to incorporate. If you own your own business or are considering starting one, you owe it to yourself to discover the benefits of a Florida corporation.
For starters, there is no personal income tax in the State of Florida. While regular corporations are subject to a 5.5% tax on federal taxable income over $5,000, if you incorporate your Florida business and elect S status you can have your cake and eat it too! Florida S corporations are NOT taxable entities and are therefore not required to file state income tax returns (except for the first year). The result is this: you can have the benefits of a corporation, and pay no tax! But there's more:
Unlike most states, Florida does not have any minimum capital requirements. So if you are just starting out and don't have a lot of money, you can still take full advantage of incorporating without having to put a lot of cash into your company. Some states require you to fund your corporation with at least $1,000 in capital. Not so in Florida.
Another good thing about incorporating in Florida is that it's easy to do and you don't have to involve a lot of different people. For example, while many states require you to have more than one director and a different person for each corporate officer, in Florida the Director, President, Secretary and Treasurer can all be the SAME person! This makes it easy for smaller businesses that want the benefits of a corporation without all the hassle.
Florida is increasingly becoming a business friendly state. It already has some of the lowest annual fees and corporate reporting requirements in the country. But here's some even better news: The shareholders, directors and officers of a Florida corporation can remain anonymous if they so choose!
The Secretary of State of Florida does not require the names or addresses of shareholders, directors or officers to be listed in the articles of incorporation. Since the State does not keep a record of who owns or controls the corporation, you can conduct business in Florida with complete PRIVACY.
Interesting Things to do in Key West Florida
When people think of a vacation in Key West, Florida they rarely realize that there is so much to do other than drinking and playing on the water. In fact, Key West is an old historic town that will appeal to anyone interested in history or architecture. Of course, there are still plenty of fun things to do on the water, but in the Florida Keys many of those activities are as unique as the islands.
With history comes ghost so while visiting Key West make sure to go on a ghost tour. This author has experienced one ghost tour in Key West and it was a blast. Our guide made the tour worth ..
One of the first decisions a business owner must make after deciding to incorporate is selecting the proper state of incorporation. While there isn't a one-size-fits-all answer or standard, some states are better to incorporate in than others. Florida happens to be one of the better choices.
However, what's right for some isn't necessarily what's right for everybody. If you are considering incorporating your business, then you owe it to yourself to examine all of the choices. Before making any legal or financial decision, always consult with an experienced and competent professional who knows you and your unique circumstances.
And be sure to mention Florida as one of the possible choices. Remember, Florida isn't only for tourists: It's for corporations too!
About The Author
Alex Goumakos is a CPA, business advisor and guest consultant of Active Filings LLC, a professional incorporating company that provides services in all US. ( http://www.activefilings.com/). Alex can be reached by email at alex@activefilings.com. Get more free articles at http://www.activefilings.com/activenews/
Vacation At Your Own Risk With Independently Owned Vacation RentalsFebruary 8, 2005 Norfolk, Virginia Independently owned vacation rentals often have cheaper rates than those operated by rental management companies. However, those extra dollars spent on the agency-represented rental buy the vacationer peace of mind that the rental is legitimate and adequately maintained. Agency-represented vacation rentals prevent travelers from being victimized by fraudulent rental transactions booked online or via telephone. In todays high-tech society where anyone can build a website or take pictures of someone elses property and pass it off as their own, online travel ..
Alex GoumakosFlorida Isn't Just For Tourists
