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Florida Incorporate
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Florida Incorporate
Incorporation is a registration as per the requirements of the company law in respective countries which is recognized legally as a separate existing entity in the eyes of law. Incorporation signifies that the business enterprises is not sole proprietorship or partnership and is a separate legal existence or entity.
What are the legal benefits of incorporate:
1. Protection of personal assets sole proprietors or partners are personally and jointly responsible for all business liabilities A Corporation is a separate and distinct legal entity. This signifies that a corporation can open a bank account, own property and do business all under its own name. The main advantage of a corporation is that its owners, known as stockholders or shareholders, are not personally liable for the debts and liability of the corporation.
2. Transferable ownership 3. Retirement funds 4. Taxation benefits 5. Raising funds from sale of stock 6. Durability/life 7. Credit rating
Steps involved in incorporation:
1. Finding a name 2. Purpose or objects 3. Principal place of business 4. Number and type of shares 5. Registration fees to state 6. Corporate bylaw
Incorporate in florida:
In the discussion carried above, we have understood the basis for going for incorporation. The objective of this article is to under the procedures, formalities and benefits of incorporation in Florida. The Florida Divisions of Corporations handles all business incorporations in Florida... The Division of Corporations is a ministerial filing agency which serves as the statewide central repository for business entity filings and Uniform Business Reports and annual reports and also the statewide central registration office for fictitious names, trademarks and service marks.
Before discussing about the detailed procedure for incorporation in Florida, let us understand the following basic doubts that may arise among businessmen:
Why Incorporate in Florida
Florida has become one of the most preferred states in USA in which to conduct business and business choose Florida as one of the top few states to incorporate. The total number of registered corporations in Florida is highest among all States in USA for last several years.
The reasons are:
1. Availability of business parks 2. Advantageous business tax system 3. Good transportation facilities 4. Number of foreign trade zones 5. Uninterrupted power supply 6. Availability of large pool of human talent 7. Strong R & D Base 8. Excellent infrastructure network for global gateway connectivity 9. Presence of good set up for business startup financing 10. strong educational system 11. good housing 12. good quality of life
Some Special or specific reasons of advantage of incorporating in Florida are:
1. No state Personal income tax guaranteed by Constitutional provision. Florida S corporations are not subjected to 5.50% federal income tax and are not required to file state income tax return after the first year of incorporation. 2. No minimum capital requirement to stat a business in Florida Some states require a minimum business capital of USD 1000 while the State of Florida has waived this requirement of minimum capital requirement. 3. Business secrecy Name and addresses of directors, officers and shareholders are not required to be listed in the articles of incorporation. 4. No Corporate franchise tax on capital stock
1. Select the Name of the Corporation
The first step to incorporate is selecting the name for the company. The name cannot infringe on a trademark or service mark. Preliminary Name Search for availability can be carried out on internet through Divisions record at its website. Preliminary name searches and name reservations are not available from the Divisions of Corporations of Florida State. The business is responsible for any name infringement that may result from the corporate name selection.
The legal concept of incorporation is recognized all over the world. In the United States, Corporations are identified by the term incorporated added after the business name such as XYZ Instruments, Incorporated, or by putting the word corporation in the name of the company, as in Netscape Communications Corporation. In Germany, Austria and Switzerland, the GmbH (limited liability business association) as well as the AG (stock market traded business association) are the most common comparable concepts. In the United Kingdom, the titles Ltd (abbreviation for limited company) or plc (abbreviation for public limited company) are used for corporations. In France, Spain, Portugal, Poland, Romania and South America the title S.A. is used for corporations. Norway used AS for stock corporations and Sweden uses AB, Italy uses Srl (limited Liability Company) and SpA (stock Corporation). The Netherlands uses NV and Singapore uses Pte Ltd meaning private limited which is the equivalent of a U.S. incorporated entity. In India Ltd is used to denote public limited company and Pvt Ltd is used to denote private limited company.
Articles of incorporation in florida as per chapter 607 and 621 of florida statutes: Article I
The name of the corporation must include a corporate suffix such as Corporation, Corp., Incorporated, Inc., Company or Co...
Article II
The Principal place of business and mailing address of the corporation.
Article III
Specific and Primary purpose of the corporation for which it is formed.
Article IV
The number of shares of stock that this corporation is authorized to have must be stated
Article V
The name, address and titles of the Directors, Officers. This is optional as per Florida State Law. The names of officers and directors may be required to apply for License, open a bank account.
Article VI
The name and Florida Street address (P.O. Box not allowed) of the initial registered agent. Also the name, address and signature of the registered agent are to be effected here.
Article VII
Name and address of the Incorporator and his signature. Effective date of the articles of incorporation. Otherwise the date of receipt will be filing date. Other
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