Florida Licenses and Corporations Inc. offers several different incorporation packages to meet any budget. Our great prices and fast professional service makes us the right choice for your business!
Florida Licenses and Corporations Premium Corporate Kits Include:
Our Premium corporate kits include a customized embossed corporate seal; professionally printed custom stock certificates; a pre-printed corporate minutes booklet (including our user-friendly annual corporate minutes worksheet and forms); A custom Hardbound Corporate Book including the name of your company printed using our exclusive gold-stamping process, easy to use sample forms of your corporate bylaws and minutes; an easily accessible stock transfer ledger, as well various IRS Forms completed and filed by our knowledgeable staff for your convenience.
What type of entity should your company be? S Corporation? C Corporation? Sole Proprietorship? (LLC) Limited Liability Company? Below you will find some detailed information about the different types of incorporation services our company offers. Note: Our Custom Corporate Kits can be used in conjunction with any of the following Business Structures:
In a Sole-Proprietorship one person furnishes all the capital and assumes all the responsibility and liability of the business. This type of informal business model is not for everyone however some people may feel more comfortable handling their business activity through this type of business structure. If you feel you are experienced in your field and have the management skills and capital necessary to operate this type of business structure then a Sole-Proprietorship may be right for you. However, this form of business organization carries maximum liability for the owner and therefore should be considered very carefully.
Partnership A partnership is considered two willing investor’s partners together and usually have a binding written agreement. Another point to remember when considering entering into a partnership agreement is that one of the principal causes of failure among new businesses is because inadequate financing, so often two parties will form a partnership as a way of obtaining the capital needed for new business start-up. Also in a partnership, the liability of each general partner for all the debts of the firm is unlimited, just as it is in a sole proprietorship.
Additionally a partnership, much like a Sole Proprietorship, lacks continuity, which basically means that the business terminates upon the death of the owner or partner, or upon the withdrawal of a partner and/or owner. In certain situations, perhaps; a limited partnership (see LLC) should be considered.
Limited Liability Company (LLC)
Limited liability companies, or LLCs, are one of the more popular choices of Business Structures. They conveniently combine the personal liability protection of a corporation with the tax benefits and simplicity of a partnership. In other words, the owners (also known as “members”) of an LLC are not personally liable for its debts and liabilities, but also have the benefit of being taxed only once as shareholders on any profits earned by the company. Additionally, LLCs tend to be more flexible and require less initial paperwork than an S-Corporation.
Typically an LLC will be governed by an “operating agreement.” This agreement or other written agreement may include details relating to membership, including relative rights, powers, and duties.
The title “C” Corporation simple means the “tax status” of the company. All corporations are C corporations unless they file a small business tax status application to take advantage the provision provided by the United States Federal tax law allowing lower grossing income companies to quality as S corporations. The Federal Tax Law states that shareholders cannot deduct any losses posted by the C corporation as well all profits of a C corporation will be taxed both when the corporation incurred profit and also again when the profits are received as dividends shareholders by the shareholders.
S Corporations avoid “double taxation” because company income or loss is reported only once on the shareholders personal tax return.
With the Tax Reform Act of 1986, the “S” Corporation became a highly desirable entity for corporate tax purposes. The name “S” Corporation is solely used to describe the taxable status of the company the business structure itself is no different than that of a “C” Corporation. “S” Corporation Status is a special tax designation reserved for smaller business that have a smaller gross taxable profit and must be applied for with the IRS prior to submitted your yearly return.
Many entrepreneurs and small business owners are partial to the S Corporation because of the favorable tax break allotted to small businesses. However, like “C” corporations, “S “Corporations provide a liability “shelter for shareholders and allow them exempt from personal liability for business debt.
What is a registered agent?
Virtually all states require corporations and LLCs to appoint a registered agent in the state where the company is formed. The registered agent is responsible for receiving important legal and tax documents including: notice of litigation (service of process), franchise tax forms and annual report forms.
The registered agent may be an individual or a company approved by the state to act as agent, located at a street address in the state where the company is formed. The registered agent’s name and address are included on the formation documents. This information is a matter of public record.
Filing Information For Corporations
Employer ID Numbers (EINs) A full explanation about the EIN, also known as a federal tax identification number. Employment Taxes The subject of employment taxes is not as formidable when you consult our comprehensive resources. Partnerships A partnership is the relationship existing between two or more persons who join to carry on a trade or business. e-file for Large Business and International (LB&I) Certain large business and International (LB&I) corporations are required to electronically file their Forms 1120 and 1120S. Other corporations may do so voluntarily. This site provides e-file information for corporations that prepare and transmit their own electronic corporate income tax returns and those that use the services of third party tax professionals.
Filing Information for Self-Employed & Small-Business
Employer ID Numbers (EINs) A full explanation about the EIN, also known as a federal tax identification number. Employment Taxes The subject of employment taxes is not as formidable when you consult our comprehensive resources. e-file for Business and Self-Employed Taxpayers IRS e-file and electronic payment options for employment taxes, information returns, partnerships, corporations, estates & trusts and returns for charities and nonprofit organizations.
Tax Calendar for Small Businesses and Self-Employed (Publication 1518) The Tax Calendar for Small Businesses and Self-Employed is filled with useful information on general business taxes, IRS and SSA customer assistance, electronic filing and paying options, retirement plans, business publications and forms, common tax filing dates, and Federal legal holidays. Filing Late and/or Paying Late Before you decide not to file your tax return on time or not pay all of your taxes when they are due, consider this.