What Is The Difference Between Stock And Non Stock Corporation Pros And Cons While Incorporating In Florida

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Pros And Cons While Incorporating In Florida

People have a myth that incorporating is a very difficult task. But this is absolutely false. With the latest Corporation Act it has become more and more simple.

Here we have discussed some issues regarding incorporate in Florida.

Dos and Don’ts while incorporating in Florida

Register Florida Corporation by filing articles with the secretary of state at any day on any time. With online filing the article filing has become more easier. You just have to get sure whether that corporation is suitable for your business or not. You can get this help from your legally advisor. That person will definitely give you the right suggestion regarding this.

Most of the people get attracted towards incorporation only because of its limited liability characteristic. Only because of the limited liability characteristic the businessman don’t have can risk their personal assets. So naturally debts are corporate liability not personal liability. However the corporation has to be maintained properly and the corporation has to abide all the state laws that it comes under.

While having a business you sometimes fall under double taxation problem. This is a major problem in corporate structure. Double taxation means government imposes double taxes on the same income. For example the profit of the corporate is taxed as normal, according to corporate level. But if the profit is divided among the shareholders as dividend then the individual has to declare it as personal income which is taxable. This problem can be solved with S corporation. but it is always advisable to take advice from the professional tax consultants.

Choose the name of the Company and where to start your office

Once you are sure that the type of corporation you are choosing is right for your business then you need to choose your company name which is technically know as DBA. The name must always end with “Corporation” or “Incorporate” or “Company”.

Name of the corporation should always be unique in that jurisdiction area. In case of Florida residents you need to visit Florida Department of State Division of Corporations. You should also do trademark check.

It is very simple that you should always incorporate in Florida if your business is restricted in Florida otherwise in some place where incorporation is very friendly.

You need to prepare all your documents and other necessary things.

Once the name and the place of incorporation is confirmed then the next step is you have to prepare the document in form of articles to file to Florida Department of State for Incorporation and Bylaws. Once you file Florida corporation then your company is legalized. These articles contain the rules and regulation of the United States. While filing the article following things should be there.

  1. Unique Name of the Corporation
  2. Location of the Corporation
  3. Contact details of the board of Directors
  4. Contact details of the incorporators
  5. Declare and clarify whether its a stock corporation or non-stock corporation

These Articles of Incorporation vary from jurisdictions to jurisdictions. You have to abide by the laws. You can change your internal policies or laws. These bylaws can only be done if it is for the improvement of the corporation.

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