a quick guide to florida corporations
Starting a business in the sunshine state has never been easier. This quick guide will help you set up a Florida corporation in minutes. But this simple checklist is only the beginning. We invite you to contact us with any questions. Let’s discuss how we can structure your venture, protect your assets, and build your brand.
Naming Your Florida Corporation
Corporate names should be distinctive and brand-effective...but they also need to be legal. Before you file anything with the Florida Division of Corporations, make sure the name you intend to use isn’t taken by somebody else. To make this determination, run a quick search of the Florida public records.
FLORIDA ARTICLES OF INCORPORATION
You open a corporation in Florida by filing Articles of Incorporation with the Florida Department of State (otherwise known as “Sunbiz”).
The Florida Division of Corporations has implemented a digital portal, where you can access and submit your forms.
PRO TIPS FOR NEW FLORIDA CORPORATIONS
1. Name: Make sure the corporation’s name ends in “Inc.” or “Corp.” (or any variation); otherwise, your application will be rejected.
2. Corporation Shares. There’s usually no need to issue an astronomical number of shares. Unless, of course, you’re planning to undertake an IPO, or you have an equally sound reason for doing so. A family or small business should be comprised of no more than 100 or 1,000 shares.
3. Anonymity. Florida publishes the information you provide through the online portal. That means the world will know the identity and addresses of the officers you list, as well as the corporation’s own data. Consider using a lawyer as your registered agent and perhaps a digital office space for your company’s street and mailing address. Learn about the services we provide.
BYLAWS
Florida law requires the incorporators or board of directors to adopt bylaws. But you should do this regardless, for a whole host of reasons, including: to protect your investments, to memorialize your commercial arrangements, and to soundly plan for the road ahead.
EIN
Your corporation will need an Employer Identification Number- even if you don’t plan on having employees. This is essentially a corporation’s social security number, which you’ll need for tax and banking purposes. You can get an EIN instantly, online, as long as the filer has a United States social security number.
LOCAL BUSINESS TAX RECEIPT (OCCUPATIONAL LICENSES)
Some municipalities in Florida require a “Local Business Tax Receipt”- which is just another fee. Check with your local county by googling “[county name] local business tax receipt”. You can check out Broward County, as an example.
CONCLUSION
It’s incredibly simple to open a corporation in Florida but we know that the real challenges lay ahead. For that reason, we invite you to review our blog for helpful info (click here for startup tips). Don’t hesitate to give us a call when you’re ready to launch, grow, or restructure your Florida business.