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Florida C-Corp Requirements
A Florida C-Corp is undoubtedly a full package for small businesses. You can get the ultimate protection of assets and personal finances by limiting your liability. Despite the double taxation system, there are many tax advantages for owners. There is more flexibility in every area you deal with such as selling or transferring stock. You can even shift from an LLC into a C-Corp in Florida for tax purposes you save for money.
Like every other process in the state, C-Corp Florida is not that much different. Look at the following requirements you have to consider!
Florida C-Corp Name
A Flordia C-Corp name must contain ‘Company,’ ‘Incorporated’, ‘Corporation’ or any abbreviation. The name shouldn’t imply any purpose that is prohibited or restricted by the Floria law or the Articles of Incorporation. The name must be unique and different from the other corporations formed in the state. The words in the corporate name such as ‘Loan’, ‘Bank’, ‘Mortgage’, or ‘Bancorp’ must require official approval from the Department of Financial Regulation.
A distinctive and original name for your C-Corp must be available in Florida. You can use tools or search for business names available on the internet. An online portal provided by the Florida Division of Corporations can help you out much in this regard.
Certificate of C-Corp Incorporation
Flordia Department of State Division of Corporations is responsible for creating a legally created certificate of incorporation. This must include C-Corp information like name, mailing address, purpose, mailing address, or any other names of directors or officers. You can file the articles by postal mail or online. The website is always running to give you the information regarding your certificate.
A Registered Agent
A registered agent in Florida will be responsible for receiving official correspondence and filing reports. Your assigned registered agent must have a physical street address in Flordia and must be present during business hours to receive important documents. You need to appoint a registered agent once you create your articles of incorporation for your business.
By corporate bylaws for Florida C-Corp means an internal corporate document that sets out the basic ground rules for your business to operate. These bylaws will always go with your organization as these will list out the rules for you. The process of starting a C-Corp will become more legitimate if you establish these laws first. These will enhance the credibility of your business by showing it to the IR, creditors, and banks.
You need to keep everything aside for a record and it is a simple thing to do. The other important documents include corporate papers, meeting minutes, and your bylaws. Keep this corporate kit in your principal office as a keen requirement.
Board of Directors
It’s an essential requirement to appoint initial corporate directors by naming them in your articles of incorporation. The person who signed the articles must appoint them once the C-Corp is formed. These directors will take care of further matters and conduct an initial meeting of shareholders. At the first meeting, the directors will select a corporate bank, adopt bylaws, issue stock, and set the fiscal year. There is much more on the list.
Florida lists some general requirements for directors for C-Corps. First of all, corporations in Florida are allowed to have one or more directors. Second, there is no specific requirement where directors must reside. Third, they must be at least 18 years old. Last, these directors’ information must be listed in the Articles of Incorporation.
File Articles of Incorporation
As it is said earlier, the articles of incorporation must be filed for officially creating your Florida C-Corp. The state cost for filing this is almost $100. You can either file it by mail or submit it in person.
New Filing Section
Division of Corporations
P.O. Box 6327
Tallahassee, FL 32314
Submit in Person:
New Filing Section Division
The Centre of Tallahassee
2415 N. Monroe Street, Suite 810
Tallahassee, FL 32303
Obtain An EIN Number
You must obtain an EIN from the IRS (Internal Revenue Service). After all, this will help you to identify your business as well. You can use an EIN to pay or file taxes, pay employees, or submit payroll information. You can be the part of Florida C-Corp business platform by directly calling out to the IRS. There is no need for in-person filing and you can simply get an EIN by completing an online application.
Stock Issue By Florida C-Corps
This is what paramount to the C-Corps in Flordia. Now, there are some simple things to take care of. C-Corps issues stock to each shareholder in return for their property, services cash, or all three. Small businesses go for paper stock certificates. A shareholder’s name and contact information is entered in every stock transfer ledger. By default, Florida corporate stock has no par value. But, Florida C-Corps have an option of establishing shares by par value. It’s not a requirement but the par value can be listed in the articles. Florida issues some state securities for the corporations as well. The offering is exempt from federal registration. These offerings are regulated by the Office of Financial Regulation.
An Operating FL Agreement
An operating agreement is a kind of ‘instruction manual’. It is a basic requirement for some entities to run their businesses properly. It includes all the details such as business members, decisions, and plans such as what happens if a member leaves the company. Most of the states declare this a basic requirement but Florida offers exemption in certain cases. Still, it’s not a bad idea to have one.
Florida Corporate Taxes and Fees
The FL taxation rates and fees are not unacceptable to any business in the state. The corporate taxes in the US include annual reports and franchise tax. Corporations in Florida are required to do annual reporting. The fee is almost $150. An annual report is a must for maintaining an active status. The report must be submitted online between 1st Jan and 1st May. All notices shall be sent through the email addresses.
The franchise tax is also due on the last day of the tax year. This is calculated as the percentage of the company’s net income for the year. There is a lot of information regarding taxes that you can easily get by getting into the business. Along with that, there are several business permits and licenses. The state tax identification number is not the requirement of Florida but an EIN is. The incorporating fee includes the fee of the Articles of Incorporation and that of the registered agent. Moreover, there are many legal and compliance conditions imposed by Florida on C-Corps. The businesses need to fulfill these requirements to support a legal and prosperous business in the state.
Need To Expedite The C-Corp Process In Florida?
The state of Florida (FL) may not expedite your business process the way you want but we are here for you. On our platform, you can get quick and easy access to everything you want for your C-Corp. We can get your reliable registered agents on your behalf. The state information can also be coined for you through our special consultants.
FastCorpUSA ensures fast delivery to the state for filing. The state filing fee is $125 which would also done on your behalf. Contact firstname.lastname@example.org for further details and let us handle your biggest worries!