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Florida
Corporate Name Endings
- The name must contain the word "Corporation," "Company," Incorporated,"
or an abbreviation thereof. The name may not contain language stating or implying that
the corporation is organized for purposes other than that permitted
by Florida law or the articles of incorporation. The name must be such
as will distinguish it from another corporation formed in the state.
Corporation Requirements
- Director Information
- Minimum Number - One or more.
- Residence Requirements - No provision.
- Age Requirements - Directors must be a natural person at least 18 years of age.
- Directors are not required to be listed in the articles of incorporation.
- Officer Information
- Officers are not required to be listed in the articles of incorporation.
- Stock Information
- An increase in shares or par value does not affect initial filing fees.
- Corporate Records
- Corporate records must be kept; however, they are not required to be stored at a specific
location.
Taxes and Fees
- Annual Statements
- All businesses
are required to file a Uniform Business Report. The annual filing
fee is $150. Reports are due January 1st and become delinquent if
not filed by May 1st.
- Corporate Income/Franchise Taxes
- Florida imposes a franchise tax on foreign and domestic corporations for the privilege
of doing business in Florida. The tax rate is 5.5% of net income.
The first $5,000 of net income for the year is exempt.
- S Corporation
- S Corporation status is recognized by the State of Florida. Further, Florida does
not have a personal income tax; thus shareholders would not be taxed
on corporate earnings. A separate state election from the federal
election is not required.
- For the first
year in which an entity qualifies as an S Corporation, the company
must file the informational portion of Form F-1120 the Florida Corporate
Income/Franchise tax return. In subsequent years, S corporations
are only required to file Florida Form F-1120 if the S Corporation
has federal taxable income.
- License Requirements
- Florida requires
some businesses to obtain a license and pay a fee if operating in
the state. Please check with the state to make sure your business
is complying with the license requirements for your particular profession.
For more information on taxes, visit
http://www.state.fl.us/dor.
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