Incorporate in Florida for Your Success
Converting to an incorporated business is a decision that takes time. Going public would mean sharing of ownership and hence, sharing the power to make decisions. The accumulative fee of incorporating a business in Florida can differ on variables like the location of the business, the nature and the kind of business activity you run. A neutral must pay to incorporate includes the fee of certificate status, certified copy, reinstatement of profit, certified copy, resignation of registered active and inactive corporation and reinstatement fee for a profit corporation.
Going public perks up the reliability and integrity of your business and offers tax benefits to the government (as the government can charge double taxation; one on company profits and one dividends). In addition, incorporation gives your company a stand through registering no other company on the same name as your company.
This entails us to the first things you should do to get your company incorporated. First, you should make sure your choice of company name is available with the Florida office. The name should include words that identify your company as an incorporated venture. For example, “LLC” or “Corporation” and “Incorporated” would be a nice idea since it is clearly communicating the nature of the business. However, there are few restrictions that the state law has implied on the name; like the name should not imply any connection with the government or the state of Florida.
Moreover, the title of the corporation may be “Florida Cell Phone Shop” but the title “Florida” alone cannot be chosen. The term “Ltd” will not be allowed as a distinguished title, with the addition of the rule that “My xyz shop” will be the same as “XYZ shop.” A meeting with the hierarchy of the organization would be considered best before the organization is in the course of action of going public. This meeting should be able to prepare all the employees to adopting the corporation by law and make a decision on issues like opening up a bank account. The incorporated company should then hold a certification that dictates them as an incorporated business. This certification is issued by the state department handling corporations.
An incorporated business becomes a separate identity from its owners. One of the few advantages incorporation puts forward is limited liability. This fact states that if the company is dissolved, the assets of the company (and not its owners) will be sold off to pay off all existing liabilities. The incorporation can also raise capital and bail itself out of the cash flow shortage by selling more stock in the primary market. Retirement funds and health benefits for employees who are currently working is supplementary pro for the people working at the LLC. Last but not the least, unlike a few other states in the country, Florida places no minimum requirement of capital to go through the process of incorporation. So it is safe to assume that the state laws support expansion of a company. This expansion might just be the start to the success of the company.