Incorporating in Florida Requirements
Many individuals have many questions when it comes to incorporating in Florida. The term corporation means body in Latin. Corporation thus signifies legal entity which is granted legal rights equivalent to that of a human being. Getting Incorporated has several advantages such as a separate existence from the owners of corporation, unlimited number of shares and the ability to raise funds from general public.
To start incorporating in Florida, you will be required to complete various legal requirements such as preparation of article of incorporation, director resolution and customization of bylaws. To begin the incorporation process, you will be required to complete a series of steps as summarized below:
Incorporating in Florida – Selecting a Name
Once you have made a decision to form your Florida corporation, you will be required to select a name that distinguishes you from other companies registered in Florida. The chosen name should not be reserved or contain offensive language. Your corporation’s suggested name is subject to verification by the state; therefore, make sure you have other options available at hand.
Incorporating in Florida – Forming an Article of Association
For incorporating in Florida, you will be required to file your articles of Incorporation with the Department of Florida State. You will be required to include the following details in your article of incorporation:
- Number of owners of the corporation, their duties and responsibilities and their eligibility criteria.
- The reason for establishing the corporation in Florida and the nature of their business activity.
- Director’s name, eligibility criteria and contact information of each director.
- Street address of the principal office of a corporation, its mailing address and the address of its registered agent.
Incorporating in Florida – Establishing By-Laws
By-Laws are govern the state of affairs of your incorporation and is maintained at the corporation’s executive office. By-Laws can be amended, adopted or aborted at the discretion of directors unless otherwise specified.
Incorporating in Florida – Assigning a Registered Agent
While incorporating in Florida, you will be required to appoint a registered agent. A registered agent is a person who is responsible for official correspondence between the state and the corporation.
Incorporating in Florida – A Professional Corporation
A professional corporation under the Florida law, is defined as a corporation that is formed to render state-licensed services and must comply in accordance to the rules and guidelines as set by the profession’s governing authority.
Incorporating in Florida – Filing of an Annual Report
An corporation is required by the state to file annual reports between 1st of January to 1st May. An annual report must contain the following information of the company such as:
- Name of your corporation, the country and the state of incorporation.
- Date of incorporation.
- Postal address of the principal office of the incorporation.
- Contribution by the shareholders and the purpose of trust fund
Incorporating in Florida – Corporate Fee
The state of Florida charges an annual corporate fee of $88.75 that authorizes business entities to file their annual statement with the Department of Florida State.
Incorporating in Florida – Additional Requirements
Other additional Requirements can include your Federal Tax ID Number and Employee Identification PIN. Make sure that you have all the required legal documentation before you start the incorporation process.
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