Why should I incorporate my business?
Advantages of Incorporating in Florida
One of the biggest benefits for incorporating in the state is the absence of a personal income tax. Outside of Florida, some states charge corporations a 5.5 percent tax on taxable income more than $5,000.
Who benefits from the incorporation of a business?
The advantages of incorporating a small business include: No. 1: Personal asset protection. Both corporations and LLCs allow owners to separate and protect their personal assets. In a properly structured and managed corporation or LLC, owners should have limited liability for business debts and obligation.
Disadvantages of Incorporating
•Extra Tax Return and Annual Report. A corporation is required to file its own tax return. …
•Separate Records. The shareholders of a corporation must be careful to keep their personal business separate from the business of the corporation. …
•Extra Expenses. …
•Checking Accounts.
Can a single person incorporate?
After all, corporations need to have boards of directors and hold shareholder meetings — which sounds more like a room full of suits than a single person working from home. However, all states do allow corporations to have just one owner. You can be the sole shareholder, director and officer for your company.
Do I need a business license in Florida?
A business license/occupational license or business tax receipt is required by most counties in Florida to have the legal ability to do have a business in that county. Check with your local tax collectors office to see what they require.
If you are thinking about starting a business, perhaps you should come in and have a consultation with Ben Winter.
Ben Winter, P.A. focuses its practice in the areas of Social Security Disability and Workers Compensation in St Petersburg, Florida. For more information, go to our web site www.benwinterlaw.com or call (727) 822-0100.