| If you are planning to change your small business into | | | | income. There is no corporate franchise tax on capital |
| corporation then it will be a good idea because once | | | | stock. Florida also doesn't take property tax on |
| you form a corporation then you are no longer held | | | | business inventories. They also don't take tax on |
| personally liable for any losses in the business. While | | | | goods manufactured or produced in Florida for export |
| forming a new corporation in Florida whether it's a | | | | outside the state. Additionally there is also no sales tax |
| business or a non profit organization you will have | | | | on purchases of raw materials that are incorporated in |
| huge benefits. Some of the benefits are given below: | | | | a final product for resale. You will also get tax |
| If you are a director or an officer or a stockholder then | | | | deduction on goods manufactured or produced in |
| you are not responsible for the losses of the | | | | Florida for export outside the state. So you can see |
| corporation. So your personal assets will not be in | | | | that how much tax deduction you will get if you have |
| danger. The creditors can't claim your personal assets. | | | | a Corporation. |
| Only your business property will be in danger. In short | | | | The incorporators have to share their responsibility in a |
| you will not loose any extra except the investment | | | | corporation. The legal formality doesn't end after you |
| you made in the corporation. | | | | register the name of your corporation. While starting a |
| You can transfer your whole or partial ownership to | | | | corporation the incorporators have to file articles of |
| other parties | | | | incorporation with the Florida Department of State. |
| It is always much easier to set up a a retirement fund | | | | Also they have to submit the annual report to Florida |
| under Incorporate Business Florida rather than an | | | | Department of State. While submitting the report of |
| individual. You will also enjoy many tax benefits under | | | | the taxes the incorporators have to mention the type |
| corporations than individuals | | | | of tax you are applying for. You have to pay different |
| It is much easier for you to sell stocks or shares of the | | | | fees for different taxes. So it is advisable that you |
| corporation to raise capital for the corporation. | | | | take the help of the legal advisor before submitting the |
| Corporation Lifespan is not limited to the involvement | | | | taxes. |
| of certain individuals. | | | | When your corporation is running in full flow then you |
| While incorporating the small business in Florida is also | | | | have to file for a sales and use tax return. Usually |
| a great idea. You will make you free from many legal | | | | sales tax rate in Florida is 6 percent but it is advisable |
| liabilities. You will enjoy many perks and incentives for | | | | to check the rate table before submitting. It is |
| running a small business. You may also get qualified for | | | | mandatory that you have to declare your business |
| the loan programs for U.S. Small Business | | | | information to Florida Department of State such as |
| Administration | | | | name of the corporation, address for communication, |
| Florida doesn't take taxes on corporate income of | | | | name and address of the incorporators, directors and |
| subchapter Florida S Corporation and state personal | | | | officers working under the directors. |