| Whenever you form a new corporation, whether a | | | | apply to collect and/or report tax in Florida. You will |
| business or non-profit organization, in Florida, you are | | | | have to specify the type of tax you are applying for, |
| given benefits. Some of these benefits include the | | | | whether it is sales and use tax, solid waste fees and |
| following: | | | | pollutants tax, use tax only, unemployment tax, gross |
| One, as a stockholder, a director, or an officer, you are | | | | receipts tax on electric power and gas, documentary |
| not held liable for the losses of the corporation. | | | | stamp tax or communications services tax. |
| Therefore, your personal assets cannot be seized to | | | | For the first two types of taxes, you have to pay $5 |
| compensate your creditors. | | | | and $30 respectively. If you register online, fees are |
| Two, you are guaranteed not to lose more than the | | | | not necessary. You are not required to pay the $5 fee |
| investment you make in the corporation. | | | | if your business is located outside Florida or if you are |
| Three, you have the option to transfer your ownership | | | | moving to another county but are currently staying in |
| to other parties, either as a whole or in partial. | | | | Florida. |
| Four, it is easier for you to set up a retirement fund | | | | You will also have to specify other business |
| under a corporation rather than as an individual. | | | | information, such as the dates of operation, if your |
| Five, taxes are significantly lower for corporations than | | | | business is not year-round; the legal name of the |
| individuals. | | | | corporation and the owner's phone number; complete |
| Six, you can easily sell stocks or shares of the | | | | physical address and fax number; the directors of the |
| corporation to raise funds. | | | | corporation; and tax information. |
| Seven, the lifespan of the corporation is not limited to | | | | When your corporation is already operational, you are |
| the involvement of certain individuals. | | | | required to file for a sales and use tax return. The |
| Along with the benefits, a few of which are mentioned | | | | general sales tax rate in Florida is 6 percent, but to |
| above, incorporating also has its share of | | | | ensure that you are paying the correct amount, refer |
| responsibilities. The legal requirements do not end after | | | | to the sales tax rate table. Check to see if your |
| you register the name of your corporation. | | | | corporation belongs to the correct bracket. |
| The process of incorporating in Florida requires you to | | | | |