Besides being a popular tourist destination and a retirement haven, Florida provides several advantages to a business looking to incorporate in Florida . If you are thinking about starting your own business or own your own business, you should consider the following benefits of incorporation in Florida .
No personal income tax
Florida has no personal income tax and regular corporations are taxed with a 5.5% tax on federal taxable income over $5,000. An added bonus? Florida “S” corporations are not taxable entities and do not have to file state income tax returns after the first year. Therefore, if you incorporate your Florida business and choose the “S” status, you have all the benefits of incorporation and pay no tax.
No minimum capital requirements
Many states require that your corporation be funded with a minimum of $1,000 in capital. Unlike most states, Florida does not have minimum capital requirements for incorporating your business. This can be helpful if you do not have a lot of cash to sink into your business in the beginning.
The Florida Secretary of States does not require a list of the names or addresses of directors, officers, or shareholders to be listed in the articles of incorporation. Since the state does not keep a record of who owns your corporation, you can conduct business in Florida with complete privacy.
With such attractive incorporating laws, it is no wonder that Florida is becoming a popular place for corporations. To learn more about incorporating a business in Florida, Contact https://incparadise.net at 888-284-3821 .