Florida is a state that leads the nation in terms of forming a new business. This is due to the advantages that the Florida Corporations have that other parts of the country do not have. This is said from the State of Florida Division of Corporations. That is why it is beneficial to many forming a Florida Corporation here such as Sunbiz. There are many advantages that you can enumerate from Florida State corporations such as the low rate of tax, cheap workers and easy access to foreign markets. There are many more advantages enumerated below of why it is better to formulate corporation in Florida:
- Limited liability. This is one of the best advantages that incorporate to provide you the limited liability. It will shield you from the company and shareholders of the Florida corporations in personal liability in every case. In case the corporations in indebt; the creditors will not collect any amount from the shareholders or principals.
- Low tax. The corporations can deduct expenses from any income reported. The deductions may include the contributions and salaries from benefits plans. There are other corporate that have different rules in deductions. You can choose your corporate entity according to what are your expenses that your business may have. Many have been thinking about LLC vs S Corp.
- Low fees in filing. There was a recent cut of filing fees for about 25% in Florida Department of Corporations. It is now the cheapest fee compared to other regions which most are not even pro-business type. Most of the state corporations will just pay for about $70 as the filing fee to the department.
There are many more benefits and advantages when you form a Florida corporation. You can experience more when you start your own one in Florida.