Entrepreneurs find success in forming corporations in Florida. As an entrepreneur yourself, consider how advantageous corporations are. A corporation stands alone. Therefore, a corporation’s legal and financial situations do not directly affect its owners. Groups of shareholders form corporations and benefit from their limited liability features. Continue reading to discover how to form corporations in Florida successfully.
Secure A Company Name
To begin forming corporations in Florida, shareholders must decide on a company name. When doing so, research other successful companies in your industry. Consider their diction, but stay away from names that are similar. Too much similarity causes confusion and can lead to various business challenges. Additionally, look into the different suffixes. Popular suffixes include Corporation, Co., Inc., Corp., and Incorporated. Florida has corporate name statutes that provide legal requirements as well. Once you have decided on a brand name, secure it to initiate the process of forming corporations in Florida.
Meet Personnel Requirements
Once you have decided on a name, look into Florida’s personnel requirements for corporations. If you reviewed another state’s requirements, you still need to look into Florida’s. Each state’s requirements vary. Florida’s personnel requirements include one incorporator, officer, or director. This incorporator, officer, or director can be of any age. In Florida, there is not a residency requirement. Hence, if you are the incorporator, you do not have to live in Florida. Ensure that you meet all of the personnel requirements to successfully form corporations in Florida.
Decide Between Profit And Non-Profit
To form corporations in Florida, entrepreneurs must choose between a profit and a non-profit. Profit corporations have many financial perks, while you can start a non-profit and give back to your community. In addition to the monetary differences, the filing process differs between the two types of Florida corporations as well. For instance, entrepreneurs forming profit corporations are required to fill out a profit articles of amendment. On the other hand, those filing non-profit organizations fill out non-profit articles of amendment. Other documentation differs as well. Thus, the filing process for a Florida corporation can only begin once the decision has been made.
Consider Stock Structures
Another part of forming Florida corporations includes stock structures. Different types of stock are available to corporations in Florida. Choose between classes or series. To do so effectively, research which stocks benefit you the most. For instance, only one may provide you with voting rights. Determine which stocks you want to invest in prior to filing. Take your startup accounting plans into consideration when making the decision as well. You will include the specifics of your stock structures in filing forms. Seriously consider stock structures when forming corporations in Florida.
File Articles Of Incorporation
Additionally, shareholders must file Articles of Incorporation when they form corporations in Florida. The articles can be filed online or sent through the mail. They require multiple pieces of information. Firstly, include your corporation’s name and address. You must also record the purpose for your corporation along with the shares authorized. After completing the articles, present them to the Florida Department of State Division of Corporations. There will be a filing fee of $70 and additional charges for copies. To form corporations in Florida, filing articles of incorporation is essential.
Shareholders who form corporations in Florida open up many business opportunities for themselves. To do so, you must first secure a brand name that follows Florida’s requirements. Then, check the state’s personnel requirements to ensure you meet them. Choose between a profit and non-profit corporation so you can fill out the correct forms. Determine which stocks will be the most beneficial. Lastly, file Articles of Incorporation. You now know how to successfully form corporations in Florida.