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contact usFlorida is a state located in the southeastern region of the United States. The state is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Atlantic Ocean, and to the south by the Straits of Florida.
Florida has a total area of 65,757.70 square miles (170,312 km2), ranking 22nd largest state in the USA.
In 2019, Florida has the population of over 21 million people.
The most common languages spoken in Florida as a first language are:
The government of Florida is established and operated according to the Constitution of Florida and is composed of three branches of government: the executive branch consisting of the governor of Florida and the other elected and appointed constitutional officers; the legislative branch, the Florida Legislature, consisting of the Senate and House; and the judicial branch consisting of the Supreme Court of Florida and lower courts. The state also allows direct participation of the electorate by initiative, referendum, and ratification.
As of 2019, the gross state product (GSP) is about $1.1 trillion, the fourth largest economy in the United States. Florida is responsible for 5% of the United States' approximately $21 trillion gross domestic product (GDP).
The five largest sectors of employment in Florida are: trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. In output, the five largest sectors are: finance, insurance, real estate, rental, and leasing, followed by professional and business services; government and government enterprises; educational services, health care, and social assistance; and retail trade.
United States Dollar (USD)
The corporate laws of Florida are user-friendly and often adopted by other states as a standard for testing corporate laws. As a result, the corporate laws of Florida are familiar to many lawyers both in the US and internationally. Florida has a common law system.
One IBC supply incorporation in Florida service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.
The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";
No public register of company officers.
Just 4 simple steps are given to start a business in Florida:
* These documents required to incorporate a company in Florida:
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How to start a business in Florida, USA
There is no minimum or a maximum number of authorized shares since Florida incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.
Florida law requires that every business have Registered Agent in the State of Florida who may be either an individual resident or business that is authorised to do business in the State of Florida
Florida, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Florida taxation for taxes paid in other states.
In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.
The Florida Franchise Tax Board requires all new LLC companies, S-corporations, C-corporations that is incorporated, registered or doing business in Florida must pay the $800 minimum franchise tax
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Payment, Company return due date
All LLC companies, corporations are required to update their records, either annually or biannually, based on the year of registration and pay the $800 Annual Franchise Tax every year.
A Statement of Information must be filed with the Florida Secretary of State within 90 days after filing the Articles of Incorporation and each year thereafter during the applicable filing period. The applicable filing period is the calendar month in which the Articles of Incorporation were filed and the immediately preceding five calendar months
Most corporations must pay a minimum tax of $800 to the Florida Franchise Tax Board each year. Florida Corporation Franchise or Income Tax Return is due on the 15th day of the 4th month after the close of the corporation’s tax year. Florida S Corporation Franchise or Income Tax Return is due on the 15th day of the 3rd month after the close of the corporation’s tax year.
Limited liability companies must file a complete Statement of Information within the first 90 days of registering with the SOS, and every 2 years thereafter before the end of the calendar month of the original registration date.
Once your limited liability company is registered with the SOS it is an active business. You are required to pay the minimum annual tax of $800 and file a tax return with FTB for each taxable year even if you are not conducting business or have no income. You have until the 15th day of the 4th month from the date you file with the SOS to pay your first-year annual tax.
