Incorporation in Florida

Find the right Business Incorporation attorney in Lakeland, FL

Florida law allows a business to incorporate and be recognized as its own legal entity. When an incorporated business acts, whether it is to buy and sell property, assent to contracts or exercise legal rights, the process is then attributable to the business itself and not its owners. The Florida Secretary of State receives and processes applications for incorporation, which must be submitted in compliance with local guidelines.

Benefits of Incorporation in Florida

An incorporated business enjoys certain benefits, the most important being a limit of liability for the shareholders. The most shareholders can lose is the amount they invest in the business. If the business had remained a personal asset of the owners, they would run the risk of losing their personal property to pay for the company's financial liabilities in case of default. Also, creditors in the Lakeland area typically prefer to deal with corporations, since a loan is an investment more easily evaluated when the credit-worthiness of various owners is not an issue. Finally, the ownership of a corporation is divided into an abundance of equal portions or "shares" of stock. Without this mechanism, transferring ownership of a business would be impractical.

Costs of Incorporation

Along with a possible fee to file for incorporation in Florida, there are other costs that corporations incur. The most important is that a corporation is taxed as its own entity. The individual incomes of the owners are still taxed also, and this can mean the same income is taxed twice, known as double taxation. With proper planning and assistance from a local Lakeland lawyer, you can avoid this disadvantage.

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Life in Lakeland

Lakeland is located in Polk County, Florida. It is between the popular cities of Tampa and Orlando alongside Interstate 4.

The economy of Lakeland prospers from the citrus, cattle, and phosphate mining industries. The largest employer is Publix Supermarkets. Other top employers include FedEx Freight FedEx Services, Saddle Creek Corporation, GEICO, Summit Consulting, and Rooms To Go.

Lakeland is a place filled with history. Some popular historic attractions are Dixieland, Biltmore-Cumberland, Beacon Hill-Alta Vista, and Munn Park.

Being so near Tampa and Orlando, Lakeland residents can take their complex legal programs to the mid to large size firms located in these two large cities. For any small legal issues, Lakeland is filled with small law offices that are owned by excellent, competent attorneys.

Overall, Lakeland is a wonderful area to live in. It has the small town feel but is surrounded by two of Florida's largest, metropolitan cities. Lakeland residents have the best of both worlds!

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