Incorporation in Florida

Find the right Business Incorporation attorney in Palm Coast, 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

Certain benefits inure to a business in Florida that has incorporated over one that has not. First, a corporation's liabilities can never go beyond the amount invested in the business by the owners. Had the business remained unincorporated, owners risk losing their personal property should the business become unable to pay its liabilities. Furthermore, a business that has not incorporated puts the unnecessary burden on creditors in the Palm Coast area to evaluate the credit worthiness of individual owners rather than that of the business, making loans more cumbersome. Lastly, a corporation's ownership stake is divided into equal slices or "shares" of stock, which make investments in the business much easier to transfer.

Costs of Incorporation

There are costs associated with incorporation, both short and long term. First, businesses in Florida may be charged a fee to incorporate. Also, a corporation is taxed as its own entity. The incomes of owners as individuals are also taxed of course, meaning that income to the corporation may be subject to double taxation. However, this disadvantage can be avoided with proper planning and help from a local Palm Coast lawyer.

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Life in Palm Coast

Palm Coast is located in Flagler County, Florida. It has a population of around 76,000 people. It is seen as one of Florida's most rapidly growing areas.

Palm Coast is filled with small to mid-size businesses of all types. One of the larger employers include Palm Coast Data, which employs around 1,000 people. This area is building itself up after the 2009 recession. With these small businesses looking to improve, many Florida residents are moving to Palm Coast for employment purposes.

With Palm Coast being such a business-savvy area, it has a good deal of law firms ready and capable of serving these businesses for any and all of their legal needs.

Overall, Palm Coast is an up and rising area of Florida filled with small businesses aiming to thrive and succeed in the U.S. economy.

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