Incorporation in Florida
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. Without incorporation, the personal property of business owners is at stake should the company become unable to satisfy its debts. A corporation may also find it easier to finance itself through loans, allowing creditors in the Sarasota area to evaluate their investment by assessing the corporation rather than the individual credit-worthiness of its owners. Lastly, a corporations charter requires that ownership be divided into stakes or "shares" of stock, all of equal size. This makes the process of transferring control much more practical.
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Life in SarasotaSarasota, Florida is the county seat of Sarasota County, located on the central Gulf Coast. It has a population of about 53,000 people.
Humans first settled Florida, including the Sarasota area, about 15,000 years ago - not very long after their initial arrival on North America. At that time, sea levels were much lower, and Sarasota would have been about 100 miles inland from the Gulf of Mexico, rather than right on the coast. Europeans first settled the area in the 1600s.
Modernly, Sarasota has been hit hard by the crash of the U.S. housing market. However, it is still regularly visited by tourists, and tourism remains a major sector of its economy. Sarasota is also home to many sites of historic interest, from prehistoric archeological sites, to Civil War forts.
The architectural style prevalent in Sarasota was once so popular that it is now an established architectural style, known as the "Sarasota School" or "Sarasota Modern."
If you live in Sarasota, Florida, and are looking for an attorney, you're in luck. There are many lawyers in Sarasota, Florida who practice many different areas of law. If you need legal advice, a Sarasota, Florida lawyer is the person you should call.
Costs of Incorporation
These advantages come at a price. First, incorporation in Florida may require a filing fee. Second, a corporation pays taxes just like any other entity. Disbursements to the owners of the corporation are also taxed as individual income, so this means earnings may be taxed twice. But this double taxation can be avoided with proper planning and help from a local Sarasota lawyer.