Incorporation in Florida

Find the right Business Incorporation attorney in Tallahassee, FL

Florida law allows a business to incorporate and be identified as its own legal entity. When an incorporated business acts, whether it is to buy and sell property, agree 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

Benefits of incorporation are many. The primary benefit is that the liabilities of the business can only be satisfied by the assets specifically invested into the company by the owners. If the business had remained a personal asset of the owners, they could run the risk of losing their personal property to pay for the company's financial liabilities in case of default. Furthermore, banks in the Tallahassee area prefer to evaluate the credit worthiness of a business as a whole rather than that of individual owners. This makes the process of receiving corporate loans simpler. Lastly, 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 apply 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 owners who are paid disbursements from the corporation's earnings are still taxed as well. This is called double taxation, but it may be avoided with proper planning and assistance from a local Tallahassee lawyer.

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Life in Tallahassee

Tallahassee is the capital of Florida, with an approximate population of 181,376 people. Tallahassee is known to be a great college town, being home to Florida State University, Florida AM University, and branches of Saint Leo University, Thomas University, Keiser University, Barry University, and Flagler College.

Alongside great education, Tallahassee offers great attractions! These attractions include the Alfred B. Maclay State Gardens, the Tallahassee Museum of History and Natural Science, the Mary Brogan Museum of Art and Science, St. Marks National Wildlife Refuge, and the Knott House Museum.

Tallahassee is also home to many law firms of all sizes, small, medium, and large. These firms house many competent attorneys in all areas of practice. Thus, residents, businesses, and corporations in Tallahassee should rest assured because any legal inquiry can be handled by the legal force in Tallahassee.

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