All businesses can benefit from incorporating. As an owner, the most advantageous reason to incorporate is to protect your personal assets. This means if the company does not succeed, the owner is not personally responsible for the resulting debts and obligations. Incorporating also provides credibility for the company, name protection, and tax breaks.
Florida is considered a “business-friendly” state because entrepreneurs who incorporate their business in the state do so with many benefits and few hassles. The biggest benefit of incorporating in Florida is there is no personal income tax, and some corporations are exempt from corporate income tax, which averages 5.5% nationally.
Florida has business-friendly courts and legal systems, it requires only one director to incorporate, and it has some of the lowest annual fees and corporate reporting requirements in the United States. Florida is also home to a skilled, professional, and highly-educated work force.
Although there are sites online which allow you to incorporate your business, it is always best to contact an attorney because there are important tools that are not included with a regular filing. This is the foundation of your business, and an attorney will make sure it is a solid one.
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