I’m a Florida Resident, why would I need a
Registered Agent?
Why would I need a registered agent if I am not a Florida
resident?
Why should I use your address for my Florida entity?
Can My Florida entity do business in other states?
Does the State of Florida tax a corporation?
Can I reserve a corporate name in Florida without
incorporating?
How many shares do you typically authorize when you set
up a corporation?
Why do I need a corporate kit?
How long does it take to get a corporate entity set up in
Florida?
Why do I need a Federal Tax Identification Number (EIN)?
Why do I need to set up a bank account for my entity?
What else can I do to protect my interests and those of
my corporate entity?
I’m a Florida Resident, why would I need a Registered Agent?
You’ve gone to great pains to set up your corporate entity to limit your liability
and provide for asset protection (among the many other good reasons to incorporate). What
if your corporate entity receives notification of a lawsuit and you are travelling? It is
possible that there could be a judgment against your entity without any notification to
you. Do you really want to worry about these kinds of issues when you’re on vacation?
If you make sure that we have current contact information (yes, even when you travel), we
commit to notify you immediately if your corporate entity is served with any legal notice.
Then you can take the appropriate action to protect your interests.
The other very good reason to have a registered agent is that we remind you (in
advance) that it is time to file your annual report with the State of Florida and we make
sure that it is delivered to the State in a timely fashion on your behalf. Penalty fees
are very expensive in Florida if you are even one day late—yes, $500 for being a day
late filing your annual report!! And, worse yet, if you completely neglect to file, your
entity will lose its good standing and all of the benefits of having a corporation are
lost along with its status.
Why would I need a registered agent if I am not a Florida resident?
Florida (and most other states) require registered agents for the protection of
individuals dealing with a corporate entity. The registered agent is a physical location
designated to receive service of process and other official notices and documents. In
Florida, the registered agent is required to be present at a physical address between the
hours of 10:00 a.m. and 2:00 p.m. We, however, staff our offices from 9:00 a.m. to 5:00
p.m. on normal business days (excluding holidays and weekends).
It is to the corporation’s benefit that a registered agent exist too. The other
very good reason to have a registered agent is that we remind you (in advance) that it is
time to file your annual report with the State of Florida and we make sure that it is
delivered to the State in a timely fashion on your behalf. Penalty fees are very expensive
in Florida if you are even one day late—yes, $500 for being a day late filing your
annual report!! And, worse yet, if you completely neglect to file, your entity will lose
its good standing and all of the benefits of having a corporation are lost along with its
status.
Why should I use your address for my Florida entity?
Once again, we are your interface to the public for your Florida entity. Another
wonderful benefit is that we weed out all of the junk mail send as a result of your
company publicly filing its name with the State of Florida. You have more important things
to do than sort out junk mail!!
By listing our address, in addition to keeping a highly accurate database that enables
us to remind you to file your annual list (if you keep us updated on your information), we
also receive your notification directly from the State of Florida and we can assist you in
getting it filed in a timely, efficient manner. You can pay by credit card and avoid
unnecessary postage and mail delays—let us do the work for you.
Can My Florida entity do business in other states?
There is not any restriction on where your entity can do business. You may be required
to file as a "Foreign Corporation" in another state (check with the Secretary of
State in that particular state).
Does the State of Florida tax a corporation?
The way that you pay the State of Florida taxes is by filing your annual report with
the Florida Secretary of State. Corporations are also required to remit state use taxes on
physical property located in Florida, sales taxes owed by its customers, fees for any
licenses it holds (for instance a real estate license). Of course, you are always required
to file and pay (if you owe any) federal income tax with the U.S. government.
Can I reserve a corporate name in Florida without incorporating?
No, the legislature recently eliminated this option. We can, however, do an electronic
name search for you. If you are concerned about a particular name, you should expedite
your filing.
How many shares do you typically authorize when you set up a corporation?
It is our standard policy to set up corporations with 10,000 shares at a no par value.
This usually works well for a start up company and makes it easy to use round numbers and
calculate percentage ownership easily. Contact a legal professional if you plan to deviate
from our standard number of shares as you may encounter securities law issues
inadvertently.
Why do I need a corporate kit?
A corporate kit is a sleeved 3-ring binder designed to hold the records of the
corporation’s formation, meeting minutes, stock transactions and its official
corporate seal. You also receive an initial set of share certificates and a share
register. Accurate records and documentation are essential to maintaining the good status
of your corporate entity and avoiding having the corporate veil pierced by a litigious
predator.
How long does it take to get a corporate entity set up in Florida?
It is possible to have the filing completed with the State of Florida within 24 hours
if you are willing to pay the $100 expedite fee. We can also rush your SS-4 which is
required to file for your Federal Employer Identification Number. Non rush orders
typically take from seven to ten working days depending upon the workload at the Secretary
of State.
Why do I need a Federal Tax Identification Number (EIN)?
The Federal Tax Identification Number (EIN) is the equivalent of your social security
number and you will need to provide it for any transaction or filing of major consequence
to identify the entity. Banks typically require an EIN prior to opening a bank account for
your corporate entity.
There are different IRS regional offices that issue EIN numbers. It is essential that
your EIN for your Florida entity be issued by the service center in Atlanta. We can assist
you in filing properly for you EIN number.
Why do I need to set up a bank account for my entity?
You should do everything possible to protect the status of the corporate entity by
keeping excellent, detailed records and isolating all of its financial transactions from
your personal transactions or that of any other company. This is criticial. Never
intermingle funds. Consult a tax or legal professional if you have any questions on this
issue.
What else can I do to protect my interests and those of my corporate entity?
It is always a good idea to consult with a legal professional if you have any questions
on operating your entity. Ask questions before taking action. It is also a very good idea
to have a tax professional handle the tax preparation for your entity and it is also
appropriate to discuss your financial strategy for tax savings as a result of having a
corporation or LLC.
|
