Facts About Incorporating in Florida
As explained on the Companies Incorporated website, incorporating in Florida may be a preferable option for business owners because of its pro-business environment and favorable tax treatment. A single shareholder, or an unlimited number of shareholders may incorporate a business in Florida. Incorporating a business in Florida may be accomplished with or without the assistance of an attorney.
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Name
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Incorporating in Florida requires the company to select a unique and distinguishable business name. A corporate designator such as "corporation," "company," or "incorporated," must be contained in the business name of a Florida corporation, as described on the Citizen Media Law Project website. Florida law forbids a corporation's business name from containing words that imply an association with a bank, insurance company or government agency. A corporation in Florida may confirm business name availability using the Florida Department of State website.
Principals
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According to the Citizen Media Law Project website, Florida law requires an incorporated business to have at least one director. The director of a Florida corporation must be at least 18 years old. The director of a Florida corporation may have duties such as appointing officers, allocating company resources and implementing corporate policies. Florida law doesn't require directors of a Florida corporation to reside in the state or be shareholders in the company.
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Preparing Articles
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The Florida Department of State supplies fill-in the blank articles of incorporation that may be downloaded from its website. In other instances, Florida articles of incorporation may be requested by mail, or in person. Florida corporations must provide the name and principal address of the company. The name and physical address of a business, or an adult that will accept the Florida corporation's legal documents must be included in the articles of incorporation. As mentioned on the Legal Zoom website, an incorporated business in Florida must list the names and addresses of its initial directors. The number of shares the Florida corporation has the authority to issue must be included int the company's articles of incorporation.
Filing Articles
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The Florida Department of State's website allows a company to file articles of incorporation electronically. In addition, incorporated businesses in Florida can submit articles of incorporation by mail, or in person. As of 2010, it costs $70 to file articles of incorporation with the Florida Department of State, according to the Florida Department of State website.
Stock
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Stock certificates are issued to the Florida corporation's initial shareholders at the company's first meeting. The stock certificates signify the shareholder's ownership interest in the Florida corporation. Directors of a corporation in Florida set the company's asking price per share. Initial shareholders of an incorporated business in Florida may provide the business with cash, property or services in exchange for shares of the company's stock.
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