How to Form an S-Corp in Florida With Inc Authority

Select a business name that reflects your company’s purpose, but also consider future expansion. It should be simple for customers to pronounce and remember. States like Florida allow you to reserve a business name in advance to avoid delays.

It’s also advisable to secure a matching domain name when forming an S-corp in Florida. Select a business name that reflects your brand identity and ensures full compliance with all applicable state regulations and federal naming requirements.

Every S-corp in Florida must have a registered agent in the state to receive official documents and legal notices. This role ensures that you never miss deadlines and important correspondence. The agent can be an individual or a professional service.

There is also the option of serving as your own registered agent. However, most businesses usually choose to delegate that role to a reliable agency. Besides receiving documents, this helps maintain good standing and keeps you compliant.

You can’t directly form an S-corp since it’s a tax election rather than a separate business entity. First, you establish a corporation by filing articles of incorporation with the appropriate state office, and then you request an S-corp tax status.

Another option is to form an LLC, and elect S-corp taxation so you can establish the legal foundation for your business. It’s highly recommended that you use incorporation services to handle all the paperwork efficiently on your behalf.

An Employer Identification Number (EIN) is essential for running an S-corporation. You’ll need one to open a business bank account, file taxes, and hire employees. It also allows you to apply for all the permits and licences required by the state.

Without an EIN, you cannot properly separate your business finances from personal ones. This puts you at greater risk in the event of a lawsuit. Fortunately, applying for an EIN is free through the IRS and can be completed quickly online.

After setting up your LLC or corporation, file Form 2553 with the IRS so it can be treated as an S-corp. This election affects your tax classification rather than your business structure. So, ensure you meet all the federal and state filing requirements.

For example, you should not have more than 100 shareholders and must hold only one class of stock. Shareholders must also meet all the IRS requirements. Dealing with this form promptly ensures your S-corp enjoys tax benefits as soon as possible.

Unlike most states, Florida mandates S corporations to have corporate bylaws. These bylaws outline how you govern and manage your S corporation in Florida.

These corporate bylaws detail the procedures for adding or removing board members. They set expectations for directors, officers, and shareholders, covering responsibilities, dispute settlement, and decision-making processes.

S-corporations must issue common stocks to shareholders, and these stocks must carry voting rights. Stocks can be distributed as paper certificates or electronically, depending on your preference. Plus, shareholders must be permanent U.S. citizens.

The total number of stocks for an S-corp in Florida cannot exceed 100. Properly issuing stock formalizes ownership, ensures compliance with IRS rules, and helps prevent problems in the future with taxes or shareholder agreements.

Next up, you need to appoint a board of directors to oversee important management decisions. At least one director must be named, but you can add or remove members as needed. The board is responsible for policies and overall direction.

Setting up this level of leadership early when forming your S-corp in Florida is recommended. It ensures clear accountability, smooth decision-making, and compliance with all the corporate laws that govern these types of businesses.

In addition to what’s in the free plan, the Starter plan gives you the following:

• LLC Operating Agreement/Corporate Bylaws: Use customizable templates with instructions to create governance documents.

• Initial Meeting Minutes & Resolutions: Hold your first organizational meeting and get professionally prepared minutes.

• Ownership or Stock Certificates: Create and distribute official ownership or stock certificates with legally compliant support.

• Employer Identification Number (EIN): Quickly obtain your federal EIN with guided assistance to ensure fast processing.

• Corporate Forms and Document Package: Access editable business form templates designed to save time and keep things organized.

• Annual Compliance Alerts: Get automated reminders for filing deadlines and compliance requirements to stay in good standing.

• In-Depth Tax Consultation: Speak with a specialist for tax planning guidance to maximize savings for your Florida S-Corp.

• Website Domain + 5 Business Emails: Claim a free domain name along with five professional email accounts.

Price: Custom

This is the final plan that includes everything in the Starter plan, plus the following:

• Dedicated Customer Success Advisor: Get paired with a personal advisor who guides you step-by-step through your Florida S-Corp formation.

• Private Banking Specialist: Work with a specialist to set up a dedicated business bank account to separate your different finances.

• Tailored Business Guidance: Receive expert advice on selecting the right tools and setting achievable growth goals from experienced experts.

• Priority Filing & Processing: Enjoy faster document preparation and priority submission so your business can start operating without delays.

Price: Custom