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Types of Business Entities

Types of Business EntitiesIncorporating a business in Florida will provide you with many advantages. The costs of doing business are low from a governmental and regulatory viewpoint. A business corporation is required to be registered in the State of Florida to “do business.”

The cost of registering with the State, as well as the yearly fees to maintain the registration, are virtually the same as having a Florida corporation.

  • Corporation: either a U.S. subsidiary or a U.S. branch of a non-U.S. corporation, S and C Corporations
    •    Limited Liability Company (LLC)
    •    Partnership: general, limited or limited liability partnership

Advantages of Corporations

Creating a corporation, instead of an LLC, has a lot of advantages such as the fact that, in general, the shareholders of a corporation are not personally liable for the debts and obligations of the corporation; the is no limit to the number of shareholders who need not be U.S. citizens or permanent residents; and most small businesses can qualify for a status allowing the profits or losses to flow directly to the shareholders without being subject to double taxation.

Every Florida and non-Florida corporation must be registered to do business in Florida. Every corporation doing business in Florida must have a registered agent able to relay notice of lawsuits and other administrative actions. An attorney can be such an agent.

Penalties for not registering are a prohibition to bring a lawsuit in Florida and assessment of fines. However, the corporation can be sued in a Florida court.


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