Table of Contents
When it comes to registering a business in Florida, you may be required to pay a few fees before you file. Whether you invested in a Florida registered agent or you’re planning on doing the filings yourself, you’ll still be required to pay the state fees for registration. While the information we present here should remain accurate, it’s important to remember that the state can change their minds about what payments new business owners owe without any prior notice. The Secretary of State gives a broad overview of the fees that will be required for your filing.
In this article, we’ll try to delve more into those fees
You may have heard the phrase “corporation-friendly” before. If you haven’t, the basic idea is that the region makes it easy tof rbusingg owners to register and run a business there without issues. Florida has several things that make it one of the most impressive places in the country to set up a company (aside from the sin, sea, and sand, that is).
Low Cost of Incorporation
Corporation filing fees differ by state and at $70 to file articles of incorporation, Florida remains one of the cheapest options for a business owner. Business setup can be an expensive phase, and the cost of registering and maintaining the business could potentially bite into the members’ profits. Florida’s forward-thinking approach makes it simple to register the company with only a small investment fee.
Corporations are still required to file annual reports, but the cost of submitting these is also reasonable. Florida charges corporations registered in the state an annual fee of $150 to file their reports, making the state an attractive option for business owners.
Florida is corporation-friendly because it has legislation that benefits corporations. In the issues of employment and liability law, corporations have an advantage in the legal process. In Florida, if the court intends to go after individual owners of a corporation, it must prove that those members are complicit in self-serving, intentional, egregious behavior. Courts almost never opt for “piercing the corporate veil” when it comes to litigation, and it’s seen as an extraordinary measure by most.
LLCs are not taxed in Florida, and its members are taxed at a rate suitable for their income. S-Corporations and C-Corporations have a beneficial tax rate when they initially set up in the state, and include tax write-offs on employee enrichment plans. Florida’s tax-friendly environment provides one of the best places to set up an LLC or a corporation because of how little that members may have to pay in taxes.
Documents and Costs for Filing an LLC
If you’re forming an LLC in Florida, you’ll have to start by paying the $100 filing fee for the articles of incorporation. You may need a certified copy of the articles of incorporation to open a bank account or show that you’re a business owner as well. This certified copy comes at the cost of an additional $30. IN addition to the certified copy, you may also need a certificate of status. This certificate outlines that your company is in good standing in Florida and is authorized to conduct business within the state. You have to pay an additional $5 to get this status certificate.
Filing an International Company in Florida
Occasionally, a business owner may have a company incorporated in another locale. The location might be either in another state or in a completely different country altogether. If he or she wishes to do business in Florida, they have to register with the government. The same filing fee of $100 applies to international companies, as well as a $25 registered agent fee. If you need other documents, such as the certified copy of the status certificate, it will cost you an additional $30 and $5, respectively.
Recurring Annual Costs
After a company’s initial filing, it is required to provide a report every year, before May 1st. The cost for filing this report is $138.75. If you have a late filing, the price of filing the report increases to $538.75. We’re only human, and sometimes we make mistakes that need to be rectified. If you have to amend the report you filed, you’ll be required to pay a fee of $50 to the state, even if it was a late filing.
Hidden Costs of Doing Business in Florida
While the above covers the legislative costs of doing business in the Sunshine State, there’s a lot more that doesn’t usually register on business owners’ radar going on behind the scenes. Florida is one of the centers of trade in the southern United States, and plays host to several multinational corporations, making it easy to set up business relationships with any of them, increasing the viability of a business’s supply chain. Since these companies are already here it costs less to set up meetings.
Additionally, Florida remains one of the largest untapped talent pools in the US. The talented 9.5 million Floridians that live in the state have a set of diverse skills that most businesses can make use of. The state’s educational infrastructure has done a good job in preparing these skilled workers to enter the workforce. All they need is an employer to give them a job. These employees don’t cost much to find, and a simple ad may have you swamped with applicants in no time.
Registered Agents May Help
If you’re an international company or an out-of-state business intending to register within Florida, you can attempt to perform the process yourself. However, you will need an address and a representative within the state as a point of contact. If you are staying in Florida, this isn’t much of an issue. Some agents offer the service of being the registered contact for businesses within Florida. You may be required to pay them for that privilege. The cost typically ranges between $50 to $500, depending on the agent and the depth of services you need. You still have to pay the registered agent fee to the state, regardless of if you choose to have an individual act as your registered agent or if you intend to do so yourself.