Start Your Business
Congratulations on starting your business. We know that this is a very important step for you, and our business is dedicated to making the incorporation process simple and straightforward. Read our simple explanations about the different entities to help you decide which entity is right for you. Also view our other services to see what other registrations or applications may be necessary to get your company up and running.
Because we know that, incorporating your business is the easy part, we invite you to view our post incorporation compliance tips to help you avoid expensive blunders.
Post Incorporation tips
If you chose the S corporation as an entity, be aware that this is a 2 step process; you must incorporate a regular corporation and then make an application to make that corporation an S corporation. We have designed our process to ensure that the appropriate forms are filed, but it is only complete when the IRS sends you communication agreeing to your election. You need to file this letter in a safe place, as not having it can result in your not being able to take advantage of the available tax breaks. If you do not receive this letter within 2 months of filing, please let us know.
S corporations do need to file a corporate return (1120S) with the IRS. This return is due 2 ½ months after the company’s financial year end (March 15 for a December year end) There are penalties for late filing even though you owe no taxes.
C corporations need to file returns with the state as well as the IRS. The federal return is due 2 ½ months after the company’s year end (March 15th for a December year end) while the state return is due April 1st. There are penalties for late filing even if you owe no tax.
If you pay payroll, you have reporting requirements with both the IRS and the state of Florida. See what your responsibilities are at the IRS’s website http://www.irs.gov/businesses/small/article/0,,id=99336,00.html
Visit the state’s website to learn what licenses you may need to obtain, and what periodic filings are required. http://www.myflorida.com/taxonomy/business/
You may also have county and state obligations. Ascertain what your county and city obligations are by visiting these links. http://www.myflorida.com/counties/
A knowledgeable and experienced CPA can help you with Government filings, staying compliant, as well as tax planning. See our recommendation for accounting services.