Florida Entity Formation Services

When creating an entity formation, the requirements can vary depending on the type of business and where it will be located. However, some general requirements are typically needed.

These can include:

• A name for your business
• Articles of incorporation or a certificate of formation
• The names and addresses of the directors or officers
• The registered agent’s name and address
• The purpose of the company
• The names of the shareholders or members

If you are unsure about what is required for your specific situation, it is always best to consult with an attorney or accountant who specializes in business law. They will be able to advise you on the specific requirements for your state and type of business.

Limited Liability Companies & Partnerships (LLC, LLP)

Limited Liability Companies and Partnerships are types of business entities that offer limited personal liability to their owners. This means that if the company is sued, the owners will not be held personally liable for any damages. LLCs and LLPs are relatively easy to set up and maintain, and can be a good choice for small businesses.

To form an LLC or LLP, you will need to file paperwork with your state government. This usually includes:

• A name for your business
• The names and addresses of the members or partners
• The registered agent’s name and address
• The purpose of the company

If you are unsure about what is required for your specific situation, it is always best to consult with an attorney or accountant who specializes in this sector.

S Corporations

S Corporations are businesses that have elected to be taxed as a corporation, but with certain distinctions. For example, S Corporations are not subject to double taxation as regular corporations are. In order to qualify as an S Corporation, the business must meet certain requirements, including:

• Being a domestic corporation
• Having only one class of stock
• Having fewer than 100 shareholders

To form an S Corporation, you will need to file paperwork with the IRS. This usually includes:

• The articles of incorporation
• The bylaws
• The shareholders’ agreement

C Corporations

C Corporations are businesses that have elected to be taxed as a corporation. This means that the business itself is taxed on its profits, and then the shareholders are also taxed on the dividends they receive. In order to qualify as a C Corporation, the business must meet certain requirements, including:

• Being a domestic corporation
• Having more than one class of stock

To form a C Corporation, you will need to file paperwork with the IRS. This usually includes:

• The articles of incorporation
• The bylaws
• The shareholders’ agreement

Nonprofit Organizations

Nonprofit organizations are businesses that have been formed for a limited purpose other than making a profit. To qualify as a nonprofit organization, the business must meet certain requirements, including:

• Having a valid tax exemption from the IRS
• Filing annual reports with the state in which it is incorporated

To form a nonprofit organization, you’ll need to file paperwork with the IRS. This usually includes:

• The articles of incorporation
• The bylaws
• The shareholders’ agreement

Sole Proprietorships

A sole proprietorship is a business that is owned and operated by one person. To form a sole proprietorship, you’ll need to:

• Choose a name for your business
• Obtain any necessary licenses and permits
• Register your business with the state

Entity formation services benefit real estate purchases by helping to protect the buyers and sellers. By forming an entity, the real estate purchase is made in the name of the entity rather than the individual. This can help to shield the buyer and seller from personal liability if something goes wrong with the property.

For example, say you form a limited liability company (LLC) to buy a rental property. If there are any problems with the property, such as water damage or mold, the LLC will be liable, not you personally. This can protect your personal assets, such as your home or savings account, from being used to pay for damages.

Entity formation services can also help to save on taxes when buying real estate. For example, if you form an LLC to purchase a property, you may be able to take advantage of pass-through taxation. This means that the LLC’s income is taxed at the individual tax rate, rather than the corporate tax rate, which can be higher.

If you’re thinking about purchasing real estate, consider using entity formation services at Galaxy Title & Escrow to help protect your personal assets and save on taxes. Entity formation services can help to shield the buyer and seller from personal liability if something goes wrong with the property. Reach out to us today!

Can I Opt for a Lawyer Instead of a Notary Service?

While a lawyer may not be required in every situation, it is always a good idea to have one on hand just in case. In some cases, a lawyer may be more familiar with the specific legalities involved in a real estate transaction and can provide better guidance.