This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws For S Corp In Palm Beach
Category:
State:
Multi-State
County:
Palm Beach
Control #:
US-00444
Format:
Word;
Rich Text
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FAQ
Do S Corps have to file a Florida tax return? Yes, but only the first year after electing to become an S Corp. You'll need to file the informational part of the F-1120 (the Florida Corporate Income/Franchise Tax Return).
Corporate bylaws are legally required in Florida. Florida law requires corporations to adopt bylaws.
Qualifying for S Corporation Status Be a domestic corporation or an LLC. Have only allowable shareholders or members. Have no more than 100 shareholders. Have only one class of stock. Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations)
An S corporation can have only one class of stock, although it can have both voting and non-voting shares. Therefore, there can't be different classes of investors who are entitled to different dividends or distribution rights. Also, there cannot be more than 100 shareholders.
While both the Florida LLC and Florida S-Corporation protect the owners' individual assets from business liabilities, only the LLC shields business ownership from creditors of the shareholders. An S-Corp offers similar liability protection but requires specific ownership and tax structure considerations.
Corporate bylaws are legally required in Florida. Florida law requires corporations to adopt bylaws.
Under Florida law, a corporation must have at least one director. Directors must be at least eighteen years old. Directors need not be residents of Florida or shareholders of the corporation, unless the articles of incorporation so require.
For example, every corporation must appoint directors and corporate officers (President, Secretary, Treasurer, etc.).
In Florida, a corporation is only required to have at least one director, however you are permitted to have more. That same person may also be the only shareholder and officer.