Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corporation With No Employees In Miami-Dade
State:
Multi-State
County:
Miami-Dade
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
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)
Now that you know what an S corp is and its requirements, follow these five steps to form your business as an S corp in Florida. Step 1: Choose a Business Name. Step 2: Articles of Incorporation. Step 3: Apply for a Business License. Step 4: Obtain EIN. Step 5: Complete and Submit IRS Form 2553.
Is there a minimum salary for S Corp shareholder-employees? No — the IRS can't require a minimum salary for self-employed workers. The requirement only comes into play if you're paying distributions to shareholders.
Local Business Tax Receipt: All businesses operating within Miami-Dade County are required to obtain a Miami-Dade County Local Business Tax Receipt (formerly known as Occupational License). If your business is located within a municipality, you will need a Business Tax Receipt from the County and the municipality.
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.
Because of the one-class-of-stock restriction, an S corporation cannot allocate losses or income to specific shareholders. Allocation of income and loss is governed by stock ownership, unlike partnerships or LLCs taxed as partnerships where the allocation can be set in the partnership agreement or operating agreement.
MIAMI-DADE GOVERNMENT Miami-Dade County government serves a population of more than 2.7 million people with a workforce of more than 30,000 employees dedicated to providing the best services possible.
Before you start or open a business in Florida you should know that any person or existing business can make and own a business in Florida. Florida does not have residency restrictions on the owners but the business must have a registered agent physically located in the state to receive service of process.
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.
You can register a Florida business with ease even as a foreigner but it is important to note that you will be allowed to form only legal business entities in the state.
