Florida Contractor Corporate/LLC Setup Services
Before you can start your career as a General Contractor in Florida, you need to set up your business as either a Limited Liability Company (LLC) or an S-Corporation (S-Corp). Choosing the right foundation for your business can help you easily handle the financial ebbs and flows of a General Contractor business in Florida.
At Contractor Reporting Services, our team of trained and experienced staff has been helping contractors structure their businesses according to their individual needs since 1965. We know what it takes to make a successful contractor company in the Tampa, Miami, and Tallahassee areas, as well as throughout Florida. Our goal is to pass along our expertise in General Contractor services to help you establish a successful and reputable career as a contractor in Florida.
One question that most contractors ask us is whether or not the size of the contracting company affects the type of corporation or LLC it can form. Our answer is simple: the size of the company does not negate its ability to form an LLC or S-Corp. It does not matter if you have a company of 1 – 100 employees; the only thing that will change, based on the number of employees, is what type of corporation we choose for your business.
Both LLCs and S-Corps offer certain advantages to contractors in Florida. Take a look at some of the benefits listed so you can understand the importance of incorporating your General Contractor business before you begin any work.
Advantages of Incorporating Your General Contractor Business in Florida
- Protection for your personal assets. In our opinion, this is the biggest advantage of incorporating your contractor business. When you form an LLC or S-Corp, you separate your business from your personal assets. That means, if something goes wrong and you are facing a huge lawsuit in your business, your personal assets are protected. This is not the case with Sole Proprietors. Being a General Contractor in a booming area like Florida does come with its risks. Having an LLC or S-Corp setup for your business will protect your personal assets in the event that your business is sued.
- Better tax benefits. When you incorporate your contractor business to an LLC or S-Corp, you have more flexibility in how you file your taxes at the end of the year. An LLC can choose to be taxed as a corporation, which allows the business to show a profit and loss statement. Additionally, incorporating your business as an S-Corp can help you avoid a double taxation at the end of the year. By incorporating your business, you also have the ability to deduct certain business expenses, which may help you with your tax returns. These are options that we would discuss with you when deciding what type of corporation to choose for your contractor business.
- Reputation Boost. As a new General Contractor looking for projects, it’s important to have a business that people can trust. By incorporating your company, you are telling your future clients that you are someone who does things the right way. You also give them reassurance that you are insured and protected, should something on the job site go wrong. Incorporating your company will help you generate more opportunity and success than those who are not incorporated.
If you are ready to start your General Contractor company, give our office a call today. We can schedule an appointment with you to discuss which incorporation options will best fit your business and individual needs.
Our staff has been helping contractors form their businesses since 1965. We can’t wait to help you start your career as a General Contractor in Florida on a solid foundation.