Beginning your career as a general contractor in the state of Florida can be time consuming, especially when you have to fill out application after application and provide the correct documentation for every requirement. Luckily, with Contractors Reporting Services, you can expedite your application process by letting us handle everything from start to finish. We begin the process by helping you complete your application to obtain your Florida general contractors license; we end the process by helping you set up your general contractor corporate business.
Our Florida Contractor Corporate/LLC Setup services start with a consultation to establish whether you should choose an LLC or a Corporation (most likely an S-Corp) to best meet your business needs. The difference between the two lies in the structure of the business and the tax setup. Your consultant will help you determine the right business structure to meet your goals and position you for future success.
What is a S-Corporation and how does the Florida Contractor Corporate Setup service decide what is the right structure for my business?
In our years of Florida Contractor Corporate/LLC Setup services, we have run into several questions about the structure of an S-Corp. The most common question is, of course, what is a S-Corp and how do I know if this is right for my business. In order to save some confusion, we are going to give you the same answer that is provided by the state of Florida:
A S corporation is also called a standard business corporation. This tax status allows the corporation not to be a separately taxable entity. Instead, the income of the corporation is treated like the income of a partnership or sole proprietorship. Instead of the corporation being taxes, the income is passed to the shareholders who are taxed on individual tax returns.
The articles of incorporation that are filed with the state are same whether a corporation is a C or S Corporation. Both a S and C corporation protect the owners from personal responsibility for debts and liabilities of the business. Both a S and C corporation are required to hold an annual meetings with their shareholders and directors. Corporate meeting minutes must be kept with the corporate records.
If you have questions about our Florida Contractor Corporate/LLC Setup services, or if you would like to learn more about the difference between a S-Corp and a LLC, please call our office to schedule your consultation.
Contractors Reporting Services
13795 N Nebraska Ave
Tampa, FL 33613