Legal Question in Business Law in Florida

Re: corporate law

Under FL law there are 2 types of Corporations

1 "For Profit� Corporation (�607 Florida Statutes)

2.�Not For Profit� Corporation (�617 Florida Statutes)

You do NOT form a "C" or "S" corporation. The distinction comes after the entity is formed in that if you meet the restrictions, you MAY elect to file for "S" treatment under Federal and Florida income tax. Most but not all new corporations file for "S" treatment if they qualify, but the only way to determine if this is the best choice is to review your individual tax situation and business plan. For more info see http://www.ansbacher.net/Small%20Business%20Formation.htm

Re: corporate law

A "C" corporation has a two-tiered system of income taxation; the "S" corporation is taxed at the shareholder level only, similarly to a partnership. There are limitations on who can make the "S" election and deadlines on certain decisions. There are also other types of business entities available, besides a corporation, which could best suit a client's needs. I recommend that you consult with an attorney and an accountant and do some planning prior to commencing the business.