Legal Question in Business Law in Florida

Re: owners of company reside in 2 different states

A corporation is a legal entity separate and apart from its shareholders. If someone has a claim against the corporation it must sue the corporation. In Florida, as long as you comply with the corporate formalities, are not thinly capitalized for the activities undertaken, and don't participate in any fraudulent transfers, it is fairly difficult to "pierce the corporate veil" and assert liability directly against the shareholders. The homestead property in Florida will probably be protected from judgment creditors of the Florida shareholder. I do not know about New Jersey debtor protections.

My guess is that there is a reason for this inquiry. You really should consult with an attorney to be sure you and your company can make full use of asset protection provisions in Florida. The earlier these are put into play the better.