Questions asked by the public about Florida law.
Forming a Florida business can take just a few days when your paperwork is complete and correct. Timing also depends on items such as an SSN or ITIN and on current Sunbiz processing times, which fluctuate.
Bylaws are an organization's standing rules on membership, board composition, meetings, and officers. Resolutions are individual decisions the governing body adopts within that framework. LLCs use an operating agreement.
Dun & Bradstreet usually issues a DUNS Number within 1-2 business days, or within 24 hours with paid expedited service. Incorrect or incomplete business details are a common cause of delay.
A DUNS Number is a free nine-digit business identifier from Dun & Bradstreet. Apply with your legal name, address, phone, employee count, and industry; most are issued in 1-2 business days.
A DUNS Number is a unique nine-digit business identifier issued free by Dun & Bradstreet. Recognized worldwide, it is used to verify a company's credibility and to apply for federal contracts and grants.
General counsel is an in-house attorney employed by the company and involved in its daily legal work. Outside counsel is an external firm retained for specialized expertise on specific matters.
Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies. Learn More.
Part of the Corporate Transparency Act, it requires many corporations, LLCs, and similar entities to report identifying information about their beneficial owners to FinCEN. Some entities are exempt.
A federal law aimed at money laundering and financial fraud. It requires most U.S. business entities to report their beneficial owners to FinCEN, with limited exemptions and penalties for non-compliance.
Failing to report beneficial ownership accurately can bring fines reaching $10,000, criminal charges, and up to two years in prison. Penalties accumulate for as long as the violation continues.
You are a beneficial owner if you own 25% or more of a company's equity, directly or indirectly, or if you exercise substantial control over its decisions. Ownership held through another entity can count.
FinCEN exempts 23 types of entities from Corporate Transparency Act reporting, including banks, credit unions, insurance companies, tax-exempt organizations, and large operating companies.
As a business owner, you will likely need the services of a business attorney at some point.
Articles of Incorporation are the documents filed with the state to create a corporation. They set out the name, purpose, duration, stock structure, registered agent, and incorporators of the new entity.
A business lawyer works across the life of a company, from formation through operation to dissolution. That includes drafting contracts, negotiating leases, and advising on compliance with the law.
An S-Corp is a corporation that meets IRS requirements to be taxed as a pass-through entity, so income and losses are reported by the shareholders. It is limited to 100 shareholders and one class of stock.
The Florida Department of Business and Professional Regulation licenses over 160 professions, issues business licenses and permits, investigates complaints, and disciplines businesses that violate state law.
It keeps a member's interest out of probate, separates personal and business assets, sets out how members are managed and disputes are resolved, and shows lenders and investors the company is well run.
When you're ready to purchase a business, you may wonder whether or not you need to hire an attorney. While it's not required, there are several benefits to having a business attorney on your side.
A pre-incorporation agreement is made between the promoters before the corporation legally exists. It covers who handles what, initial contributions, how shares are allocated, and how disputes are resolved.
