Q. Does SBSC choose a legal structure for my business?

A. No. We will advise you on the advantages and disadvantages of each legal structure but you will ultimately make the decision as to what structure is best suited for your business. We will then legally set it up for you.

Q. What is an S corporation?

A.  It is a small business corporation which elects to be taxed as a partnership or proprietorship for federal income tax purposes. Individual shareholders enjoy the benefits under state law of limited corporate liability but avoid double taxation. This election needs to be made within 75 days of forming the corporation. If not, the corporation will be considered a C corporation, which is subject to double taxation. We will complete the necessary form for you. Upon receipt, all shareholders must sign the completed form and submit it by mail or fax to the IRS.

Q. Is an Employer Identification Number (EIN) necessary for every type of corporation or partnership?

A. Yes. An EIN is also known as a Federal Employer Identification Number and is used by the IRS to identify a business entity. We will obtain an EIN for you.

Q. Does every business need licenses or permits?

A. All businesses need some form of federal, state, county or local business license, permit, or tax registration. Requirements vary by business activity and location. We provide the applications, instructions, and contact information for the licenses and permits that your business will need.

Q. What is a fictitious name?

A. A fictitious name, or DBA, is a secondary name to advertise your corporation under. It is important to have the DBA registered correctly under the corporation. We can do this for you.

Q. What is a Registered Agent and what are their responsibilities?

A. A Registered Agent is an individual or service company that is responsible for receiving important legal and tax documents. Florida requires the Registered Agent to have a valid street address in Florida (P.O. boxes are not acceptable) and to be available at that address during normal business hours to receive documents. The Registered Agent then forwards the documents to the appropriate person. Every corporation or LLC is required by Florida to have a Registered Agent. We can act as your company’s Registered Agent. 

Q. Why use specialists?

A. Starting your own business obviously entails a multitude of decisions. These decisions can be overwhelming without the right professional support. To succeed, you need to equip yourself with every tool at your disposal. One of the most cost effective tools you can use is the expertise of specialists. The right accountant, attorney, insurance agent, etc., can eliminate a host of problems and potentially costly errors you might make as you build the financial foundation of your successful business. The benefits of seeking professional advice will far outweigh the costs.