A corporation is a legal business entity that is given many of the same legal rights as an individual. Corporations are formed in order to grant the actual people involved in the business of the corporation limited liability protection. This limited liability protection is one of the many advantages of incorporating. A corporation is incorporated (or formed) under the laws of a particular state or country. The corporation is then governed by the laws of that particular state or country. Corporations are owned by shareholders and a board of directors usually makes most of the major decisions.
A limited liability company or L.L.C. is not a corporation. Although some individuals often incorrectly believe the abbreviation “L.L.C.” stands for “limited liability corporation”, it does not. The abbreviation “L.L.C.” stands for “limited liability company”. A limited liability company is a hybrid business entity having characteristics of both a corporation and a partnership. It is similar to a corporation because it provides its owners with limited liability for the actions and debt of the company, but it is taxed more like a partnership. A limited liability company does not have stockholders. It is composed of members. The members are the owners of the company and are usually considered the equivalent of stockholders.
Please contact an attorney or an accountant to further distinguish between these two types of business entities and determine which type of business entity would better suit your needs.
Incorporate in Florida – Sunbiz.org | www.Sunbiz.org | Sunbiz
how do I contact sunbiz?
For more information, contact the Division of Consumer Services, Department of Agriculture and Consumer Services, P.O. Box 6700, Tallahassee, FL 32314 or call (850)488-2221 or (800)435-7352 (within Florida only) or at www.800helpfla.com.
what is the sunbiz annual report?
What is an annual report? The form updates or confirms the Florida Department of State, Division of Corporations’ records. … An annual report must be filed each year for your business entity to maintain an “active status” with the Department of State. It is required, whether or not you need to make changes.
what is sunbiz in florida?
Sunbiz.org is a web site for Florida companies and it is run by Florida Department of State, Division of Corporations’. It is the State’s central point for the variety of activities which include filings, trade, and service mark registrations, lien filings, financing statements, and notary registrations to name a few.