Reply by Barry on 5/7/05 1:57pm
Msg #36435
I reside in Florida where I am incorporated. Much of this has to do with how one is incorporated, e.g., S. Corp, LLC, etc. These corporations have different rules as to what the corp. must do in the ways of money. You should speak with an attorney and/or CPA to get the accurate legalities you are seeking.
When you talk about corporations, you are also talking about mandatory payroll (regardless of the amount), Social Security tax withholdings, unemployment insurance, possible Intagible tax in Florida, etc.
The corporation is also required to file Federal Income Tax returns. It should be operating under an FIN, separate from the owner's social security number.
You might also have to apply for a Sales Tax Exemption number in Florida if you are selling products, which need to be taxed.
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