Florida, constituent state of the United States of America. It was admitted as the 27th state in 1845. Florida is the most populous of the southeastern states and the second most populous Southern state after Texas. The capital is Tallahassee, located in the northwestern panhandle.
Geographic location has been the key factor in Florida’s long and colourful development, and it helps explain the striking contemporary character of the state. The greater part of Florida lies on a peninsula that protrudes southeastward from the North American continent, separating the waters of the Atlantic Ocean from those of the Gulf of Mexico and pointing toward Cuba and the Caribbean Sea beyond. Florida shares a land border with only two other states, both along its northern boundary: Georgia (east) and Alabama (west). The nearest foreign territory is the island of Bimini in the Bahamas, some 50 miles (80 km) to the east of the state’s southern tip. Florida is the southernmost of the 48 conterminous United States, its northernmost point lying about 100 miles (160 km) farther south than California’s southern border. The Florida Keys, a crescent of islands that forms the state’s southernmost portion, extend to within about 75 miles (120 km) of the Tropic of Cancer. Florida’s marine shoreline totals more than 8,400 miles (13,500 km), including some 5,100 miles (8,200 km) along the gulf; among U.S. states, only Alaska has a longer coastline.
As of 2019, the gross state product (GSP) is about $1.1 trillion, the fourth largest economy in the United States. Florida is responsible for 5% of the United States’ approximately $21 trillion gross domestic product (GDP).
The five largest sectors of employment in Florida are: trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. In output, the five largest sectors are: finance, insurance, real estate, rental, and leasing, followed by professional and business services; government and government enterprises; educational services, health care, and social assistance; and retail trade.
Limited Liability company(LLC)
|Governing corporate legislation|
FLORIDA BUSINESS CORPORATION ACT
at least one shareholder
at least one director
|Information published relating to company officers|
The directors’ names and addresses must be listed in the Articles of Incorporation.
Shareholders’ liability is limited to their share capital contributions.
|Accounting requirement/ compliance|
LLCs in Florida are required to file an Annual report between Jan 1st and May 1st.
Employer Identification Number (EIN): An EIN is required for corporations that have employees. Furthermore, most banks will require an EIN if the business owner wants to open a business bank account.
|Corporate income tax|
Florida corporate income and franchise tax rate were reduced from 5.5% to 4.458% for tax years beginning in 2019, 2020 and 2021.
|Shared capital/paid up|
There is no minimum amount of paid in capital required to commence business in Florida.
|Basis of the Legal System||Common law|
Florida Statutes require that the number of shares a profit corporation is authorized to issue must be stated in its Articles of Incorporation. The number of shares of stock can be changed by filing Articles of Amendment with shareholder approval. The number of shares can be 1 share or 1,000,000 shares.
Florida requires a registered agent and a registered office for every Florida LLC. A registered agent is designated to receive official legal documents for your LLC, such as lawsuit papers, contracts, and other notices.
|Time to form|
2-3 working days
Between January 1 and May 1
Convenient world time zone: GMT-5
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