What is a C Corporation?

A C corporation is a legal profit business structure where the stockholders’ liabilities and obligations are separate from the corporation (limited liability). The stockholders (owners) of the corporation are usually not liable for the debts of the corporation. For federal income tax purposes, a C corporation is recognized as a separate entity and is subject to double taxation, income is taxed at the corporate level and when the dividends are distributed, is taxed again.

What is an S corporation?

Forming an S corporation begins with a C corporation. The S corporation is a C corporation that has elected to become an S corporation for tax treatment purposes. The income it is not taxed at the corporate level, instead “passes through” to the individual shareholders. To qualify for S corporation status the corporation must be domestic, have only one class of stock, and not have more than 100 stockholders. They are more differences a professional can help you with the details.

What is a Limited Liability Company (LLC)?

A limited liability company in Florida is a flexible is a hybrid type of legal entity structure. The LLC merges the tax flexibility of the partnership and the limited liability features of the corporation. The members can consist of a single individual (one owner), two or more individuals, corporations or other LLCs. LLC members must report profits and losses on their personal federal tax returns.

What is a Fictitious Name (DBA)?

DBA (Doing Business As) is when you need to be “doing business as” as other name than you LLC, Corporation, personal name or partnership, fictitious name in Florida is just a filing to say you are doing business under that name.   Disclaimer: We are not lawyers or a law firm and we are not providing any legal advice; the information and its use is not a substitute for the advice of a lawyer. We are accountants, none of our staff members are lawyers, and they do not provide legal advice. We recommend you consult a lawyer if you need a legal advice. Any U.S. federal tax advice contained in our website cannot be used to avoid penalties under U.S. federal tax law.

Disclaimer: We are not lawyers or a law firm and we are not providing any legal advice; the information and its use is not a substitute for the advice of a lawyer. We are accountants, none of our staff members are lawyers, and they do not provide legal advice. We recommend you consult a lawyer if you need a legal advice. Any U.S. federal tax advice contained in our website cannot be used to avoid penalties under U.S. federal tax law.