Page 6 - Polk County BoCC CSBA Small Business Guide
P. 6

POLK COUNTY SMALL BUSINESS GUIDE

                                                                       Starting Your Business

DETERMINING LEGAL STRUCTURE (CONTINUED)

Corporation (S or C)
A corporation is an entity legally separate from its owners. Owners are not
responsible for any debt incurred by the company or legal action taken
against the corporation. Corporations can continue to function even after
the owner or owners die. Corporations have complex legal structures and
tax implications. Owners hold shares in the company, which can be sold
publically or privately to raise capital.
Nonprofit
Nonprofit organizations conduct business for the benefit of the general
public, without the purpose of making a profit. Profits instead go directly
toward improving its services. Nonprofit companies have complicated tax
structures and require extensive paperwork.
Registering Your Business
Business owners in Florida are required to file the name of their business
with the Florida Division of Corporations at sunbiz.org if they are using a
DBA (Doing Business As designation) also known as a fictitious name. The
only exception is a sole proprietor that uses his or her name as the name of
the business, e.g. Dan Brown.

                                               -6-
   1   2   3   4   5   6   7   8   9   10   11