New Florida CorporationSunday, March 21, 2010 14:51
I have lived in my new Florida place for almost a year now and I am finally getting around to starting a new corporation in Florida. I would have done it a lot sooner but my accountant was reporting my wages as being earned out of state anyway so my Minnesota state tax was gone which was the biggest problem.
I looked into things when I moved here and saw I had three options. One was to move my corporation from Minnesota to Florida which I found out is a major pain in the ass and requires a attorney to do the paper work and show up for a day in court. Second was to operate as a foreign corporation operating in Florida. This would cost me $300 a yr in fees and I would still have to pay MN state tax, which is retarded. Third was to start over and just make a new corp for $160 and move everything over to it. I finally decided to start a new corp since Florida has no state tax and is a much better place to have a corporation than most states.
I set everything up to go to my dads address in Key West so even if I move again my corp can stay in Florida. I really should have done this from the get go but didn’t. Lesson learned, its time to move forward. I have picked a new and shorter name than I used last time which will be great as I had a lot of dumb looks when I tried to read off my old super long domain name. I also made sure to pick a name general enough that it could include my new business ventures and not seem weird.
If you are just starting your corporation you really should look at all of your options. You could have corporation in any state you want so long as you have a registered agent in that state. This could cost as little as $20/mo from some places since all they do is forward mail. This $240 could save you thousands of dollars in taxes so it’s well worth it to consider this. During my time in Minnesota I paid over $6k in state taxes that’s a hell of a lot more than $240/yr. Something to think about if your starting out or paying to much in taxes.