Advantages Disadvantages Florida Corporation
Advantages Disadvantages Florida CorporationAdvantages Disadvantages Florida Corporation - In Florida's case, the Legislature earlier this year passed a full sales tax exemption on new manufacturing equipment, it had been only a partial exemption before and approved a sales tax exemption on research and development equipment.
Still, business leaders regard the passage of those measures extremely important to the state's economic growth and its ability to be competitive.
Florida Corporations and other artificial entities, including those located in other states, that are partners in a partnership or members of a joint venture doing business in Florida must file Florida Form F-1120 (Corporate Income/Franchise and Emergency Excise Tax Return). A partnership is required to file a Florida Partnership Information Return (Form F-1065) if it is doing business in Florida and a corporation is one of the partners.
Advantages Disadvantages Florida CorporationAdvantages of a Corporation
Disadvantages of a Corporation
Federal Tax Forms for Regular or "C" Corporations
Florida's 2009 Business Tax Climate Ranks 5thFlorida ranks 5th in the nation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes; individual income taxes; sales taxes; unemployment insurance taxes; and taxes on property, including residential and commercial property. Neighboring states ranked as follows: Georgia (27th) and Alabama (21st).
Florida Levies No Individual Income TaxFlorida is among seven states in the country that collect no individual income taxes. Since most small businesses are either S Corporations or partnerships or sole proprietorships, they pay their business taxes at the rates for individuals. This makes the tax environment for small businesses in Florida very competitive compared to other states.
Florida's Corporate Income Tax SystemFlorida's corporate tax structure consists of a flat rate of 5.5 percent on all corporate income, which ranks 40th highest among states that tax corporate income. In 2006, state-level corporate tax collections (excluding local taxes) were $132.99 per capita and ranked 31st highest nationally.
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