Corporations & Limited Liability Companies
Corporations have been used for hundreds of years to protect investors from liability. The ability to invest in a risky business without the fear of losing everything you own is one of the reasons our economy has been so strong and our technology so advanced.
Limited Liability Companies were invented about 25 years ago to allow people to limit their liability like a corporation but with lower taxes and less paperwork like a partnership. Florida was the second state to allow LLCs, but they were not very beneficial because they had to pay Florida income tax and could not be set up by a single member. Then a few years ago a wise legislator wrote a law which eliminated the income tax on LLCs, allowed single member LLCs and gave them double asset protection from creditors. Today they are one of the best and easiest asset protection devices available.
Whether a corporation or LLC is better for you depends on your tax situation. Basically, the paperwork is simpler for an LLC but a corporation might offer more tax advantages to some businesses. To find out which is better for you, you should consult with a tax advisor before setting up one of these entities. For Frequently Asked Questions about LLCs, you cna downlload our LLC FAQ as a pdf file by clicking here.
Land Trust Service Corporation has available self-help kits for setting up your own LLC or Corporation. We have special kits for Florida, Nevada and Delaware, and a national version for all 50 states. These are $24.95 each plus shipping and sales tax if shipped to Florida. More information on the Florida books is available here. And information on the national books is here.
Because so many land trust customers said that they would rather have a professional set up their corporation or LLC, and the last customer who went to an attorney was charged $800 and used obsolete filing forms, we have decided to offer Florida incorporation and LLC formations for $300 plus filing fees.
To set up a corporation or LLC with Land Trust Service Corporation, you will need to complete a set-up instruction sheet. Contact us for copies or download them from our web site here.
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