Florida Real Estate agent

[Walter Gowens]

I have a client who is a real estate agent in Florida. He wants to conduct business through a corporation. Is this a good idea? I know Florida does not have a personal income tax, but does have a corporation tax and annual report fee. Are there other issues particular to Florida that he should be concerned about?

Thanks.

[Lion]

Florida Corporations

Until someone from Florida jumps in here, I'll put in something I hazily remember FL preparers mentioning: some recent quirk in FL workers' compensation requirements had FL companies rushing to incorporate. Definitely look into FL state regulations re corporations, real estate professionals, and anything else applicable to your client's business.

[DaveO]

Florida does have an intangibles tax that would apply to the capital stock.

[oceanlovin'ea]

Florida

I am in Florida. He have a S corp. - no corporate tax, profits flow through to shareholders.
There is a yearly filing fee for all corporations.

The comment about Worker's comp refers to people in the construction business. They have to be a corp to get worker's comp insurance. I don't think someone selling real estate would have to carry worker's comp.

Usually the value of the stock is not enough to worry about Florida Intangible tax.

Corporation or S corp has the benefits that he get a salary and doesn't have to pay SE tax on profits of business. That would be the same no matter what state you were from.

Linda F