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FAQ’s

Sole Proprietor FAQs
Do I need to apply for an FEIN if I am doing business as a sole proprietor?

LLC FAQs
What is a Single Member LLC?
What is a Professional Limited Liability Company?

S-corporation FAQs
What is a Professional Association (PA)?
C Corporation, S Corporation – What’s the Difference?
Can I change an S corporation back to a C corporation?

C-corporation FAQs
What is double taxation?
How many directors do I need to incorporate a C corporation?
What are corporate shares of stock?

Non-profit FAQs
How many directors do I need to incorporate a non profit?
How does my non- profit achieve the IRS tax exempt status?
How does my non-profit achieve tax exempt status in Florida?

General Questions
How do I reserve a name?
When is it necessary to file a fictitious name? How do I file a fictitious name?
What is a Federal Employer Identification Number, EIN or FEI? How do I obtain one?
How soon will my filing be done?
What methods of payment do we accept?
What is our refund policy?

Sole Proprietor FAQs

Do I need to apply for an FEIN if I am doing business as a sole proprietor?
It is not required; you may do business using your social security number, but we recommend you get an FEIN number for your business. There are many occasions when a business is required to give out its FEIN. Using an FEIN instead of your social security number allows you to keep your social security number private.  A sole proprietor can only have one FEIN which can be used for several different businesses.
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LLC FAQs

What is a Single Member LLC?
This is an ideal business entity for a small business. It provides the business owner limited liability protection, but saves the expense of filing income tax returns for a separate entity. The LLC has the characteristics of a corporation when dealing with the public, but the business owner reports the business results on a 1040 return for personal income tax. The LLC business entity allows you the flexibility of being taxed as a corporation later, when your business may be bigger, and can benefit from the tax avoidance strategies available to corporations.
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What is a Professional Limited Liability Company?
A professional limited liability company is an LLC, which must list its specific purpose in the articles of the incorporation; a regular LLC may list its purpose as any lawful purpose.
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S-corporation FAQs

What is a Professional Association (PA)?
A professional association is a corporation (C-corporation or S-corporation) whose purpose is limited to activities of a particular profession. The incorporation documents must list a specific purpose. Corporations without the PA designation can list as its purpose ‘any lawful business’.
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C Corporation, S Corporation – What’s the Difference?
Both C and S corporations are similar because they are both legal entities created under state law, but are different because the C and S designations are tax classifications which have different tax rules.

Similarities

For purposes other than taxation both the S and C corporations are just corporations.  A corporation is a legal entity created under state law and has an identity distinct and separate from its owners.  Both the C and S corporations are legal entities separate from their owners and therefore have limited liability.  This means an owner’s liability for company debts is limited to the investment in the company. The owner of a corporation can lose all the investment in the corporation, but cannot be called upon to provide additional funds to settle the corporation’s debts.

Restrictions on the S Corporation

The S corporation is a tax classification designed for small businesses, and accordingly some restrictions apply to this classification. For example to be eligible for the S corporation classification, a corporation must have no more than 100 owners, who must all be US citizens or residents.  The corporation must also have only one class of stock.  A C corporation, on the other hand, can have an unlimited number of stockholders, who can be citizens and residents of other countries.  A C corporation can also have different classes of shares.  In order to be classified as an S corporation, the business must file form 2553 within specified timeframes.

Taxation

C corporations pay tax on profits, before any distributions to stockholders.  Some portion of the after tax profits may be distributed to stockholders in the form of dividends which is then taxed again. This is referred to as double taxation.  While the profits of a C corporation are subject to double taxation, the stockholder is only responsible for tax on dividends received.  The S corporation tax classification is the small business solution to double taxation. S corporations pay no tax on profits which is allocated among the individual owners and reported to them on a K1.  The S corporation stockholder pays tax on his or her share of the profits whether or not distributed while the C corporation stockholder pays tax only on dividends received.

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Can I change an S corporation back to a C corporation?
Yes, you can change an S corporation back to a C corporation, but you must wait until 5 years after the S election.
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C-corporation FAQs

What is double taxation?
The corporation pays tax on its net income (profits). The after tax profits are available to be distributed to shareholders as dividends. Any dividends (profits) distributed to the shareholders is taxable as income to the shareholder. The dividends on which the shareholder is paying income tax has already been taxed at the corporation level, hence the term double taxation.
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How many directors do I need to incorporate a C corporation?
The law requires no more that 1 director to be appointed by a C corporation. As a practical matter the individual owners will decide how many directors are necessary. The state does not require you to name the directors at the time of incorporation, but it is efficient to do so as naming directors at a later date will require an amendment, and the payment of additional fees. You must obtain authorization from individuals before naming them as directors or officers of your corporation.
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What are corporate shares of stock?
Florida Statutes require that the number of shares a profit corporation is authorized to issue must be stated in its Articles of Incorporation. The number of shares of stock can be changed by filing Articles of Amendment with shareholder approval. The number of shares can be 1 share or 1,000,000 shares. There is no limitation. Shares of stock can be valued at any amount set by the corporation. (Examples: $.001 a share, $1.00 a share, or $100. a share). If the corporation is owned by one individual, that person would be the sole shareholder. Usually there is more than one shareholder in a corporation but not all employees, officers, or directors have to be a shareholder. Stock Certificates as well as transfer ledger are included the corporate kit we offer. 
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Non-profit FAQs

How many directors do I need to incorporate a non profit?
A non profit organization needs at least three directors. The state does not require you to name the directors at the time of incorporation, but it is efficient to do so as naming directors at a later date will require an amendment, and the payment of additional fees. You must obtain authorization from individuals before naming them as directors or officers of your non profit.
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How does my non- profit achieve the IRS tax exempt status?
You must file form 1023 with the IRS to apply for 501 (c) 3 non profit status. QuickNcorporate has the skill and experience needed to submit a successful application. Email us at info@quickncorporate.com to get started.
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How does my non-profit achieve tax exempt status in Florida?
File DR5 to receive an exemption from paying sales tax. DR5 can be downloaded here http://dor.myflorida.com/dor/forms/.
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General Questions

How do I reserve a name?
Names cannot be reserved. Names are granted on a first come, first serve basis. We request a first and second choice for a corporate name. If both are unavailable, we communicate with you until we arrive at a name that you like, and that is available. The name must be distinguishable on state records, meaning it cannot be substantially similar to a name already in use by another incorporated entity.
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When is it necessary to file a fictitious name? How do I file a fictitious name?
A fictitious name is “any name under which a person transacts business in the state of Florida, other than his legal name”. A person is defined as an individual or a business entity. Any individual who transacts business under a name other than his or her given legal name is required to file a fictitious name for his or her “doing business as” name. Any business entity which transacts business under a name other than its official name is required to file a fictitious name registration for its “doing business as” name.
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What is a Federal Employer Identification Number, EIN or FEI? How do I obtain one?
A Federal Employer Identification Number or FEIN is a number issued by the Internal Revenue Service (IRS). The FEIN number is also called the EIN number. This number is used to identify the business entity for federal tax purposes.
Apply for an FEIN now
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How soon will my filing be done?
We expedite all our filings and get them done within 3 business days. Incorporation documents are all delivered electronically, while the corporate kit ships within 3 business days.
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What methods of payment do we accept?
We accept all major credit cards as well as electronic checks. You may also mail us a personal check. Your order will be processed as soon as your check is received.
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What is our refund policy?
Each order is final. We encourage you to double check your information before finalizing your order, as all amendments incur additional fees.
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