IS LOCATED AT 12029 WHITMARSH LN, TAMPA FL 33626 AND IS AN ACTIVE CORPORATION. THIS CORPORATE ENTITY WAS FILED ON 08152012 AND IS A FLORIDA LIMITED LIABILITY. THE MAILING ADDRESS, REGISTERED AGENT AND FEDERAL ID NUMBER IS LISTED BELOW ALONG WITH THE BOARD MEMBERS AND THEIR POSITIONS.
COMPANY NAME:FULLPROOF, LLC
TYPE OF CORPORATION:FLORIDA LIMITED LIABILITY
LOCATION ADDRESS 1:12029 WHITMARSH LANE
LOCATION ADDRESS 2:
MAILING ADDRESS:12029 WHITMARSH LANE
DATE OF INCORPORATION:08152012
FEDERAL ID NUMBER:46-2663317
REGISTERED AGENT:WESTCHASE LAW, P.A., A PRIVATE LAW FIRM
A corporation is owned by it's shareholders but, its the corporation that would be held accountable for its actions as well as debts. Shareholders are not legally liable for any debt that the corporation incurs or actions that the corporation takes. Of all the different structures of businesses that are available, the corporation is the most complex because of selling stocks and having shareholders.
Advantages of a Corporation
Corporations have numerous advantages including protecting shareholders from legal action. They are also the largest business entity and provide jobs. They are eligible for tax breaks or tax credits, and they last for a long time due to the fact that they are held by shareholders instead of just one owner. The following is a list of some of the biggest advantages corporations offer:
A corporation protects the shareholders from legal action and protects their personal assets in the event that the corporation is sued, goes bankrupt or is bought out.
The shareholders are not responsible for any taxes incurred by the corporation. The corporation itself is required to pay corporate taxes, whereas the shareholders are responsible for personal taxes on any dividends payed to them from the corporation.
When a business is incorporated, it is not longer owned by a single person, so when the founder dies, the corporation does not. The shareholders now own the corporation and that makes the corporation everlasting.
Should the corporation be dissolved or merged, it is a more simpler procedure than having to start a new business from scratch. Typically, to merge a corporation the shareholders are the ones who change.
Expansion and raising funds is easier for a corporation. Stocks are sold at varying levels and it is through the sale of the stock options that allows for more investors to come on board and for the corporation to raise more funds.
Corporations are considered to be more credible. Lenders, suppliers and even customers are more comfortable doing business with a corporation rather than a small sole proprietor business.
Disadvantages of a Corporation
Although a corporation has many advantages, there are also some disadvantages. Taxes and start up costs are reasons to rethink incorporating a business. The amount of paperwork required is also another disadvantage. Corporations are complex entities that require a lot to keep them viable. Here is a list of some of the disadvantages of a corporation.
There are several fees associated with converting a business from a sole proprietorship into a corporation. There are also ongoing fees that must be paid every year.
They are taxed twice. Once when the company turns a profit, there is a corporate tax rate on the profit. Then there are taxes paid on the shareholder dividends. Dividends paid are from the profits made, therefore the profits are double taxed.
Paperwork for a corporation is intense. Annual reports and corporate tax returns are required for the government. Other paperwork required are accounting records, shareholder meeting minutes, board of director minutes and licenses.
There are federal and state mandates that corporations must follow. For smaller corporations, family members are not allowed to sit on the board of directors at the same time.
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