Lindsay’s Legal Update – Incorporation

I have come across this several times recently and seeing it in the REALTOR magazine reminded me to share it with you.  The question is,

I am a sales associate, and I want to incorporate since my CPA informed me I could reduce my tax burden if my broker paid an entity.  I want to incorporate under the name “Your Local Real Estate Agent, LLC”   Is this ok? No, Section 475.161, Florida Statutes does permit a sales associate to incorporate as a PA (professional association), LLC (limited liability company) or a PLLC (professional limited liability company). However the PA, LLC or PLL may only be incorporated under the sales associate’s legal name as registered with the Department of Business and Professional Regulation.

Hope this helps.  TGIF

#incorporation #taxes