Glossery of Florida Corporation Terms

by admin on October 13, 2010

» A corporation is a legal entity, created by statute (i.e., the state) with all the rights, privileges and responsibilities of a natural person; possessing the attributes of limited liability, centralized management, continuity of life and free transferability of interest.

» A for-profit corporation is a corporation created for the purpose of conducting business in the widest sense of the term. In Florida, such a corporation may be organized generally under Chapter 607, Florida Statutes, but may take on special attributes as prescribed by other subservient chapters.

» A nonprofit or not for profit corporation is a corporation normally thought of as one created for religious, charitable, educational or eleemosynary purposes that is generally formed under Chapter 617, Florida Statutes. However, the terms nonprofit or not for profit, as a type of corporation, do not preclude these entities from engaging in a profit making situation. In fact a nonprofit corporation is not necessarily a charitable corporation or one that is tax exempt. They are corporations that may not distribute their income to a member, director or officer other than as provided by law.

» A foreign corporation
is a corporation incorporated by any jurisdiction other than Florida to transact business.

» A fictitious name is any name other than an individual’s legal name. Registration of that name is required if it is used in business so as to inform the public of who is actually conducting business.

» Business means any enterprise or venture in which a person sells, buys, exchanges, barters, deals or represents the dealing in any thing or article of value, or renders services for compensation.

» Legal name means a person’s given name, or an entity that is properly registered.

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