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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 37854
Experience:  Retired (mostly)
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My corporation is in delaware. Does opening a corporate bank

Customer Question

My corporation is in delaware. Does opening a corporate bank account in Florida obligate the corporation to pay any type of florida corporate income or other tax?

Really do need an answer ASAP on this.
Submitted: 6 years ago.
Category: Business Law
Expert:  socrateaser replied 6 years ago.

If your corporation does business or earns income in Florida, then it must file a Florida corporate income tax return. Opening a bank account is not necessarily "doing business," if you're not generating any income from the account holdings.


Otherwise, it arguably is doing business or earning income, and as such, you would have to file a tax return. This may not obligate you for much, if any income tax, but the cost of filing the return may not be worth the hassle.


Hope this helps.


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Customer: replied 6 years ago.
Thanks socrateaser. Glad I got one of my fav Experts on this site :).

So, to clarify - there is ZERO business being done in Florida, it will just be the location of the bank account.

The place of business is in Delaware, but it is an online business.
Expert:  socrateaser replied 6 years ago.

Thanks for your appreciation.


The answer took a little searching. 220.16 FS provides that the account is taxed based on the utilization of the property. Various subsections describe whether and how taxes are due. If the account is only generating interest and dividends, then, per subsection (3) "Interest and dividends are allocable to this state if the taxpayer's commercial domicile is in this state."


Meaning no taxation. But, other uses of the account could trigger tax liability. You'll have to read the statute and decide for yourself.



Edited by socrateaser on 12/3/2009 at 5:55 PM EST

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