In July, the state of Florida will begin requiring all independent contractors who work in construction to incorporate--or lose their workers' comp exemption. Critics complain about the cost and paperwork involved in filing for corporate status. The typical form is 12 pages long and requires numerous attachments, such as credit reports, bank statements, and vehicle registrations. Several online firms now offer turnkey packages for trade contractors for as little as $25. Some boast that they can complete the process in five hours or less. They also note that maintaining corporate status in Florida is easier and less expensive than in many other states.
Learn more about markets featured in this article: Orlando, FL.