[CPA2012***]

So I am FL CPA and called the FL Dept business of prof reg. to ask about requirements etc. to open a bookkeeping & tax preparation corporation. I was told that because I was a CPA I had to register the corporation with the board. (And it says that on their website). But it also states the following with regards to insurance :

INSURANCE: Proof of minimum capitalization or adequate public liability insurance. Must obtain minimum capitalization, public liability insurance, an irrevocable letter of credit, in a minimum amount of $50,000 per shareholder, officer, member, or partner and any Florida licensed CPA to a maximum of $2,000,000, or a signed waiver of limitation on liability.

ANY ideas on what that means exactly? They lost me there …

I am calling them for more explanation but just wanted to know if anybody had experience with the above requirement

I am this will be a one person s-corp mainly for tax season

thanks !

AUD - PASSED (1ST attempt)
FAR - PASSED (2ND attempt)
BEC - PASSED (3RD attempt)
REG -

[Gatorbates]

Curious to know their answer. I opened a one person S-Corp last year, and by no means did I capitalize it with 50 G's.

Licensed Florida CPA:
B: 71, 73, 79
A: 83
R: 78 (expired), 77
F: 74, 74, 80

It's finally freaking over.

[mhueycpa]

It seems like they want to to obtain liability insurance (E&O)? with a minimum coverage of $50k or if you have $50k sitting around open up a business checking account with the S corp name and ID number fund it. My old firm used CNA for this type of insurance but I'm in NYC. https://www.ficpa.org/content/Members/MemberBenefitGuide/Insurance.aspx

THE 300 CLUB WILL DO JUST FINE!

[Tncincy]

Well we know the e&o insurance is in the even of an error or omission even law suit, but since the topic has come up, does anyone know how to get investors if you want to start an s-corp? Ideas on capital?

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Author]

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