These 10 steps can help you start your business in Florida · 1. There are many good reasons to start a business in Florida. State Government Keeps Regulatory Requirements and Business Taxes Low. There are no taxes on personal income, capital gains, or deaths.
The state's higher education institutions work closely with the business community to create programs that help Florida's industries. While Florida is a great place to start a business, the process can be complicated and time-consuming, so we've put together a list of the 10 most common steps for new businesses in Florida. While these are the most common steps, if you are considering opening a new business, you should consult your legal and financial advisors to guide you through the process. Not all businesses are required to obtain multiple business licenses in Florida.
The most common license is the EIN. Others may include sales and use tax permits, professional licenses, or a certificate of occupancy. In addition to Florida taxes, there are always federal income taxes and employer taxes. See IRS Publications 334, Tax Guide for Small Business and 583, Taxpayers Starting a Business.
An S-Corporation means it bears the IRS Small Business designation, which is more tax-friendly. Check the Florida Department of Business Professional Regulation %26 website to see if your industry should be licensed to operate in Florida. This document can go a long way in helping your company find an audience, increase your customer base, and keep your advocacy efforts on track over time. For LLCs and corporations, you'll need to verify that your name stands out from the names of other business entities that are already on file with the Florida Department of State (DOS).
Be sure to check your local county or city website to make sure you are familiar with local ordinances, as well as any additional requirements they may have to open a new business. Requirements are updated frequently and you should ensure that you do your own research and contact professional legal, tax and commercial advisors as needed. Before committing to a location, take some time to calculate the costs of running your business in the desired location, including rent and utilities. This may also be ideal for you if you are looking for an affordable way to start a business in Florida, as the registration cost is quite low.
When collecting ideas for your company name, think about the type of industry you're in and what attracts your customers. Florida Department of Business Professional Regulation %26 (DPBR) licenses a wide range of industries, such as community association managers, geologists and restaurants, while the Florida Department of Agriculture %26 Consumer Services (DACS) licenses companies such as researchers private and agricultural concessionaires. Although both LLCs and corporations offer many legal and financial protections, it's wise to have some insurance for your business. Federal Government Requires All U.S.
Businesses to Have Workers' Compensation, Unemployment and Disability Insurance. In addition, because your business and personal assets are pooled together, a sole proprietorship does not provide protection against liabilities such as lawsuits or debts. Most Florida businesses are required to obtain a general business license, also known as a business tax receipt, which is associated with a local business tax. Visit the Florida Department of Revenue business portal to learn more about the state taxes applicable to your business.