Starting a business in Florida can be a great way to take advantage of the state's low taxes and regulatory requirements. But the process can be complicated and time-consuming. To help you get started, here are 10 steps to consider when starting a business in Florida. 1.Consider the Benefits of Starting a Business in Florida.
Florida is an attractive place to start a business due to its low taxes and close ties with the business community. There are no taxes on personal income, capital gains, or deaths, and the state's higher education institutions work closely with businesses to create programs that help Florida's industries.2.Obtain an Employer Identification Number (EIN). An EIN is required for all businesses in Florida, and it is used to identify your business for tax purposes. You can apply for an EIN online through the Internal Revenue Service (IRS).3.Obtain Other Licenses or Permits.
Depending on your industry, you may need additional licenses or permits to operate your business in Florida. The most common license is the EIN, but you may also need sales and use tax permits, professional licenses, or a certificate of occupancy.4.Understand Federal and State Tax Requirements. In addition to Florida taxes, there are always federal income taxes and employer taxes that must be paid. Be sure to consult IRS Publications 334, Tax Guide for Small Business and 583, Taxpayers Starting a Business.5.Consider Forming an S-Corporation.
An S-Corporation means it bears the IRS Small Business designation, which is more tax-friendly.6.Check with the Department of Business Professional Regulation (DPBR). Check the DPBR website to see if your industry should be licensed to operate in Florida.7.Choose a Name for Your Business. 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).8.Research Local Ordinances. 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.9.Calculate Costs of Running Your Business in Your Desired Location.
Before committing to a location, take some time to calculate the costs of running your business in the desired location, including rent and utilities.10. Obtain Insurance for Your Business. Although both LLCs and corporations offer many legal and financial protections, it's wise to have some insurance for your business.