Welcome to “The Sunshine State!” Florida is also known for its large part in the citrus industry—specifically oranges and grapefruit. The Florida citrus industry accounts for about 80 percent of America’s citrus.
Another benefit to Florida’s small business economy are its the tax benefits which include no personal income or state tax. They’re also known for having the second-highest density of startups in the country, generosity with small business grants, and access to a variety of markets. The beautiful weather makes it a hotspot for all tourists year-round and South Florida in particular sees the highest growth of tourism rates. If you’re ready to be beach-bound, here’s what you need to know about starting a business in Florida.
1. First, pick the legal formation you want to incorporate your business as. These options range from a limited liability company (LLC), a corporation, a partnership, non-profit, or a sole proprietorship. For a Florida LLC, some of the forms you will need to fill out include articles of organization, statement of registered agent, amendments, and more.
2. Once you have decided on your entity, it’s time to choose a name for your business. Keep in mind that there is a little research involved in this step. When naming a small business, pick a name that is unique and original, but also simple to remember and easy to spell. Conduct a name search to make sure the name isn’t already taken before you apply to file and register the name as a trademark.
3. Applications to incorporate or form an LLC may be filed online with a credit card or by completing a printable PDF form and mailing it in to the Division of Corporations along with the required payment. Checks written out must be made payable to the Florida Department of State. Businesses that file online have a processing wait time of 2-3 business days while those that choose to do it by mail have 3-5 business days.
4. Planning to hire employees? Don’t forget to apply for an Employer Identification Number (EIN). Apply online through the IRS or submit a paper copy to the IRS.
5. Hey you… Mind Your Sunbizness! That’s not a typo either, but rather an initiative launched by Florida’s Division of Corporations. Mind Your Sunbizness offers Florida business owners the information and resources that they need in order to prevent business identity theft. All Florida business entities need to do is follow a few simple steps on an initial (filing articles of incorporation correctly), annual (filing your annual report), and monthly (verifying your information and monitoring your entity) basis to stay one step ahead from any unwelcome surprises.
For more information, visit the Florida Department of State. From historical resources to cultural affairs, stay connected via social media with the different areas of the Florida Department of State for their latest updates.
Thinking about starting a small business in Florida? Give us a call at 1(877) 692-6772 or visit us at mycorporation.com if you have any questions about forming a business or the regulations required.
Welcome back to the 50 States of Incorporation, Rebooted where we share what it takes to start a business in each of the 50 states. Join us biweekly for advice on how to start an LLC or corporation across the United States.