Starting a business in Florida must be on your mind if you are reading this. The idea of owning a business makes hundreds of people quit their full-time job and focus on their “brand.” In Florida, it is even more beneficial to start your own business. The state has no income tax and low property taxes, allowing business owners to enjoy the right amount of profit without worrying about tax deductions or other inconveniences.
Hundreds of aspiring entrepreneurs fly to Florida to establish their startups or other business ventures. The process of starting a business in Florida is, luckily, not riddled with red tape or lengthy bureaucratic procedures.
Would you even consider setting up a startup in Florida if you had to go through hundreds of licenses and piles of documentation? No? We thought not. Florida is a favorite spot for business because it provides an easy way to start a business. The following are simple steps that an aspiring entrepreneur must follow to start their Florida biz successfully, courtesy of the startup experts at BizCentral.
Choose the Type of Your Business
There are three categories of Florida biz entities around the world: limited liability company (LLC), a nonprofit company, and a for-profit company. Before starting a business in Florida, you have to decide on a category of business.
For your better understanding, here is the breakdown of what these different types of corporations denote:
- For-profit Company: Owned by a group of people, a for-profit company has limited liability and is subject to corporate tax.
- LLC: Similar to a for-profit company, an LLC doesn’t have to pay corporate tax as its income is distributed to members and reported on tax returns.
- Nonprofit Company: As the name suggests, a not-for-profit company is set up for some social cause. Charities are classified as nonprofit companies, and they are exempt from any kind of taxes.
Register Your Company
Since many people go for an LLC, let us focus on the registration details of an LLC for your Florida biz. You can quickly get an online form on the official SunBiz website. To get your LLC registered, you will have to pay a $100 filing fee and a $25 fee for a registered agent. You can pay an extra $5 for an optional certificate of status.
Once the initial registration is completed, you have to register the name of your business. For example, assume your name is Mark Dunphy, and you are looking at starting a business in Florida. You decide on opening a doughnut shop. You may want to do the market under the name Dunphy’s Donuts. That would be the name of the business that you have to register. It is also called DBA – doing business as. You can register your name for $50. Try to come with unique names to avoid duplication with other business names.
The Final Word
Isn’t it easier than you thought to register a business in Florida? If you are also looking at starting a business in Florida, make sure you follow every step of this guide to set up your company promptly and easily. You can also get in contact with BizCentral to help you through the process.