fort lauderdale, florida
From its low tax burden to its pop seasons, Florida a neat place to start and grow a company. — Getty Images/Sean Pavone

Thinking about starting a business in the Sunshine State? You're on a promising path: With a growing economy (the fourth largest in the nation), a tax advantage over modest businesses in some other states, admission to several startup hubs and more, Florida is an fantabulous place to grow your company.

Here are some benefits of doing business in Florida, and tips for getting started.

[Read: Location, Location, Location: How to Make up one's mind Where to Start Your Business concern ]

Benefits of starting a concern in Florida

At that place are several benefits to starting a business concern in Florida, including:

  • Low taxation burden. Overall, local concern owners know that the Sunshine State has an overall low tax brunt — in that location'southward no personal income taxation to pay. In addition, corporations that exist in Florida accept the benefit of but beingness required to pay 5.5% on their corporate income tax return.
  • Access to uppercase. Florida offers many investment capitalists and angel investors for entrepreneurs looking to launch their concern. This easy access to capital letter makes the startup process much simpler for budding business owners in the state.
  • Pop seasons. Tourists visiting Florida during colder seasons works in favor of Florida business owners. An influx in tourists means an increase in acquirement and opportunity for growth. Withal, this can too mean "off seasons" where you don't earn as much profit, which is why it'south of import to distribute your revenue throughout the year so you lot're not left scrambling.

What are the steps to starting a business in Florida?

Basic steps to starting a business organization in Florida are as follows:

  1. Decide on a business organisation structure such equally a DBA (Doing Business As, too known equally a trade name), corporation or LLC.
  2. Choose a business concern proper name.
  3. Register your business with the country.
  4. Use for your Employer Identification Number (EIN).
  5. Open a company checking account and credit bill of fare to pay all expenses with.
  6. Go all the necessary business organization licenses and permits.
  7. Learn near annual and ongoing requirements for your business structure, such as how long it will exist valid for and what kind of paperwork you'll need to file with the state.

[Read: Startup Checklist: 20 Things to Exercise Before You lot Starting time Your Business organisation ]

Mutual questions about starting a business in Florida

Post-obit are some oft asked questions about opening a business in the Sunshine State:

What business organization licenses are required?

Every business concern is not required to obtain multiple business licenses in Florida. The near common license is the EIN. Others may include sales and utilise tax permit, professional licenses or a certificate of occupancy.

Florida offers many investment capitalists and angel investors for entrepreneurs looking to launch their business.

How do I register equally an LLC?

Registering your business as an LLC in Florida tin be done through the Partitioning of Corporations. The process entails filling out and submitting forms online or by mail. Payment is required with registration and tin can be made by check, Mastercard, Visa, Detect or American Express.

What is the business registration process?

The business organization registration process consists of:

  • Finding out if y'all need a business license, and, if so, which ones.
  • Registering your business with the Department of Revenue.
  • Registering your business with the IRS.
  • Registering with the Section of Land if your concern is a corporate entity or has a fictitious proper name.

How do I get a DBA?

If you will be operating as whatsoever name that is not the one you filed your business with, Florida law requires you to file a DBA. Before filing a DBA, search the Fictitious Name Database to ensure information technology's available. Once you decide on a name that'south available, you tin can process the necessary paperwork to accept your proper noun registered.

What do I need to know about new rent reporting?

Any employees that are brand new to your company or come on board every bit rehires need to be reported to the land directory. The country gives businesses 20 days from employee's start date to be reported. Independent contractors are non considered employees and do non demand to be reported.

What else tin I practice to make my pocket-sized business a success?

Lean on your local resources. Florida SCORE is a slap-up starting identify that has local chapters throughout the state. SCORE volunteers consist of business experts who provide business counseling services to companies in demand in the form of workshops and one-on-i sessions.

CO— aims to bring y'all inspiration from leading respected experts. Withal, before making any business decision, yous should consult a professional who can propose you based on your private state of affairs.

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To stay on top of all the news impacting your small business organization, go here for all of our latest pocket-size business concern news and updates.

CO—is committed to helping y'all starting time, run and grow your small business. Learn more than about the benefits of pocket-sized business membership in the U.S. Chamber of Commerce, here.

Published February 28, 2020