Starting a Business in Florida

If you’re looking for a good place to start a business, consider Florida. A study by WalletHub shows that Florida is the third-best state in the country for those who want to start a business in the near future.

Florida has a huge working-age population (age 16-64). The fact that the Sunshine State has more entrepreneurs and startup firms relative to its population than most other states proves that people want to work.

Many people want to start a business, but keeping it open can be difficult. Running a business may seem like the American dream, but it’s not a piece of cake.

Many people flock to Florida, as it has a low tax burden. The low income tax and low tax rate for corporations make it attractive to entrepreneurs. However, there are a lot of initial expenses to consider, as well as annual fees. These will vary depending on the type of business you choose.

But before you figure out your structure, you need to know what products or services to sell. You want to sell a product that is in high demand and will bring in a lot of money, so what do you choose? Start by conducting market research and looking at projections and trends. After you’ve decided exactly what services or goods you want to sell, then it’s time for you to choose your business structure.

Choosing a Business Structure

Those working on their own choose a sole proprietorship because it’s the easiest type of business operation. It can only be operated by one person. So if you’re operating your business with a partner, you’ll have to choose some other structure.

A partnership may be a good structure to consider. You can choose this when two or more people co-own a business and share in the profits and losses of the business. Each person contributes something, typically money, to the business endeavor.

For larger businesses, you can consider a corporation. A corporation is an independent legal entity that exists separately from the people who own it. It does not dissolve when its owners die, as it is considered its own entity. A corporation can enter into contracts, pay taxes, and transact business, but the owners have limited liability.

A limited liability company (LLC) is similar to a corporation, but with slight differences. It offers limited personal liability, like a corporation. However, an LLC is not required to comply with other corporate formalities, such as holding regular stockholder or management meetings.

Not sure which option to choose? Contact an accountant or attorney who can assess your business and determine the best structure.

Learn More About Sole Proprietorships

There are many ways to start a business in Florida. However, keeping a business open takes a lot of time, money, and effort.

Orlando sole proprietorship lawyer B.F. Godfrey from Godfrey Legal can guide you through the process and help you understand the many laws involved. Call (407) 890-0023 or fill out the online form to schedule a consultation.

https://www.tcpalm.com/story/news/2024/01/18/florida-new-business-sunbiz-price-register-llc-corporation/72253024007/