5 Steps You Need to Consider When Starting a Business in Florida
Starting a business from scratch in Florida can be very challenging but exciting at the same time. Most businesses flourish in Florida if you know the proper steps to follow. You must research your target customers and their needs to ensure your business makes sales. First, you can consider knowing the state and local requirements, such as presenting Florida annual reports. Failure to file reports on time risks your business getting dissolved and incurring penalties. You must follow the correct steps to ensure your business runs smoothly.
- Start By Knowing the Structure of Your Business
When planning to start a business, you first determine the structure you want. The structure significantly impacts the issues of taxes and other operational structures. You need to know if your business is for a profit or not profit. Some of the structures you might consider in Florida include limited or general partnership, limited liability c company (LLC), sole proprietorship, or corporation. However, this will depend on the type of products you are dealing with, the size, and the resources required. It’s crucial to consult with financial advisors and legal advisors to determine the best structure for your business.
- Register with the Department of State
After knowing the type of business structure, you want, you can now register your business through the department of state. You will be required to submit the Article of Incorporation, which you can file through Florida’s department of state website. You will be required to state the name of your business which should be unique. You can find from proposed business names and choose the one that defines your business well. Other requirements include:
- Business Address and Mailing Adress
- Corporate Purpose
- Registered Agent’s Address, Signature, and Name
- Stock Shares
- You Should Register the Business Name
Under the Fictitious Name Act, every person or business must register a fictitious name with the Florida department of state. Under the Act, you are supposed to register your business with another name other than your name. For more information, consider visiting the Florida DoS about the requirement needed.
- Register for an Internal Revenue Service Employer Identification Number
The EIN helps you to be able to open a business bank account, hire employees, apply for a business license easily and establish business credit. You can quickly obtain the EIN through filing form SS-4 granted by the IRS. The EIN is vital, especially when your business has employees. However, if you are opening an LLC, you don’t require to register for EIN.
- Starting Capital
Before starting a business, it is vital to have a good business plan to fund your business. One of the primary ways people do this is by saving in advance before starting the business. However, this can take a long time; before you start, you need to consider other options such as short-term loans, crowdfunding, and credit card. Take time to look for low-interest rate options to help you run and maintain your business.
When starting a business, you need to be prepared and budget to ensure you don’t get stuck. Ensure you have all the required documents and licenses to avoid getting penalties or dissolution of your company.