If you have ever thought about starting a business in Florida, this guide is for you. Here are the steps you will need to follow to start a successful business.
Step: 1: Determine a Business Structure
Every business owner must determine if they will be a corporation or an LLC. A corporation is the choice for larger companies and those who intend to raise funding. An LLC provides easy management and taxation and provides liability protection. You may decide on a ‘doing business as,’ name, that is fictitious and separate from your business name, but this is optional.
The specific business structure you choose may be dependent on the industry you choose or license your profession requires. In Florida, these professional corporations must abide by the Florida Professional Service Corporations and Limited Liability Companies Law (Title XXXVI, Chapter 621, Florida Statutes) and Florida Business Corporation Act (Title XXXVI, Chapter 607, Florida Statutes).
Step 2: Decide on a Business Name
Choosing a business name is not as easy as one may think. You can always change a name if it causes legal problems, but it is easier to choose the right name from the start. Choose a unique and easy to understand and pronounce name. Search the web for the name to ensure there are no outstanding conflicts.
Choosing a unique name can help with creative logos and trademarks. Conduct a trademark search with the US Patent and Trademark Office (USPTO to ensure there are no conflicts. Make sure your company name choice is available by searching the Florida Department of State Division of Corporations business name database. Search misspellings and plurals that the state may reject if your name sounds too similar to an already registered business.
Step 3: Register Your Business
Each state has its own requirements for registering a business. These are the requirements for registering a business in Florida. Forming an LLC or incorporating in Florida requires filing the correct paperwork with the Florida Department of State Division of Corporations and filing with the IRS. It is a wise decision to hire a business attorney and tax expert to help you when registering a business.
Step 4: Obtain Your Federal Employer Identification Number(EIN)
An EIN is like a social security number for your business. LLC’s and corporations require this number to do business and it needs to be written on many documents to prevent identity theft. Business owners can obtain an EIN online or with the IRS via Form SS4. Your business attorney can help you obtain an EIN number.
Step 5: Open Company Bank and Credit Card Accounts
Keep business and personal expenses separate by opening separate accounts for your business. In turn, this will help you build a company profile.
Step 6: Obtain Business Licenses and Permits
Register your business name and obtain a business license which authorizes your company to conduct business in your city or county and registers your business for state taxes and permits. Your real estate attorney can help you obtain your business license and permits.
Paul J. Burkhart
Paul J. Burkhart can help if you are opening a business in Florida. Paul J. Burkhart is an experienced business attorney who can draft an indemnity agreement and help both parties understand what it covers.
Business Attorney Palm Beach Gardens
Our team assists both individuals, and business clients with all their legal needs, including business and Corporate Transactions, Business/Commercial and Civil Litigation, Real Estate, Intellectual Property, Family Law, and Estate Planning matters. We are a full-service private law firm ready to assist you with any request, large or small. Call 561-880-0155 or visit our website.
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