If you’re interested in starting a business in Florida, you’ll likely want to form a limited liability company (LLC). LLCs offer tax flexibility and legal protection for small businesses.
To start a Florida LLC, you’ll need to file your Articles of Organization with the state. It’s free and a quick process.
Business Licenses and Permits
A business license or permit is a legal document that gives your business permission to sell goods or services. They are issued by federal, state, and local government agencies that regulate businesses.
Most Florida companies need to get a business license, called a tax receipt, from their county and city. The exact requirements vary by jurisdiction, but the application process usually involves filling out a form and paying fees.
Most business licenses and permits need to be renewed on a regular basis. If you miss a deadline, you could face fines and penalties or even have your business closed.
Employer Identification Number (EIN)
The first step in starting a Florida LLC is to get an Employer Identification Number (EIN). An EIN is a nine-digit number issued by the IRS for tax ID purposes.
It is required for many types of businesses, including partnerships, corporations, and limited liability companies that have employees or plan to hire them. It also helps the IRS track payroll taxes and makes it easier to open a business bank account.
To apply for an EIN, start by visiting the IRS website. This is the easiest way to apply, and it has the fastest approval time.
Business Taxes
One of the most important parts of starting a Florida LLC is getting organized for tax season. You’ll need receipts, accounting and payroll records and other information to fill out your state’s business tax forms.
To avoid filing errors, it’s important to get all of your business’s details in order and on-time. You’ll need to collect and keep track of these things year-round, so you can be ready when it’s time to file.
If you want to speed up the process of forming an LLC, consider using an online service. These services offer a fully-customizable experience, including an easy way to submit all the required paperwork and receive state approval. They often come with a money-back guarantee, so you can try out their service for yourself before making the decision to purchase.
Business Insurance
If you’re ready to start a business in Florida, it’s essential to have the right business insurance. It can help cover the costs of lawsuits, property damage, and lost income, so you can focus on your business and keep it profitable.
Licensed agents are also able to help you customize your policy to meet your needs. They can also provide information about additional business insurance options that you may not be aware of.
Commercial liability coverage protects against the cost of bodily injury or property damage claims from your customers or employees. This can include a slip-and-fall incident, a driver injuring your client while driving your company vehicle, and more.
Businesses with large assets should consider a commercial umbrella policy to expand their general liability limits. This will help you cover the costs of overage when your primary business liability insurance limit has been reached.
Business Plan
Creating a business plan is an essential step to starting a Florida LLC. It will keep you organized, define your goals and envision how your enterprise can grow into the future.
While the State of Florida does not require you to submit a business plan as part of the registration process, it’s still recommended that you do so. A solid business plan will also make it easier to secure funding from investors, banks and other financial institutions.
The next step in the process is preparing your LLC’s articles of organization and filing them with the Florida Division of Corporations. This is a relatively simple task that requires completing and submitting a fairly straightforward online form.