There are a lot of reasons to start a business in Florida – the state’s government keeps requirements and business taxes low. There is no personal income, no capital gains or death taxes. Although Florida is a great place to start a business, the process can be a little tricky and time-consuming. For example, do you know about obtaining an EIN number in Florida? Do you know what an EIN number is? You’ll need to find out these details and more before launching your business. Here are our top tips for starting your business in Florida.
Determine the business structure
Your business structure will depend on your business type or industry. Some businesses require a specific structure or specific licenses. The business structure can also affect taxes and other business operations. The options available to you in Florida are Corporation, Limited Liability Company, Partnership, General Partnership, Limited Partnership or Sole Proprietorship.
Register with the Department of State (DOS)
You need to register your business with the DOS by completing and submitting the Articles of Incorporation which can be found on Florida’s department of state website. To fill this out you will need your business name, principal place of business address and mailing address, the registered agent’s name, address and signature (the registered agent is the individual that accepts service of process on behalf of the business entity), corporate purpose e.g. digital marketing, effective date, and payment for the filing the Articles of Corporation.
Register the business name
The Fictitious Name Act requires any person or business entity to register a “fictitious name”, also known as a “doing business as” (dba) name with the Florida DOS prior to actually conducting business. Check out the Florida DOS website for specific requirements and exemptions regarding this step.
Register for an Internal Revenue Service Employer Identification Number (EIN)
An EIN serves the same purpose to a business as a Social Security number does to an individual. With an EIN, you can open a business bank account, establish business credit, apply for business licenses and hire employees more easily.
Register with the Florida Department of Revenue (DOR)
You need to register with the FDOR so you can pay sales and use tax, as well as corporate income tax.
Register for the new hire program
All employers are required by both federal and state law to report newly hired and re-hired employees to the DOR. There are a few different ways to do this including online reporting, electronic reporting and by mail. More information is available on the website of the Florida Department of Revenue, Child Support Services for Employers.
Apply for a business license, permit, or registration
If your business involves a skilled trade, then you will probably need to apply for a business permit or license. Florida’s Department of Business & Professional Regulation (DPBR) and Florida’s Department of Agriculture & Consumer Services (DACS) license industries across the state.
Check local regulations and requirements
Your local county and municipal governments may have their own requirements for new businesses and may also require additional permits and licenses. It is important to check your local county or city website and get familiar with local ordinances as well as any additional requirements they have for new businesses.