If you are considering starting your own business in Florida, there are a ton of perks and incentives to get you started.
TAMPA, Florida – If you’re thinking of starting a business in Florida, you’ve come to the right place.
According to the State of Florida, the state has the fourth largest economy in the United States. On top of that, small businesses are essential to Florida, accounting for 99.8% of all businesses in the state.
In addition, there are other advantages. Florida is known for tourists who visit every year. Whether they’re coming to the beaches or exploring Disney World, tourists visiting Florida can have a huge impact on small businesses.
Additionally, Florida is considered one of the most tax-efficient states. In addition to the lack of personal income tax, Florida corporations are only required to pay 5.5% on their corporate income tax return, which means more money for your business in the long run. term.
If you’ve decided to sell a product or service, but don’t know where to start, building a business isn’t too hard. There are a few simple steps you can take.
First and foremost, you’ll want to decide what type of business you’ll be running. You can choose between a Limited Liability Company (LLC), a corporation, or a DBA, also known as “Doing Business As.”
If you plan to operate your business under a name that is not your legal name, Florida requires you to submit a DBA. The state also has a database where you can make sure your business name isn’t already in use by someone else.
After registering your business with the state, you will need to apply for your employer identification number, as well as any other business licenses or permits you may need.
Your licenses may vary depending on the type of industry you are in, but you can check with your county tax collector to determine what you need.
If you also need help starting your business, Florida has a ton of incentives to help you get started.
The state offers Quick Response Training (QRT), a program that provides training for your business, including instructors, training materials, and more.
In addition, the training of incumbent workers also helps workers currently employed to receive additional training to maintain the competitiveness of the company. If you are qualified, these incentives will cost you nothing.
Depending on the type of industry you find yourself in, Florida also offers sales and use tax exemptions on all kinds of commercial purchases, including machinery and equipment used by a new or expanding manufacturer. .
Finally, there is the investment tax credit. It is used to develop capital-intensive industries in the state, providing an annual credit of up to 20 years against corporate tax.
Depending on the type of business you are starting, your initial start-up costs will vary.
Typically, all businesses must pay $ 100 to file the articles of incorporation with the Florida Secretary of State’s office. On top of that, you will need to pay a registered agent fee of $ 25. You might also end up paying some additional fees for copies of these files.
Florida won’t require you to have commercial liability insurance, although you probably want to have it anyway to protect your assets. If you plan to operate a car or truck for your business, you will need a commercial vehicle policy.
If you have started your business and are making enough money to hire an employee, there are a few steps you need to take.
Florida employers are required to report newly hired and rehired employees to the Florida New Hire Reporting Center within 20 days of the employee’s start date.
If you hire a temporary employee of a temp agency, you will not have to declare it.
Once you’ve launched your business, consult your local resources for additional support. Central Florida SCORE is a non-profit organization dedicated to educating entrepreneurs and helping small businesses by providing expert business consulting through workshops and one-on-one meetings.
Below is a list of additional resources to help you get started:
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