Launching a new business can feel akin to helping your child pedal down the sidewalk without training wheels for the first time. It takes a little courage, some preparation to make sure everything is set to go, and one final push to give them the momentum they need to take off.
Before your business can get up on wheels (to keep the bike analogy rolling), there are some basic steps you have to take, including taking care of some important documentation.
While you’ve likely been thinking long and hard about your big picture business goals for quite some time, you want to be sure you don’t overlook any of the smaller details as you register your business and set up your structure.
As you prepare to start your business in Florida, consult with our team of commercial lawyers at Silverberg|Brito, PLLC for help understanding your legal obligations and best practices as you form your company.
Steps to launching a Small Business in Florida
Florida is a great place to start a business no matter your industry. It has an overall low tax burden for business owners and strong access to capital. Here are some basic steps you’ll need to take to begin operating as a business in Florida:
- Establish your business structure – There are numerous ways to structure your business – as a sole proprietorship, LLC, corporation. Discuss the pros and cons of each with a professional before determining the right business structure for your organization.
- Decide on a business name – You’ll want to ensure that whatever name you choose has not already been claimed (otherwise a potential lawsuit will be waiting in the wings). You can search by business entity name here.
- Register your business with the State of Florida – For additional information about registering your business with the Department of Revenue and the IRS, you can review the resources here. You’ll also want to apply for an Employer Identification Number (EIN) for tax purposes.
- Ensure that you have the necessary business licenses and permits – You may need a professional license, certificate of occupancy, or sales and use tax permit, among others depending on your industry and profession.
- Understand ongoing requirements for your business structure – Stay on top of annual forms and requirements that may be needed for your business structure.
- Take care of important legal documents and agreements for your business – While there are certain state requirements needed to start a business in Florida, it’s also important to cover yourself and your business with other legal documents that are optional, such as with a shareholder’s agreement. Putting in place legal protections prior to a business issue rearing its head can save your business from lengthy and expensive disputes down the road.
Our team at Silverberg|Brito, PLLC is ready to help your business take off in Florida. For expert legal advice and guidance as you navigate your small business journey, get in touch with us.