Benefits of Incorporating in Florida
The beautiful state of Florida has become a desirable location to start a business. Many firms and individuals are moving to the state to enjoy growth and profitability in these hard economic times. Florida has become a business-friendly state and has seen a rising number of startups and relocations in recent years. Starting a business in Orlando, Florida has many benefits, and some are listed below.
Incorporation in Florida poses your business to many advantages the state offers. The laws and the judicial systems are business friendly and the government provides incentives and support for startups to help its business sector and your business grow.
Corporations and LLCs in Florida enjoy unlimited liability and certain protection by the law. This protects your personal assets from creditors and other liabilities your business incurs. Sole proprietorship and partnerships are, however, liable for business debts. But the state laws allow a certain degree to which a creditor can acquire your personal assets, therefore providing more protection than other business oriented states.
Florida has become renowned as a business friendly state. The regulations are favorable for all types of businesses, whether you decide to incorporate or form an LLC in Florida. The state implements a right-to-work policy and encourages employment through new business startups and relocations.
The tax structure
Incorporating in Florida means you are accountable to fewer taxes than other business states. Employees are not liable for any personal income tax. The owner can report their share of corporation or LLC profit or loss on their individual tax returns, and this enables to avoid double taxation. The saved tax money can be used in the operating of the business.
Competitive Costs and Resources
Land, labor and capital are more economical in Florida than other states. The initial capital requirements are low and incentives like infrastructure and consultation help in startups. The state has also implemented initiatives for offering services like market information, business management and other support systems to ensure a minimum risk and easy startup.
The state regulations in Florida do not require a minimum or a maximum number of members or owners of a business. You can be the sole owner of a corporation or LLC. Unlike most partnerships, where the profits and losses are shared on a 50-50 basis, there is more flexibility in choosing a profit sharing structure when you incorporate in Florida.
Fewer formalities and expedited procedures
State and local government regulations and processes are expedited in Florida. This means that less cost and paperwork is required to file for a business in Florida. The state requires no business resolutions or minimum number annual meetings for your business. Therefore startups are a lot quicker and experience higher economic growth, while keeping the state standards intact.
The sun, the beaches and the easy business policies is what makes Florida an attractive business state. Not many states are doing well economically today; however, Florida is experiencing boom in its business sector. Now is not a bad time to incorporate in Florida and get your dream business plan started.
If you need more information about our business development services, please contact us at 407-344-1228. FreedomSBS is a marketing, graphic & web design, accounting, internet marketing, business development, and corporate law resource firm all in one! FreedomSBS is your one stop shop to start, grow and mature your business. Our services include: incorporation services, graphic design, logo design, web design, web development, internet marketing, search engine optimization (SEO), marketing consultations and corporate law resources. Our services are provided nationwide, but since our main office is located in Kissimmee, FL, we mainly help businesses in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL.