Business Types in Florida
Florida, being the hub of business activity, has been very successful in instilling and maintaining consumer confidence. Since the state offers a number of tax incentives, business activity in the state is always high and so is the competition for small and medium sized enterprises.
Single Owned Businesses
If your business is owned just by you, then luckily, you do not come into the tax bracket even if you make millions of dollars in the business. There is no income tax on business income in Florida. With the advantage of the being taxed just once, you as an entrepreneur would reap more benefits as compared to other business structures.
If you plan to list your company over the stock exchange and take it to the bigger business structure, the Florida Revenue department will be more than happy to place a corporate tax on the income your company generates. Other entities beside corporations, like limited liability companies (LLC) are also subject to corporate taxes. Normally, an S corporation is exempt from taxes.
Incorporated firms exist as an officially permitted body which is segregate from the owners and exercises the concept of unlimited liability and goodwill. A fake corporation can never exist, primarily because the government or the state initiations allow the company to go public. Therefore, the chances of the company having a strong goodwill are high.
Florida has Orlando as one of its most active cities when it comes to business; “One of the most highly coordinated entrepreneurial engines in the country.” Since the state and its government are exuberant about entrepreneurship, the infrastructure and communication modes are developed according to the needs of the business.
The state in general, has a very strong labor workforce. Amongst all the factors of production defined by economic terms, the quality of labor is the best. This may explain why the efficiency of the business is strong. The reason why the economic environment has become so strong is because of the entrepreneurs who come to try their luck from all over the country to Florida.
The population of Florida has a strong spending power and that too encourages entrepreneurship. If an individual is earning through his or her business and they are not paying personal incomes taxes, they have more disposable income which improves their buying power.
The entire wheel of the state’s economy is based on business activity. The quality of life style is the strongest in Florida, primarily due to the fact that income earned usually goes into spending, and not in taxes.
Since many of the corporations are listed over the stock exchange, trading of shares through financial institutions is another dominant source of income for many. It is obvious that if money earned is not spent in taxes, it is spent in long term investments.
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.