Incorporating in Orlando Florida – : Pros and Cons
Inflation has been at an all time high in recent years. The economic crumble is very evident today. In these hard times, starting a successful business is not easy. However, one state that has been growing the sector, even under the current conditions, is Florida.
Known for its tourism industry, Florida has become a major business hub. Incorporating in Orlando Florida is easy with expedited and simple procedures and regulations. The state has become renowned for its business friendly policies. Before starting a business in Orlando, Florida, consider the following pros and cons.
- Incorporating in Orlando Florida allows you to start a business with minimal startup capital requirements. This allows you to fund the saved capital money in the running capital. Capital can also be raised easily through the sale of stock or shares. Professional consultancy is available to help you chose a location, know your target market, familiarize with the suppliers and so on.
- Sole trading and partnerships come under unlimited personal liability. If you decide to form an LLC in Florida, the money you invest in the business is all that you risk losing. However, creditors of a sole trader or partnership can seize their homes, savings or other personal assets.
- If a sole trader or partner dies or decides to leave, the business ends. However, Incorporating in Orlando Florida allows you to save the cost and time of getting involved in such legal procedures. Corporation, on the other hand, is a much more durable business structure. A corporation has its own entity; therefore, it seeks to continue regardless of changes in ownerships and shareholders. Ownership can be transferred easily through stock sales without interrupting the running of the business.
- Incorporating in Orlando Florida allows you to operate anonymously. This is important if you don’t want to disclose your involvement in the business to the public. The State of Florida allows you to work under a fictitious name to keep the anonymity.
- One of the most popular benefits of starting a business in Orlando, Florida is the tax advantages. The taxes are generally low, and there is no personal income tax, allowing you to avoid double taxation. Health and life insurance, travel deductions and tax shelters for retirement plans are good reasons to relocate in Florida.
Though the drawbacks are relatively few, you should consider them based on the nature of your business.
- Incorporating in Orlando Florida requires more record keeping and paper work than sole trading and partnerships. However, the regulations are relatively easy and expedited compared to other states.
- The cost of incorporation in Florida is higher than other legal business structures. Location, infrastructure, hiring a lawyer and other startup procedures can be relatively expensive.
- If your net profits are low, the tax advantages and other benefits of incorporating in Florida cannot be effectively utilized.
The business sector in Florida has experienced significant growth in recent years. As corporations and LLC are new business structures to the state, the laws are not very flexible. Nevertheless, the courts are business friendly. Incorporate in Florida to enjoy the various benefits this pro-business state provides.
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, East Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL.