Start a Business in Orlando Florida as a Sole Proprietorship
Starting a business in Orlando Florida can be tricky as it involves a lot of procedures and registration with various authorities. If you are looking to start a business in Orlando, Florida, then you will have to tackle various issues such as obtaining a license to gaining registration. Here is a guide that will help you understand the registration process and help you in setting up your dream business.
Sole Proprietorship – Pros and Cons
While there are many forms and ways in starting a business in Orlando Florida, you can adopt to conduct your business, Sole Proprietorship is the easiest form of setting up the business and usually involves the owner being the sole proprietor. In a Sole Proprietorship, your net profits will be taxed as your personal income and you shall be liable to any debts or losses that you incur. As an owner, you will be able to make decisions regarding your business without any interference. You can also buy and sell your business or pass on the business to your next of kin. A major advantage to sole proprietors is that they don’t have to incur any additional taxes for running a business. Profit from the business shall be taxed as your income and the registration process and formalities are fairly simple with minimal legal cost.
However in the process of starting a business in Orlando Florida, as a sole proprietor, you will also be personally liable for any debts and liabilities that you might incur in the course of business. The liabilities and risk also extend to the employees who enter into any contract under the name of your business.
Sole proprietors usually capitalize their business through personal funds or bank loans. Undertaking bank loans is particularly risky as you are unsure whether your business will provide lucrative returns or not. Investors and loan lenders are usually apprehensive about providing loans to sole proprietors as it is considered to be a risky investment without any proof of substantial returns.
Starting a business in Orlando Florida as a sole proprietor is a good idea if you have substantial income and are experienced in running a business. However, if you have a limited number of funds, consider a partnership.
Setting-Up Sole Proprietorship in Orlando
To set up a sole proprietorship in Orlando, you will have to fill a Doing Business As (Doing Business As) form posted in the local newspaper. Once you have posted the DBA Form, you will have to file your DBA with the state. The process is fairly simple and is processed electronically for a nominal fee of $50.
Next, you will have to get registered with the state of Florida to collect remit sales tax. Registration for collecting the sales tax is free of cost and is processed electronically. Once you are done with sales tax registration, you will be asked to file for your tax applications with your city/county. The rates for this vary from $15 – $60. Once you have attained your tax certificate, you will be required to attain a business tax application from your county. The fee for this service is around $70 and the application is processed in an hour.
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.