Start A Business in Orlando Florida With Correct Structure
Florida is a state known for its year-round sunshine, vacation spots, and a good place for starting a business in Orlando Florida. An ideal place for a retirement home, incorporating in Florida has attracted people from all over the country. With the State’s main focus on job creation, economic growth and less regulations, starting a business in Orlando, Florida is simpler than ever. Here are a few tips on how to incorporate in Florida;
Florida’s Business Association Division – The key to starting a good business is having a thorough business plan. This division will assist you in choosing or deciding what type of business you want to start or what type suits your work conditions more.
Register your business – To form a llc in Florida, all owners are required to register their business with the State Department to make the operations of your business legal. Incorporating in Florida requires your business name, address and contact information. The State regulates merging departments and eliminating repetitive procedures. This has expedited the permit process and reduced cost of starting a business in Orlando, Florida.
Incorporate your Business – The first step to incorporating your business is deciding where you want to form a llc in Florida or a corporation. Your accountant, tax preparer or bookkeeper will provide you with the best solution for this matter.
Protect your name – To incorporate in Florida with your business name protected, you are required to complete the trademark form. It is issued by the Florida Incorporated Service. Though it is not required by the Florida Department of State, it is suggested if you want to protect your business name.
Paying Tax – Incorporation in Florida attracts many business-oriented individuals from around the country because of their low and elementary taxes. Businesses in Florida enjoy a low combined state and local tax burden, as well as lack of state income tax. This allows consumers to spend more on goods and services, thus increasing your sales/income generation. Taxes payable include employment tax, reemployment tax, sales and gross receipts tax, documentary stamp tax, Communications Tax and other taxes.
Find a mentor – The key to starting a business in Orlando, Florida is finding a good mentor in your locality. It should be someone who has succeeded in business, yet he/she should not be your direct competitor. Otherwise a conflict of interest can arise. The Small Business Association can help you find a mentor who will act as an inspiration for you to achieve success in incorporating in Florida.
Apply for a loan – Bank of Florida and other reputable Florida banks provide simple business loans. They’re insured by the FDIC; based on your business plan and personal credit, the bank will decide the amount to loan you. Having a designated premises can be helpful in securing the loan.
Make it Official – Once you have completed these steps, it’s time to create your own business cards and postcards, and start networking in your community. A new business needs some serious advertising; word of mouth only happens once you are open for business. Meet with your neighbors and local businesses. Set up postcards in local businesses where potential customers lurk.
Incorporating in Florida has never been so easy and rewarding. The sun, the sand and the business opportunities have made Florida a heaven for business-oriented individuals.
Choosing a Business Structure for Your Business and Protect It
Incorporate vs. LLC
Corporation is a separate legal entity that has been incorporated through legislation. Corporations are owned by shareholders and controlled by a board of directors. LLC, though, is a blend of partnership and corporate structure. An LLC is not a corporation; it’s a legal form of company that provides limited liability to its owners. When starting a business in Orlando Florida, small business owners are faced with this question. To incorporate or form an LLC? Weighing the advantages and disadvantages of both is important when selecting the right structure to help you maximize the chances of success. Though corporations and LLCs both help protecting personal assets from business debts and any potential law suits, they differ in many aspects.
Advantages and Disadvantages of an LLC
- When you form an LLC in Florida, there is no limit to the number of owners required.
- Profit and loss are passed through the owner’s individual tax returns. This leads to less tax being paid by the owner.
- No annual meetings or minute book requirements. Allows flexibility throughout the year.
- Cannot engage in corporate income splitting to lower tax liability.
- Cannot issue stock. Therefore raising capital is very limited.
Advantages and Disadvantages of a Corporation
- Can issue shares of stock to attract investors. Raises more capital than in LLC.
- Corporate income tax splitting may help lower overall tax liability.
- Double taxation of corporate profits and shareholder dividends. Reduces profit and dividend amounts significantly.
- Must hold annual meetings and record minutes.
- S Corporations have restrictions on number of owners. Capital will be very limited.
Protecting your Investment
Incorporating in Florida allows you to protect your creative, intellectual and personal property through easy patents and trademark procedures.
Establish employment agreements – Ensure your employees are prohibited from revealing any restricted records, formulas or intellectual information from the company.
Apply for trademarks, patents and copyrights – Obtain legal protection to safeguard your ideas and your brand by documenting your ownership.
Secure your information – Restrict access to paper files and apply password protection and back up methods to protect important electronic records.
Sign confidentiality agreements – Establish nondisclosure agreements to keep company information discreet.
Incorporate your business – Don’t put your home, car, savings and other personal assets at risk. Limit your personal liability by incorporating or forming an LLC.
Regardless of the size of their company, responsible businessmen protect their valued assets. Choosing to form an LLC or to incorporate in Florida is an important decision. Incorporations in Florida are easy to set up given the business friendly policies implemented by the state. Take your time making this decision on forming your ideal business structure. Once you have made this decision, start protecting your investments to limit your liability. Failure is only worse if you lose everything. Your dream to owning a company starts now.
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.