Starting A Small Business In Orlando
Many Americans dream of owning a business and being their own boss. Many fail due to improper planning. Starting a business in Orlando, Florida is relatively easy compared to other states. As stated by Buddy Dyer, Mayor of Orlando, Orlando is “one of the most highly coordinated entrepreneurial engines in the country”. Incorporation in Florida allows you to set up a small business with low costs, expedited permits and low tax rates. Here’s a few tips on how to get started:
Skills Needed to Start a Business in Orlando FL
You need basic survival skills to incorporate in Florida. Working knowledge of bookkeeping, financial and personnel management is essential. Understanding of federal, state and local tax laws, communication skills, and apprehension of your service and the market for it are the keys to success.
The type you choose will determine the types of taxes you’ll be obliged with. Therefore, choose a business structure specific to your circumstances. Forms of business include;
- Sole trader – Easy to set up and dissolve. Profits are taxed at owner’s individual federal tax rates. While incorporating in Florida, you don’t need to file for corporate income tax returns; owners have unlimited personal liability for any debts and obligations. The state’s homestead rights law prevents creditors from seizing an owner’s home.
- Partnership – Easy to form. Allows two or more people to share liability and provide capital. Limited Partnerships must file with the Florida Department of State and Division of Corporations. Partnerships take time and legal process to dissolve, so be careful when you enter into one.
- Limited Liability Companies(LLC) – Combines partnerships and corporations. Incorporating in Florida allows LLCs to elect whether to be taxed as partnerships or corporations. To form an LLC in Florida, you must file it with the Florida Department of State and Division of Corporations.
- Corporations – Separate legal entities. Types include C-Corporation and S-Corporation, based on tax payments and assuming liability. To incorporate in Florida, the entity must register both at State level and with the local county government.
To incorporate in Florida, you must be registered under the Fictitious Name Act if you are to use any name for business purposes. Check with the county records, local phone books, and the Secretary of State to make sure your name of choice is not being used.
Licensing Your Business
An occupational license is required before opening your business. County license is obtained from the county tax collector, and the city license is obtained at the city hall. After selecting your location, you may need a certificate of use, which can be obtained from the zoning department.
An Employer Identification Number(EIN) is required to identify a corporation or partnership. Sole traders do not require EIN.
Meeting Your Professional and Legal Requirements
When starting a business in Orlando, Florida, the key to success is a comprehensive business support system with professionals in their field of service. Professional services you’ll need are;
- Graphic Designer
- Web Designer
The city of Orlando provides you with a great chance to live your dreams, regardless of the current economic situations. Now get started with your business plan for a better tomorrow.
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.