One of the most overwhelming steps to owning a business is actually starting the business. The following is a step by step on how to start a business in Florida.
How to Start A Business in Florida
Step 1: Develop A plan
It may sound cliché, but any successful business formation starts with a plan. Do not commit a single cent to your business without creating a business plan. You must answer the 5 W’s when you develop your business plan:
- What product/service are you offering?
- Why are you offering it?
- Who are you offering it to?
- Where are you offering it?
- When do you plan on offering it?
Your business plan will help you answer these questions. You can create a business plan for free and it makes you dedicate the appropriate time to your idea.
How to Start A Business in Florida
Step 2: File Necessary Paperwork
The next step in your business formation is to register with the state. You should select the type of business entity you want to form and file the appropriate paperwork with the Florida Division of Corporations. Also, the state of Florida requires every registered business to file an annual report every year.
How to Start A Business in Florida
Step 3: Register for EIN
After the state accepts the registration of the business, it is time to apply for an EIN a.k.a Federal Employment Identification Number or tax id. You will need an EIN to open a bank account and for future tax filings. You must apply for this even if you do not have any employees.
How to Start A Business in Florida
Step 4: Open a Business Bank Account
When you have your EIN, you will be able to open a business bank account. Each bank has varying policies, but they generally will require the paperwork that you filed with the state and the EIN.
How to Start A Business in Florida
Step 5: Register with Applicable State Departments
Depending on the nature of your business, the state of Florida may require you to register your business with certain agencies. For example, The Department of Business and Professional Regulation licenses and regulates certain businesses within the state of Florida. In addition, you may need to register your business for a state tax ID with the the Florida Department of Revenue if you are required to charge taxes on your product or service or are hiring employees. Failing to do so may subject your business to heavy fines and penalties.
How to Start A Business in Florida
Step 6: Register for local licenses
Just about every city and county in Florida requires businesses to obtain a local license. These local licenses require a one time payment. However, you will need to renew your license every year. Each county and city have their own requirements, so it is important to check these out before you apply.
How to Start A Business in Florida
Step 7: Start Making Money
If you’ve followed these steps, you are officially open for business. However, your business formation is not complete. Although you have a legal business in Florida, your business now needs protection. A small business attorney with experience in business formation can advise on you how you can best protect your business to ensure future success.
If you want personalized advice from a Fort Lauderdale business lawyer and continuous service throughout your business journey, do not hesitate to call us at 954-282-9331 or request a consultation!
Bryant Taylor Law
333 Las Olas Way
Suite 416
Fort Lauderdale, FL 33301
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