The economy is growing again, with gross domestic product up 2.3% compared to 1.7% last year. Interest rates also remain at historic lows, with no sign of significant inflation. There is also plenty of capital to be had, as venture capitalists continue to make deals at a brisk rate. Add all that up, and you’ve got some pretty favorable business conditions.
When you’re ready to start up a business, here’s how to Incorporate a business in Florida.
1 Select a Name: If you choose to create a Corporation or LLC in Florida the name you choose must be unique. No other company can have the same name, so be creative and unique in the naming of your new business.
2 How to Incorporate a Business? The first step to incorporating your business is choosing if you want to have an LLC or a corporation. Your accountant, tax preparer or bookkeeper may the best person to help you make this choice. An attorney is also an excellent choice for guidance. The formation of a company is an important decision so having this kind of assistance is very helpful in doing it right the first time.
3 Articles of Incorpora-tion: Once you have chosen the type, you would then file the articles with the Florida Department of State to legally create the entity. You will need a company name, principal address (which must be a physical Florida address) and a mailing address for the company which can be a PO box if you like. You will also need the names and addresses of all the owners in the company as the state requires this information. An email address is also necessary to file with the state.
4 EIN Filing: Your be to obtain an EIN or Federal Employer Identification Number from the IRS. This is a unique tax ID for your new legal entity and needs to be used with any transactions for the company.
Some people choose not to obtain an EIN for the LLC if it is a single member. This means they will have to use their Social Security number instead for all business transactions. All corporations have to obtain and use an EIN.
5 Business License: The next step is the business license or occupational license with the county. A business license/occupational license or business tax receipt is required by most counties in Florida to have the legal ability to have a business in that county. Check with your local tax collectors office to see what they require.
6 Bank Account: The last step would be a bank account for the new company.
You are required to have a bank for the LLC or corporation. All monies coming in and going out must go through the company bank account.
Once you have all these steps in place, either for a DBA (doing business as)/ fictitious name or if you want in incorporate as an LLC or a corporation then you are ready to begin your business and are legal in the state of Florida.
