Do you want to start a business in Florida? Maybe you already provided a product or services outside of your full job. You may call it a side-project that is likely your hobby.
However, your side project may start to make enough money that you are thinking to make it is a full-time business. So, if you land on this article, you may want to know how to open a company in Florida.
No matter your motivation, when your business starts to grow, then operate it will be more complex. When you think of your side business as an extra income or even just a hobby with a little risk, your business has become more complex, larger, and riskier as well.
Anyone who works with you, then your business will be more legal and tax liability. It is maybe the right time to acknowledge your success and increase your side job or hobby into a more formal operation as well.
However, you should know that start a company can be so confusing. Knowing what you should do, and how to do it will take much time and effort.
The challenge is what you do not know can hurt you. A lot of information out there is partially right. What you will do to start your company in one industry will be different from other industries.
This article will help you with an outline of how to set up your business or company legally. The outline and resource will include the basics.
It aimed to give you an idea of what should include during the process. Keep in mind that this information does not intend to replace the advice of the professional or attorney. It is highly advised that you should get the right consultation as well.
How To Open A Company In Florida
Start To Make Your Business Outline And Plan
This first step is legal. You do not require legally to create your business plan before starting your business. However, this is a necessary document, especially if you want to look for funding, either from investors or securing a loan, then this business plan is necessary.
The information will help you to work through several steps, such as what products or services that you will produce, the location, how they will be produced, how will the company or business will be controlled, and so on.
A good business plan is more a road map that describes what will you, how will you do it, and so on. It breaks down the growing stages, measuring the success, and your strategy.
If you work with a business lawyer, then you can ask him to review your business plan. He can show you potential legal issues in each stage while developing the legal solutions for those issues even before it occurs.
Selecting A Type Of Business Ownership
The form of ownership you select will decide all regulations that define your business or company. There are several types of business ownership, such as a sole proprietorship is one of the most common forms of ownership.
This ownership is owned and operated by a single person. The owner still gets a form of ownership as well. Then partnership is pretty similar to a sole proprietorship, but this form has two or more persons are equally responsible for this business, and they share its profits equally.
It is something you have to know first before you know how to open a company in Florida.
There other forms of ownership that you can learn, each of them has its purpose. Of course, each of them has advantages and disadvantages as well. If you confuse about which one fits your situation, then you are not alone.
Name Your Business Or Company
It is maybe a bit weird, but no matter what you choose to Partnership, corporation, and so on – your name will affect your business. The name or brand will use in all legal applications and documents.
It should be unique, and it cannot violate another company’s name. It’s all depending on organizational purposes, you may spend a lot of effort, time, and money to come up with a marketable name that describes your company or business nicely.
There are some considerations that you have to know when you are working in that process, such as understand the Florida State rules when you want to make a business name.
Prepare A Legal Entity
After you decide on a company name, you are ready to set up all the necessary paperwork or documents to create a legal structure.
It is all depending on the entity, the business formation can be a detailed process and time-consuming. So, starting your company or business requires specific legal considerations. You have to consult with your lawyer as well.
You Can Register Your Business Or Company
All organizations in Florida are registered by filing legal documents with the State Secretary. For LLCs known as “Articles of Organization”, then for corporations known as “Certificate of Incorporation”.
Some necessary and legal documents will contain detail legal facts related to your business or company, hence you have to provide addresses, contact details, and other information from important people who include in your business.
It can be managers, owners, members, and so on. You have to understand that registering your business or company fill the minimum requirements to start your business legally.
When you register a company or business in Florida, you need to tell the Florida Department of Corporations that this company exists, who is the owner, where it will conduct, and so on.
Do Not Forget To Register For Taxes And Fees
It depends on the products and services that you want to sell, the country that you are located, how many employees that you have, and so on.
Make A Bank Account For Your Company
You have to separate your personal and company funds. You should know that intermingling funds will have all sorts of complex tax implications as well.
After you fill these requirements then you can run and start to maintain your business. Hopefully, these guides help you to know more about how to open a company in Florida.