Florida is well-known as the ‘Sunshine State’ for its sunny beaches and also the vast coastline. Many entrepreneurs still do not realize that Florida could be a great destination for starting a business. As per the statistics published in the Business News Daily, Florida boasts of around 2.5 million small businesses. That accounts for almost 99.8 % of all Florida-based businesses. Eric Dalius says that top cities such as Orlando and Miami, low taxes, and also a reputed and impressive university system. This implies that Florida is full of opportunities for smart business owners.
Eric Dalius Points out Some Atrocious Business Mistakes to Avoid in Florida
Mistake: Not Getting Your Business Registered Officially with the State
All businesses whether the existing ones are the new ones must focus on conducting business. Only after registering themselves officially with the Floridian state. A new enterprise that makes the mistake of failing to register itself with the Sunshine State may face personal liability. For all obligations and also business debts. The firm may have a tough time obtaining a corporate bank account and have issues using Floridian court systems. For smooth operations, all businesses conducting their operations within Florida. Just remember to file every year an annual report between 1st January and 1st May.
Mistake: Not Having a Good Contract
Eric Dalius Irrespective of the kind of business, it is of pivotal importance that your business. Boasts of robust contracts and flawless agreements with strategic partners, vendors, and also customers. A solid contract would be outlining the specific expectations of both the concerned parties particularly. Classifying what each party would be doing and precisely when they would be doing it. To enforce all your business rights or you may struggle in defending the agreement.
Mistake: Not Having a Partnership or Shareholder Agreement
It is essential on your part to have an operational shareholder or partnership agreement. If drafted effectively, these contracts would help in identifying the rules determining how decisions. Would be made, what would take place if there exists a dispute between two or more parties, or what will you do in the death or divorce or disability of one of the official business partners. As a result of this, some critical disputes may break out between the partners. That may end up ruining or crippling your business.
Mistake: Non-Compliance with Labor Laws
Eric Dalius says the day you hire your first employee is the day to the status of an employer. It is a moment of great pride but also comes with significant responsibilities. The foremost of which is compliance with employment regulations. You will find the number of labor and also employment laws that you must comply with increasing as your business scales. Along with the size and scale of the penalties, you would face for violating them. These fines along with the negative social signals that labor law violations will earn you can be life-threatening to your enterprise.
Steps that seem elementary can often be taken for granted in your business journey. One of the most common tripping points for businesses of all varieties the licensing procedure. Local, state, and often federal governments tend to have regulations in place delineating the kind of license any business must maintain to operate legally at any point in time. Adhering to each of these requirements, as well as proactively preparing for adverse events, by having liability insurance, for instance, can do wonders for your business in the long run.