Establishing a Small Business in Florida – Business Pro Eric J Dalius Takes You through the Steps
There are today more than 2.5 million small businesses in Florida that contribute half of the state’s economy and employ 42% of its workforce. With an enabling business climate, Florida is a top destination for entrepreneurs from all over the country. Eric J Dalius, some important tips on getting started in Florida with a small business:
Decide on the Legal Structure of the Business Entity
While you can use a “Doing Business As” or DBA structure, which is nothing but a different name used by the business. To separate it from your name, typically, you will need to choose between a Corporation or a Limited Liability Company. The corporation structure involving shareholders and a board of directors is preferredhad those who intend to tap the public for equity funding. The LLC format is much less complex but provides for the much-need protection from liability.
Choose a Name for the Business Carefully, Advises Eric Dalius
Try to choose a name that is indicative of what you do and make sure. it is distinctive, easy to comprehend, and say aloud. Perform a web search to find out any potential conflicts with other businesses of the same name and confirm it with a trademark search with the US Patent and Trademark Office. Also, search the database of the Florida Department of State Division of Corporations to establish that the name selected is available.
Register Your Business
For registering both an LLC and a Corporation. You need to file the relevant documents with the Florida Department of State Division of Corporations. The filing had b done using a professional Registered Agent and an Organizational Meeting held to comply with the laws. If done in person, the registration done within two to three business days.
Get Your Federal Employer Identification Number (FEIN)
The FEIN is optional for DBAs but compulsory for Corporations and LLCs. However, The owner need to use Social Security without any employees . You can apply online to the IRS to obtain your FEIN, advises EJ Dalius.
Open Company Bank Accounts and Credit Cards
To open the bank account, you will need to provide the bank with your business registration details, FEIN. And a board resolution authorizing you to open the bank account. According to https://www.sba.gov, opening a business account helps you to be legally compliant and protect your personal liability. Getting a credit cards using carefully establish credit history that examined when you apply for bank loans.
Obtain the Necessary Business Licenses
Registering your business does not entitle you to operate your business in the county. You need to apply for a business license, which also requires you to register for state taxes. All details of the business licensing process together with information on the types of businesses for which special licenses are required are available on the website of the Florida Department of Business & Professional Regulation.
The process of establishing a small business in Florida is pretty straightforward. However, entrepreneurs should hire a business attorney to ensure that they understand the best choices. The implications of their decisions, as well as their continuing obligations.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Alongside this, Eric hosts the weekly podcast “FULLSPEED,” discussing entrepreneurship with industry leaders. Eric also founded the “Eric Dalius Foundation” to award four scholarships to deserving US students. Follow Eric’s activities on Twitter, YouTube, Facebook, LinkedIn, Instagram, and Entrepreneur.com.