Florida is a wonderful place to start a new business. With beautiful weather, no state income tax and plenty of potential customers across the state, it’s no wonder so many Floridians become business owners.
After you decide to start a business, you’ll have a lot of decisions to make and plans to create. In order to make sure you build an appropriate budget and timeline for the launch of your business, make sure that all of your state-specific tasks are complete.
Here are some things you’ll need to do before starting your business in Florida:
Select a Location for Your Business
Before you can begin the tax process for your new business, you will need to choose the location. Even if you don’t plan on having a physical location for your business, you’ll still need a business address for taxes and other registration steps.
These are some things to keep in mind when considering your business location:
- Determine the target demographic for your business and find a location in that area
- Consider the transportation access in the area
- Look for areas with appropriately skilled employees if you plan on hiring
To help with this research, check out the website of the Office of Economic and Demographic Research.
Find Out if You Need a License from Your County Tax Collector
Each county has its own tax requirements for local businesses, so you’ll have to find out whether or not a license is required in your county.
Check out this list of all the county tax collectors in Florida to get the information you need for your specific county.
Register Your Business with the IRS and the Florida Department of Revenue
Aside from the county tax regulations, you will also have to consider federal and state tax requirements for your new business.
To register your business with the IRS, head to their website to get the process started. You may need to apply for an Employer Identification Number (EIN). You’ll also choose the appropriate business structure and tax year.
To register your business with the Florida Department of Revenue, go to their website to begin. Go through the list of potential taxes and fees and get the details on each one.
If your business meets the requirements of a tax or fee, you will have to register for it. You only need to register for the appropriate sections that your business will need.
There are plenty of resources on each website to help you along the way. You can also consult with your own tax professional for additional help with registration.
Find the Right Financial Institution for Your Business
Whether you need a business loan, savings account or insurance, make sure you find a financial institution that has everything your business needs.
Since it can take time for a new business to start generating revenue, look for a financial institution that offers plenty of free services, high returns on deposits and low interest rates. All of the money you save can go into making your new business a major success.
Best of luck!