Starting a Business

Checklist for Starting a Business in Florida

1) Is Starting a Business Right for You? The most important question you need to ask yourself is whether starting a business is right for you.

2) Create a Business Plan. Creating a business plan is essential for obtaining any financing and is an excellent resource for creating a checklist and for making sure you have thoroughly thought through the business idea and discovered any potential problems.

3) Protect Your Assets and Ideas. If you have a unique idea or name for a product, you should consider having that invention, name or expression patented, trademarked or copyrighted, as applicable. In addition, you should protect your trade secrets by using valid and enforceable confidentiality agreements and implementing appropriate security procedures. .

4) Engage Professional Advisors. You will need to spend time focusing on starting your business, so we suggest you leave some details to the professionals. You need to find an accountant, an attorney and an insurance agent.

5) Choose Your Legal Entity In Florida. Choosing a legal entity is a complex analysis that has legal, tax and business implications. There are various choices available, including sole proprietorships, S Corporations, C Corporations, Limited Liability Companies and Partnerships.

6) File Organizational Documents. You must file your relevant corporate organizational documents with the Secretary of State, and, in some cases, a fictitious name filing.

7) Federal Tax Requirements. You must obtain a federal tax id number (unless you are a sole proprietor), and you must determine your other federal tax requirements based on your entity type.

8) Florida State Tax Requirements. You must pay Florida income tax (unless you are a sole proprietor), sales and use tax (unless exempt), unemployment tax (if you have employees) and use tax on out of state purchases. You are also required to file a tangible personal property tax report on an annual basis.

9) Business Licensing. Collier and Lee County both require a business tax receipt license. Each city in the area also has specific business tax receipt licenses if your place of business falls within formal city boundaries. You also must meet certain zoning requirements. Finally, certain professions, like accountants, require specific professional licenses.

10) Procure Business Insurance. You should obtain appropriate business insurance, and it is best to accomplish this through a qualified insurance agent. Some insurance, like workers compensation and automobile liability insurance, may be required.

11) Accounting Set Up and Bank Accounts. Once you have organized your company, you must set up your accounting records and open a bank account in your company’s name.

12) Determine Employee Legal and Tax Requirements. If you will be having employees, you must analyze all the applicable legal and tax requirements for hiring them, classifying them and maintaining them.

13) Where to Get More Help? There are various non-profit, government and for-profit organizations that can provide you additional assistance in starting your business.