How to Transact Business in the State of Florida
- 1). Research the products and services you plan to offer and your ability to sell them in Florida. Pull state-specific data from the U.S. Census Bureau, U.S. Small Business Administration and groups like Enterprise Florida. Create a business plan that builds on your strengths and addresses your weaknesses.
- 2). Review your business plan with advisers from nonprofit counseling services for entrepreneurs. Florida Small Business Development Centers, SCORE and the SBA assist all business owners. Organizations like the state's Office of Supplier Diversity, the Florida Black Investment Board, Florida Women's Business Center and Minority Business Development Agency assist specific groups of entrepreneurs. Geographic-specific agencies also offer help.
- 3). Secure financing by sharing your business plan with bankers or investors. Research Florida First Capital Financial Corporation, Florida certified development corporations and federal assistance programs for small-business owners. Government-guaranteed loans will likely offer the best terms.
- 4). Lease or buy the location for your business after consulting with real estate advisers and business counselors. Consider space needs, costs and proximity to your core customers and vendors. Review any contracts with legal counsel.
- 5). Register your company's name through the Florida Department of State's Division of Corporations at Sunbiz.org. You cannot use a name that is already registered. You also will have to pay registration fees.
- 6). Form your company by registering it through Sunbiz.org as a corporation, limited liability company, limited partnership or general partnership. You may want to seek legal assistance to choose the structure that is right for you because tax treatments and legal protection vary. You must pay registration fees regardless of the structure you choose. You do not need to register a sole proprietorship.
- 7). Call the Internal Revenue Service at 800-829-4933 to get an Employer Identification Number. This will be the primary ID for your business. You will use it in tax filings and other documents.
- 8). Register for state taxes through the Florida Department of Revenue. Dependent upon your business, you may need to pay and/or collect sales and use tax, unemployment tax, corporate income tax or levies like the documentary stamp tax.
- 9). Check Business.gov or MyFlorida.com to identify any professional or occupational licenses that you may require. These could include licenses to provide specific services, such as financial advice or products, as well as to operate in particular geographic locations. Apply and secure the needed licenses. Now you can transact business.
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