Starting A Business Is Easier Than Ever In 2022

Friday, 18 February 2022, 7:48 am
Article: Hugh Grant

Last year the United States saw a rise of approximately 23 percent in applications for new businesses– after plateauing for almost a decade. The US Census Bureau has reported that more than 5.4 million applications were filed for new businesses in 2021, two times that of the number that had been filed ten years ago—resulting in what is now the largest entrepreneurship boom in almost fifty years.

One of the reasons for this rise could be the fact that the government has placed priority on providing an increase in funding and resources for small businesses, as well as due to the advancements in technology that has made it much easier to start a business now than it was ten years ago. However, factors such as business structure, industry, and the state that is chosen for incorporation all affect the start-up process.

Florida has proven to be an excellent location to run a business. Here’s how to start a new Limited Liability company in the Sunshine State.

How Much Does a Florida LLC Cost?

When asking the question “how much is an LLC in Florida?” the answer is not straightforward as there are a variety of costs involved, such as:

• Florida LLC Filing Fee will cost entrepreneurs $125. An LLC's Articles of Organization can be filed online with the Florida Department of State.
• Florida Annual Report Fee is $138.75 and needs to be filed with the Secretary of State.
• Registered Agent Fees will vary depending on the individual or service provider used.
• Cost to Form a Foreign LLC in Florida: For businesses that are already registered in another state and would like to expand into Florida, registering a foreign LLC will cost $125.
• Business Permits and Licenses will vary in cost depending on the industry and type of permits required– this cost should be researched and budgeted for accordingly.
• Other LLC Filing Costs such as “Doing Business As” (DBA) Name, certified document copies, and Certificate of Status are optional fees that might be incurred.

Steps to Start an LLC in Florida

Step 1: Name the Florida LLC– The name of the business is a critical step in setting it up for success. Entrepreneurs should ensure that the business name is available for use in the state of Florida, meets the state naming requirements, and optionally the name should be available as a web domain.

Step 2: Choose a Registered Agent– All LLCs in Florida are required to appoint a registered agent. This individual will primarily act as the LLC’s main point of contact with the government and are responsible for accepting service of process in the case of a lawsuit. In Florida, a registered agent has to consent to the role and is required to sign the Articles of Organization– physically or electronically.

Step 3: File the Articles of Organization– The Florida Articles of Organization document is filed with the Florida Department of State and will require the name of the LLC. The fee for filing the Articles of Organization is $125. The form can be downloaded and mailed, or filled out online.

Step 4: Create an Operating Agreement– While this is not a requirement in Florida, it is recommended that entrepreneurs have one. This will act as a legal document that outlines the ownership and all operating procedures of the business– ensuring that owners are on the same page and thus reduces any risk of conflict due to misunderstandings.

Step 5: Get an EIN– An EIN or Employer Identification Number is issued by the Internal Revenue System (IRS) to identify a business for tax reporting purposes. This nine-digit number essentially acts as a Social Security number for a company. Businesses are required to have an EIN in order to open a business bank account and hire employees.

Final Thoughts

For those that have always wanted to start a business of their own, it would seem as if now is a perfect time, and it is. Entrepreneurs have a trove of resources that are readily available to them. Online platforms such as The Really Useful Information Company (TRUiC) provide in-depth reviews and resources that will help business owners to grow and develop their business.

© Scoop Media