Forming a New Business in Florida
If you want to start a business in Naples but are unsure where to start, you should contact us, the Nici law Firm. James R. Nici is a qualified business planning attorney who can guide you through every step of the process.
Below are several steps to forming a new business in Florida. Let us help you with them.
1. Research Your Business Idea
The first step of starting a business is making sure that your business idea is viable. Before you begin, some of the questions you should answer include:
• What products or services will you be offering?
• Who are your target customers, and how are their needs currently being met?
• Who are your competitors?
• How are your products or services different from your competitors?
2. Create a Business Plan
A business plan is a document that details your company’s objectives and how it plans to achieve its goals. It serves as a roadmap for how to structure, run, and grow your business. It can also help you get funding or bring on new business partners.
3. Choose Your Business Entity
Before registering your business, you must decide on your business structure. There are various types of business entities in Florida. Some examples include sole proprietorship, limited liability companies (LLCs), limited liability partnerships (LLPs), and corporations. Each option has pros and cons. A lawyer can help you decide which business structure best suits your specific needs and goals.
4. Register Your Business
You must register your new Naples business in the state of Florida. The forms and fee schedule can be found on the Florida Department of State Division of Corporations website. An attorney can assist in ensuring that your business is properly registered. You will need to provide the following information when registering your business:
• The name of your company;
• A federal EIN (not required for sole proprietorships and LLCs with no employees);
• Your full name;
• Your business address; and
• The name and contact information of your registered agent.
5. Register Your Business Name
If your sole proprietorship or general partnership uses a name different from your legal name, you must register a fictitious name with the Florida Department of State. Registration of a fictitious name is not required to form a corporation, limited liability company, or limited partnership.
For LLCs and corporations, you must ensure that the name is available and distinguishable from the names of the other business entities on file with the Florida Department of State.
6. Register to Pay Taxes
As a business owner, you will need to pay Florida taxes. You must register your business with the Florida Department of Revenue. In addition to state taxes, when you open a business in Naples, you must obtain a business tax receipt and pay the applicable business tax.
7. Apply for Business Licenses and Permits
Depending on the type of business you are forming, you may need to apply for specific business licenses. For example, real estate brokers, medical professionals, accountants, and architects need a Florida business license. Be sure to check local Collier County and Naples business licensing regulations and permits to ensure you operate legally. If you are opening a business in the City of Naples, you must obtain both a City and County license. If you fail to comply, you may face significant monetary and criminal penalties.
8. Obtain Insurance
In Florida, if your business has employees, you must maintain workers’ compensation insurance. The specific workers’ compensation insurance requirements will vary depending on the type of entity, number of employees, and industry. In addition, Florida businesses must have unemployment insurance (known as “reemployment tax”).
Other forms of insurance are not legally required, but you may want to explore them to protect your new company. Examples of insurance options include:
• General liability insurance;
• Commercial property insurance;
• Business interruption insurance;
• Commercial umbrella insurance;
• Commercial auto insurance;
• Business owner’s policy;
• Cyber liability insurance;
• Product liability insurance; and
• Errors and omissions insurance.
9. Set Up Your Finances
When forming your new business, you will want to set up a business bank account and apply for a business credit card. You should also establish a system for managing your accounting.
Call James Nici, Naples Business Planning Lawyer
If you have questions about forming a new business in Florida, you should contact James Nici and the Nici Law Firm. As a qualified Naples business planning attorney, James R. Nici is an experienced attorney with over 25 years of experience. We can help guide you through the seps to establish your business in Florida. Contact our office today at (239) 449-6150 or use our web form to set up a free consultation.
