The process of business formation can be a highly complex and overwhelming endeavour for a first time business owner as well as for a seasoned business professional. Florida has the fourth largest population in the country which serves a thriving business community made up of some of the largest U.S. corporations as well as a multitude of small businesses. At Reinfeld & Cabrera, P.A. we want to guide you through the steps of business formation as quickly and painlessly as possible in order for you to begin reaping the benefits of being a business owner in Florida.
When considering business formations, here are a few steps to break down the process for you:
- Naming your business – choosing a name for your business is crucial. When incorporating, the name of your business has to be unique. In other words, no other company can have the exact same name.
- LLC or Corporation? – deciding whether your business should be a Limited Liability Company or a corporation depends largely on the business owner and their personal preferences for running their business. However, this decision should not be taken lightly as there are many financial and legal implications of both entities. Attorneys, such as the ones at Reinfeld & Cabrera, P.A., can offer sound professional advice and guidance when it comes to making the best choice for you.
- Articles of Business Formation – once you have completed the first two steps, you will need to file the articles of incorporation with the Florida Department of State to legally create the entity. There are many requirements when filing these forms and the experienced attorneys at Reinfeld & Cabrera, P.A. can be of great assistance when dealing with this.
- Obtaining your FEIN – next, a request for a Federal Employer Identification Number (FEIN) from the IRS may need to be submitted. The decision whether or not to obtain a FEIN relies on if your business formation is a corporation or a LLC. If it is former, a FEIN will definitely need to be obtained. However, if it is the latter and there is only a single owner of the LLC, the choice is up to the business owner.
- Licences – there are many licenses which need to be properly acquired before a business can operate legally. These may either be a business license/occupational license or business tax receipt. They need to be registered with county in which your business operates and it is best to check with an attorney or your local tax collector’s office to see what your county requires.
- Banking – lastly, a bank account will need to be opened up in the businesses name and all monies coming in or going out of the business will have to be through this account.
Consulting an experienced attorney such as Reinfeld & Cabrera, P.A. will simplify this complicated process of business formation, enabling you to enjoy the fruit of your labour and see your business flourish.