Floridians have always enjoyed a lifestyle filled with bountiful natural resources and an untapped business market. The economic prospects of Florida based LLCs or Limited Liability Companies have been soaring over the last few years, with almost 2.5 million small businesses registered in the state, and nearly 600,000 employers are small business owners.
Starting an LLC in Florida is a lot easier, as the state offers low-income tax and attractive business ventures for upcoming entrepreneurs. If you’re an enthusiastic entrepreneur or young business owner looking to set up an LLC in Florida, you can review our extensive ‘how to’ guide. Let’s take a look at some of the advantages of setting up an LLC in Florida below.
Ease of Formation Process
From the initial start, to finally opening your doors, the formation process is relatively easy, with minimum personal requirements from business owners. The five important steps which need to be thoroughly completed include, naming your LLC, choosing a registered agent, filing the Articles of Organization, creating an Operating Agreement, and finally registering for an Employee Identification Number (EIN) with the IRS.
Once you have fully completed these five steps, paid the state filing fees, and ensure you meet all the requirements your LLC has been formed and you are ready to start operating.
Open for International Business Owners
Both the Internal Revenue Service and Florida Department of State have a very lucrative agreement with international business owners looking to form and operate a new LLC in the state. Internationals would not need a Social Security Number to register for an EIN, and would only need to comply with both state and federal regulations, and complete the IRS FORM SS-4.
4th Largest GDP in the U.S.
Florida has the 3rd biggest population, and one of the biggest GDP’s in the U.S. According to the Small Business Development Center, Florida had a $1 trillion GDP in 2018, ranking it as the 4th largest state economy among California, Texas, New York, and Illinois. Additionally, around 900 new people move to Florida each day, with a projected state population of 26 million by 2030.
Lucrative Business Opportunities
A prominent aspect of starting an LLC in Florida is its endless lucrative business opportunities. From Drive-In Movie Theatres, assisted living facilities, clothing boutiques, and towing companies to only name a few, Florida has an untapped market of opportunities, which is why the Sunshine State is one of the most popular places for LLC business.
Start-ups are more prominent
Florida has ranked a median percentage for a 5-year success rate on a start-up business, with almost 50.2% of start-ups lasting more than 5 years since opening. This can be linked to the well-established state and federal support for Florida start-ups and small businesses.
The same report released by the Small Business Development Center revealed that almost 22,000 businesses received federal financial support, this estimated to around $119.6 million in disaster loans. These disaster loans were designated to zip-code areas that were severely affected by hurricanes and other natural disasters according to FEMA.
Efficient Department of State Processing
Once you have started the formation process and completed all the needed documentation, filed your LLC operating agreements and articles of organization, processing normally takes 2-4 weeks. This means that business owners can expect to have a registered LLC business within a month.
LLC formation services and support
Just like many other states, certain formation support services are available to new business owners to help make the formation process a lot easier. Depending on which county or district your LLC will be in, there are a lot of great business formation services to your disposal, all hosting different services and an affordable price for smaller businesses.
Urban cities and municipalities such as Orlando, Miami, Tallahassee, Jacksonville, and Tampa have some of the best formation services providers in Florida.