Small business owners know that running a business in Florida can be a complex matter. It all depends on the services or goods you offer and how the business is structured. No matter how easy or difficult it seems in theory, there is a web of legal issues to consider as a Florida small business owner.
It’s essential that you seek legal assistance. Any ignored or mishandled matter could ruin your livelihood. Issues, like negotiating the acquisition of assets or defending wrongful termination, are daunting and complicated. An attorney can help prevent you and your business from running into problems.
What’s more, you need a good understanding of both state and federal laws to ensure you remain compliant.
Becoming a Florida Small Business Owner
Before you start a business in our state, you should check with your particular county’s tax professionals to figure out whether or not you need a license. You’ll also have to register with the Department of Revenue and the federal IRS. If you operate a business with a fictitious name or a corporate entity, you’ll need to register with the Department of State in Florida, too.
About That Business License
Most small businesses in Florida must apply for a business license to operate legally. General business licenses are known as a business tax receipt. You can get a business tax receipt when you register the business with your county’s tax collector.
Whether or not you require further permits or licenses, and the costs of those, will all depend on where your business is in Florida and the type of business you want to run.
If you don’t get the right permits or licenses for the business, you risk facing hefty fines. At worse, you may be forced to close the business.
Licensing and Tax Obligations for Small Business Owners
Depending on the nature of the business, permit and licenses requirements, as well as tax obligations, can be complex matters.
Most counties require a Florida small business owner to have at least a general business license. But there is a range of different requirements for different industries. That means you’ll need to delve into industry-specific licenses, too, to ensure your business is compliant on a local, federal, and state level.
If you simply require a general business license, you can probably do this yourself. But it all becomes confusing when you need different specialized licenses and permits. An experienced attorney can help you navigate the different requirements to ensure your small business is fully compliant.
Dealing with Insurance Requirements
If your small business requires staff, you’ll need to pay unemployment compensation tax. The funds from these taxes go toward the UC Trust Fund, a fund that provides support for workers who can and will work but don’t have jobs.
Besides unemployment tax, as a Florida small business owner, you’re also responsible for worker’s compensation insurance. This helps compensate workers who are injured on the job. Such insurance can be obtained through the state’s Worker’s Compensation Joint Underwriting Association. You can also take out insurance through a commercial services insurance agent.
Start Strong with the Right Advice
We know that small business owners wear numerous hats. But you don’t need to navigate the complex Florida business laws alone. While you must familiarize yourself with the different regulations and laws pertaining to your business, you can leave the details to the professionals.
The number one tip we can give you is this: give your new business the best chance of success by making sure it’s fully compliant with state laws.
Get in touch with a small business attorney at Principal Law Firm today for the right advice and help.
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