There’s a strong chance you’ll need to get a local business license. A sole proprietorship is not distinct from the owner and, if it operates under a name other than the business owner's, must register a fictitious name. You might think you’re in the clear if your industry doesn’t require a statewide license or permit. This is Florida's simplest and most common business structure and involves an unincorporated business that is owned and operated by a single person.
This business structure also enjoys pass-through taxation.
General partnerships are quick, easy, and inexpensive to set up (as there are no organizational formalities) and do not need to register with the state. In a Florida General Partnership, the partners hold equal shares and equal legal status. The partners can enjoy pass-through taxation, flexibility in adding or removing partners, a varied type of partnership (limited partners can be people, corporations, LLCs, associations, or other partnerships), and an easy transfer of ownership. The second is a limited partner – someone who is an investor in the business but who is not involved in the management and cannot be held liable. The first is a general partner – someone who manages the business and holds all liability. In a Florida Limited Partnership, there are two kinds of partners. Each owner will contribute something to the business, such as money or property. They are formed when two or more people co-own a business and share in the profits and losses. Partnership.įlorida offers four different types of partnerships: General Partnerships, Limited Partnerships, Florida Limited Liability Partnerships, and Limited Liability Limited Partnerships. It also gives the business owner more flexibility in structuring the management of the business and allows for pass-through taxation. Limited Liability Company (LLC).įlorida LLCs offer limited personal liability to the business owner while not requiring the business owner to comply with corporate formalities, such as regular stockholder meetings. This also means that business expenses are more easily deductible for tax benefits, and share transfers and asset sales are made easier.įlorida has developed a zero-taxation model with corporation-friendly laws and fees that ranks Florida as one of the top states to be incorporated in. Florida Corporations are independent legal entities that separate the business owner from the business and give the owner limited liability protection.
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