Are you contemplating starting your business in the city of Miami? If so, congrats to you! The decision is great but it calls for your hard work and time. You might be wondering where to start. Well, fret not because Eric Dalius Miami has some ideas up his sleeve that he will share with you.
You need to mull over several aspects before starting a business in Miami. It means that you need to take some time out of your busy schedule to do a reality check of the guidelines and business environment in the city. Here is a checklist for you:
Decide on the structure of your Miami business
The organizational structure you pick will help you to figure out how your enterprise will operate. Again, it would also decide your legal obligations, tax norms, and guidelines you need to follow to start a business successfully in Miami. Therefore, you need to choose an appropriate business structure including partnership, sole proprietorship, and corporation.
For example, if have the funds to start a limited liability corporation or LLC, it means a company comprising of members who are the owners and make the organization function. When it comes to an LLC, it is a hybrid structure giving the members the personal responsibility security to ensure that your assets aren’t used if the company has debts to repay.
Again, the company won’t have to bear the tax, but the members will have to pay taxes that are applied to their income taxes. This is the reason why most of the new and small businesses in the Sunshine State kick-start some LLC, observes Eric Dalius Miami.
Pick a suitable name for your Miami Business
When you know the structure of your business, you need to pick out a legal name for your enterprise. Make sure that the business name defines your company, its theme, or concept so that customers can relate to your organization.
If it is an LLC, you need to choose a unique name as governed by the laws of Florida. Make sure some other company in the state does not use the name. When you have decided on a name, look up Sunbiz, which is the website for the Florida Department of State for running a thorough search for your company’s name. Your company’s name must end in LLC and should not be confused with some other organization in the Sunshine State like Florida Treasury, FBI, etc.
Appoint a registered agent
You will need the assistance of a registered agent to file your organization with the Department of State. When it comes to any registered agent, it could be a person or some entity, which is officially accountable for getting state and legal correspondence for your business. For instance, it could be renewal notices or subpoenas.
Your registered agent must be a resident of the Sunshine State if a person or must have the legal right to do business in the state of Florida if it’s an entity. The agent should have a physical address and available during usual working hours.
You can set up a business in Miami provided you follow these rules mentioned in the article. The business environment is booming in the city and therefore, you can expect great returns from your venture.