There are many things you need to know before you incorporate your company. The first is where to incorporate. Some people prefer to select the state in which they live as their “home state” for incorporation while others might open a business elsewhere. Florida is the home of over 19 million people. Everyday 1,000 more are moving there. The start-up business can reach out to all those people. Turning an idea into a successful business requires understanding the process and the requirements of Florida.
Ready, Set, Go!
If you have the idea for the business, you have completed step one. It’s important to sit and evaluate the start-up costs involved. Research on the market helps to understand the validity of your idea and create your business plan. It’s important to obtain the needed supplies, Federal Tax ID number, license, permits, contracts, invoices, service agreements, and business cards. Location is another piece of the puzzle to arrange. It’s also important to find your marketing tools, such as a website and marketing plan. Following through with this process leaves one more task. Every business needs a bank account.
Get in Line.
The bank has more than one purpose for a business. They have accounts, credit, and financing available. Start at the very beginning, with opening a bank account. Bring the Federal Tax Id Number. It is required for opening an account. It’s important to check around for the best interest rates. Remember that banks are businesses too. They have a product to sell. Amenities are a good perk to opening an account. Some banks will throw in free payroll processing or a security deposit box. High yielding accounts benefit businesses, but make sure you know the full terms. Some require a higher balance in the account. This may not be a feasible option for every business. Finally, when selecting your account, avoid limited time offers. They can be misleading.
Become Business Inc.
A business needs to become incorporated to protect individuals from liability. The state of Florida has legislation that lays out requirements for the process. Any business that wants to become incorporated must include corporation, incorporated, or company in its name. At least one director needs to be designated. They have to be over the age of 18 and are not required to live in Florida. Articles of Incorporation must be filed and include officers names and addresses, stock information, and a registered agent with contact information. At all times, a business must keep records of the Articles of Incorporation, bylaws and amendments, minutes of shareholder meetings, and records of all shareholder actions not requiring a meeting. The records must also include written communications to shareholders and a recent annual report. Keeping up with the ongoing requirements of being incorporated is imperative.
Florida might be the birthplace of something big for a business. Taking the time to know what steps need to happen, what types of services to select, and the rules of getting incorporated, are vital to make your start up business a success.