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Information On Starting a New Business
Sole Proprietorships and Partnerships
To create a Sole Proprietorship or a Partnership you will need to obtain a fictitious name (DBA) then get a business license with the county you work in. You may then get a Florida Tax ID number from the Department of Revenue.
Incorporating Your Business
To incorporate (which gives you limited liability as a corporation or LLC) you will need to file for Articles of Incorporation for your new entity, then you may obtain a Tax ID number (EIN) from the IRS and a business license from the county you are working in. You may also obtain a Florida Tax ID number from the Department of Revenue.
You may apply for a secondary name or DBA at the same time you file for your Corporation or LLC, but if you apply for a fictitious name BEFORE you create your corporation or LLC, it will NOT be attached to the corporation or LLC.
Why Form a Corporation or LLC?
The single most important reason people cite for forming a corporation or LLC when they do business is to safeguard the personal assets of the owners – that is the shareholders, stockholders or member of the corporation or LLC – against potential claims from creditors. Sole proprietors and general partners in a partnership are personally liable for all debts and obligations of their business, including loans, accounts payable, and liability from defective products.
Additional Resources
You may wish to check the IRS website for additional explanation of what the different structures might mean to your tax situation.
If our Common Questions or the IRS website does not give you enough information about taxes, please contact your accountant or CPA for more personal and in depth assistance.
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