How do you set up a business in Florida - Part 1: The types of businesses

 

For those reading this information, thank you, in advance for taking the time to do so.  Please know that this information is not intended to constitute legal advice for your unique situation, but is only provided as a general and helpful means of information to those interested in doing business in the State of Florida.  The author, Palm Beach Gardens business lawyer David Steinfeld, is a Florida Bar Board Certified expert in business law and provides advice that is tailored to the unique needs of business people.  Other helpful information on Florida business law and real estate law is on this website www.ThePalmBeachBusinessLawyer.com

 

In Florida at present there really are no burdensome requirements to set up a business other than having a credit card and a physical address for a registered agent.  For example, there are no citizenship requirements or bonds or a test to pass, which would seem to promote the open development of business in the State.

 

There are three types of business entities in Florida.  They are the corporation, which is designated by the letters “Inc.”, the limited liability company, designated by the letters “LLC”, and the partnership with its various permutations that can be represented by letters such as “L.P.” for limited partnership, “L.L.L.P.” for limited liability limited partnership, etc.  The “S Corp” is not a legal business entity, but is merely a tax election that a business owner makes with its accountant.