Reasons Why Florida May Be the Best State for Start Up Businesses
Everyone knows that Florida is a great place to retire. What many people don’t realize it is also a great place for young entrepreneurs and middle age individuals to relocate and settle down. Florida not only has the perfect warm climate, but it is also a great place to start your small business. An experienced Tampa business transaction and formation attorney can explain all of the ins and outs of having a business in Florida.
Why Starting a Business in Florida Is a Great Idea
Your attorney will be able to explain to you all of the business laws and regulations you will be required to follow when you start a business in Florida, but here are a few reasons you might want to consider setting up shop in the Sunshine State.
- Florida has a well-developed, strong infrastructure.
- The state consistently attracts Foreign Direct Investments
- It is situated in the perfect location for global networking.
- Florida has over 10 million workers giving, it the title of having the 3rd largest workforce.
- Florida has a high number of healthcare and tech workers available.
- Graduates in Florida are extremely focused on development, research, and technology compared to other states.
- There are an unusually high number of graduates who have associates degrees or higher.
- Florida is linguistically and culturally diverse.
- Florida has no personal income tax, and classifies businesses structured as LLCs are taxed as they are for federal income tax purposes, allowing business owners to avoid the state corporate income tax.
Florida is Ranked as a Top 10 State to Start a New Business
Studies list Florida as one of the top ten states in the United States to start a new business. They gave Florida this ranking based on the following:
- The level of current startup activity.
- The survival rates of new businesses.
- Availability of employees.
- Productivity based on per capita gross domestic product.
- Potential employee education level.
- Cost of living in Florida.
- The business tax structure of Florida.
High rankings in the above categories demonstrate a greater potential for business success with much less risk. This would also explain why Florida is the second-highest state for startup businesses.
In addition to having compared taxes collected by all U.S. state governments, the Tax Foundation’s State Business Tax Climate Index rated the Sunshine state number four due to the positive tax climate they have created for startup businesses and businesses in general. Many small businesses are exempt from paying state income tax, but even larger corporations will find Florida to be lenient when it comes to taxes. The standard corporate tax in Florida on federal taxable income is just 5.5 percent.
Starting a New Business in Florida Means Finding a Business Planning Attorney
If you are considering starting a new business in Florida or already have a business in Florida, you need to consult with an experienced business attorney. David Toback, has years of experience dedicated to helping businesses get started and grow in Florida. Contact our office today to schedule a consultation.