Why You Should Consider Setting Up An LLC In Florida
Florida has a rich history of being one of the best states to own and operate a new business. With untapped potential, great market support, and endless business opportunities, the Sunshine State has become a popular choice for starting your Limited Liability Company. More so, Florida offers some great tax benefits, low-income taxes and in recent years been more progressive in creating an inclusive and diverse market of businesses and business owners.
Forming an LLC in Florida is relatively easy, and with the help of filing and formation service providers, the process might even be a lot simpler. Established LLCs have seen great support from domestic buyers, and because Florida attracts millions of international visitors each year, foreign investment opportunities can also become reality for LLC businesses. To form an LLC, take a look at the formation procedure, we give an in-depth run-through of the entire process.
What is an LLC?
A Limited Liability Company or LLC has become one of the most popular business structures for startups, small and medium businesses. The structure offers ease of setup and has some of the most convenient formation procedures compared to others such as partnerships, C-Corps, S-Corps, etc. More so, after forming your LLC, business owners are protected against a legal structure called the ‘Corporate Veil.’ This makes it possible for business owners to protect all of their personal assets in the event of bankruptcy, lawsuits, or any other financial or legal occurrence.
The Corporate Veil makes it possible for the business owners to still trade and operate their business as usual, but with added security against their personal assets being retained or taking by financial institutions. LLCs are a simple business structure that makes it easy for small business owners to establish themselves in the market.
Positives of having an LLC
LLCs can be the starting point for a small business growing into a large corporation. The formation process is simple, and even more affordable than one might think. Filing procedures can be completed by service providers online and in addition, LLCs offer more protection and financial security for personal assets.
Setting up an LLC in Florida – why should you consider this?
Active Buying Market
Not only is Florida a hub of talent and creative drive, but the physical buying market has also placed the state as having the fourth largest GDP in the United States. This means that not only do Floridians have more disposable income, but there is also a bigger amount of investors looking to assist small to medium-sized businesses. Floridians enjoy a comfortable lifestyle, and around 900 new people move to Florida each day.
State and Federal Support
Depending on where your new LLC may be located, but state investment into smaller startups and businesses has been growing over the last few years. More so, federal support for businesses who have been affected by natural disasters such as hurricanes, floods, and other disasters have seen around 22,000 businesses receive federal financial support.
Florida is the next startup state
Although there might be some well-established businesses and LLCs scattered across the state, in recent years the state has witnessed a boom in new startups being established in major metropolitan areas. Statistics have shown that over 50% of startups in Florida survive five years of trade, and with a growing market and stable state economy, the numbers will only keep rising.
Untapped Market of Opportunities
Florida has created an untapped market of business opportunities as the state has seen a spike in population growth. With towns becoming cities and cities expanding rapidly, new businesses are popping up in high-end neighborhoods, beach-front retail spaces, and in popular shopping districts. The lifestyle in Florida has also caused a lot of new businesses such as Drive-In Movie Theatres, assisted living facilities, clothing boutiques, and more being established.