Business is booming in Florida, with the state ranking 8th overall for the best states in the USA for business in 2023. Lake County is standing out as one of the fastest-growing counties in the state for both business and residential structures.
Officials are now trying to keep up with the growth, especially as more entrepreneurs start their own limited liability companies (LLCs) in the area. The state saw 467,000 jobs in spite of Omicron in 2022, so it’s interesting to see how the tides will turn in the latter half of 2023 in the midst of inflation. Potential business owners will likely be interested in how the economy fares for launching LLCs in the current climate, and how easy it would be to do so today.
How do you start an LLC in Florida?
It doesn’t take much time and effort to form your own business in Florida. Formation regulations are relatively forgiving, especially in comparison to other rigorous states like California. In fact, there has recently been some controversy surrounding Governor Ron DeSantis’ comeback campaign as a new LLC was formed within days of its kickoff. Its sole expenditure was labeled ‘travel’ when looking through his report.
For entrepreneurs wondering how to start an LLC in Florida, the process is very simple and short despite having plenty of steps. The Secretary of State has all necessary formation filing available on their website, so the entire process can be done purely online. There are also a variety of commercial services that are legally recognized by the state to handle the entire formation process for businesses.
In 2023, the state has maintained that every LLC must have a registered agent before it can legally operate. PO boxes aren’t allowed to be designated, though commercial agents can take on the role. The Florida Articles of Organization cost $155 in total, covering the filing fee, certified copy, and certificate of status.
Regardless of economic shifts, LLCs still receive pass-through taxation in Florida. This means that any businesses registered as LLCs will not pay taxes on an entity level. Instead, the business owner’s tax return will determine taxation. In turn, double taxation is avoided throughout the state.
Is it the best time to start an LLC in Florida?
Of course, starting an LLC isn’t just about how simple it is to do so in general. In terms of the current economic climate, there are various factors that may affect how feasible it is to launch in Florida and its respective districts in 2023.
A particular challenge to keep in mind is that certain areas are facing an influx of scams targeting small businesses. Orlando police have released a warning that an ongoing scam regarding an “October Festival” has been spread both on social media and through physical flyers. Throughout the state, small businesses are also being targeted by cybercriminals. The FBI notes that roughly 33 billion accounts will likely be breached in total by the end of 2023.
On the other hand, the economy seems to be bouncing back slowly but surely as Florida’s private job sector sees a 0.5% growth rate. This has already exceeded the national rate. Additionally, Lake County joins Broward, Osceola, Duval, Pasco, Palm Beach, Polk, Lee, Hillsborough, and Orange as the top counties with the largest increase in new residents in the last decade.
While inflation rates are still seeing an all-time high, this hasn’t completely stifled buying confidence among citizens. Those in lower socioeconomic levels are also being assisted by the state, with Florida being among the states handing out stimulus checks to offset inflation costs. The Temporary Assistance for Needy Families determines eligibility for this program, with a 4th stimulus check expected in the last quarter of 2023.
Considering all of these factors, it’s potentially very profitable to start an LLC in the Sunshine State. After all, Florida has actually ranked first in the country in terms of economy. It also ranks in the top half of the nation in terms of infrastructure, workforce, capital, and technology.
