States like Florida and Texas enjoyed a lot of attention lately thanks to a corporate exodus out of California. Whereas Silicon Valley traditionally held the title for Tech startups, Florida has seen a few interesting cases of success in this sector.
Companies such as Phoenix Tower International is a successful startup based in Florida, United States. The start up was founded in 2013. They aim to “own and operate high quality wireless infrastructure sites around the world in stable markets experiencing strong wireless usage growth”. Phoenix Tech International is focusing on expanding infrastructure and operating throughout the US, Latin America as well as the Caribbean.
Top Tech Companies to Look Out For
Tech companies in America operate in so many industries, from the financial, construction and gaming industry, to the law and hardware industry. Companies such as Robinhood and SoFi are tech companies that delve into the financial realm, aiming to help people with their money, cryptocurrency and stocks.
Other tech startups such as Shopmonkey, Commonwealth Fusion and Nuro specialist in software development, engineering and business product development, are evolving the world of business and the overall market in America. Most of these companies managed to get their start through the entity of an LLC.
How do you start a business in Florida?
Starting a business isn’t just about having a business idea. According to the U.S Small Business Administration, starting a business requires key decisions to be made. You have to do research on your target market then plan out your business idea. In addition, you also need to consider the amount of capital needed and where the company will be based. It is also suggested that you take care of the legal paperwork such as taxes, business name, licenses and permits etc, in order to start your business.
When you start a business it is important to take into consideration the type of business structure you want because your legal paperwork will be affected by it. You can choose to start your business solo where only one person owns the business. Although, you can choose a partnership where you have to take liability.
However, if you want a business structure with no liability which is a benefit, you can choose the Limited Liability Company (LLC) business structure. LLCs are becoming one of the most notable business entities in the entire country, with millions of different LLCs being created all over the country each and every year.
Here are guidelines to start a Florida LLC if you love the state, support it’s business culture and want it’s tax benefits.
LLCs offer entrepreneurs an opportunity to easily establish their tech startup with added benefits of personal asset protection and flexibility. Here is a breakdown on how to start an LLC, so that new potential entrepreneurs can be a part of the tech roundup lineup in America. So what are the typical steps to take to start a business in Florida?
Name Your Company
When choosing a name, you need to make sure that the company name complies with the Florida law regulations and requirements. It is suggested that you choose a name that will be accessible to your customers. The name needs to include LLC.
To make the name searching process easier, some people make use of name search websites. It is also advised that you check a website domain if you would like a business website.
Tech startups in America such as Epic Games, Magic Leap and more have names that perfectly convey what the company is about.
Find a Registered Agent
A Registered Agent can assist you with legal paperwork and be a mediator between you and the state. It can make the process easier for you. A registered agent must be an individual whether it’s you or someone else that is a resident of Florida or a registered agent service.
File your Articles of Organization
For the registration of your Florida LLC, you will need to file a Form LLC-1 – Articles of Organization with the Florida Division of Corporations via online or through the mail.
Create an Operating Agreement
An operating agreement is not required however it is suggested that you have one. The agreement will outline the ownership details and operation procedures. The agreement is beneficial for everyone to fully understand everything about the LLC.
Get an Employee Identification Number
An Employee Identification Number is used to track a company and its taxes. It is required for financial accounts, taxing and recruiting purposes. You can get an EIN online or through mail.
Starting an LLC in Florida is extremely beneficial for entrepreneurs who want to establish themselves in the market in a quick and efficient manner. Tech startups are specially benefiting from this type of business entity as it allows entrepreneurs to execute their unique and innovative ideas on the market, whilst having all the benefits related to flexibility and personal asset protection.
The tech industry is currently booming in Florida, with various different products and services being delivered to create dozens of categories with variety. Not only is the state of Florida benefiting from this economically, but tech-based businesses are flourishing.
This is an industry that still has many more years of development to come. It will stand the test of time, which is why so many business owners are creating tech-based LLCs. Sustainability is the name of the game, and it shows, as entrepreneurs are constantly trying to create something new in the realm of technology in the United States.