Should I Start a Business in Florida?

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As a great many New Yorkers have noticed, Florida is not just a lovely location for retirement, but provides pleasant, easy living for young people seeking a place to settle and middle-aged individuals looking to relocate. With its well-deserved reputation as “The Sunshine State,” Florida not only has a warm climate, but is much less crowded than New York and moves at a slower, more relaxed pace. What not everyone knows is that Florida is also a wonderful place to start a small business. If you are a New Yorker considering opening a business in Florida, it is essential to consult with a business attorney who has comprehensive knowledge of Florida business and tax law. Optimally, you should have an attorney who deals with individuals in precisely your situation, that is, New Yorkers who, whether already snowbirds or not, want to establish a small business in the Southeast. 

Compelling Reasons that Business Formation in Florida Is an Excellent Idea

  • Florida has a strong, well-developed infrastructure
  • Florida is situated perfectly for efficient global networking
  • Florida consistently attracts foreign direct investments (FDIs)
  • Florida has the country’s 3rd largest workforce (more than 10 million workers)
  • Florida’s has an especially high number of available tech and healthcare workers
  • Florida is culturally and linguistically diverse
    Florida’s college graduates are highly focused on research and development and technology as compared to other states
  • Florida has a unusually high number of graduates with associate degrees
  • Florida not only has no individual income tax, but classifies most LLCs as partnerships or disregarded entities so they do not pay state income tax

Rated Among the Top 10 Best States in Which To Start a New Business

According to Business Insider, an American financial and business website that operates internationally, lists Florida as one of the 10 best states in the U.S. in which to start a new business. They rate states on the following criteria:

  • Level of startup activity
  • Business survival rates
  • Productivity, based on per capita gross domestic product (GDP)
  • Availability of employees
  • Education level of potential employees
  • Business tax structure
  • Cost of living

High ratings on all of the above demonstrate decreased risk and greater potential for business success. Attesting to this is the fact that Florida has the second-highest density of startup businesses in the U.S. and an outstanding business tax climate, including its absence of individual income tax.

Rated Fourth by the Tax Foundation’s State Business Tax Climate Index

In addition, having compared taxes collected by all state governments, the Tax Foundation’s State Business Tax Climate Index has rated Florida number four in terms of its positive tax climate for businesses.

Business Formation in Florida Requires a Savvy Business Attorney

If this blog has whet your appetite for starting a business in Florida, whether you already have a business in New York or not, the first crucial step to take as you explore your options is to meet with an attorney well-experienced in business formation in the Sunshine State.