Did you know that the state of Florida has been ranked by Chief Executive Magazine as the number 2 best state for business in 2021?
Florida is also known for having the fourth largest economy in the country. There, the industries with the highest GDP are: tourism, construction, agriculture, science and health.
The advantages of choosing Florida to create your business
Due to its pro-business status, Florida, also known as the “Sunshine State”, is considered a prime destination for doing business in the United States.
Many young entrepreneurs move there to start a business.
WalletHub ranks Florida in fourth place just after Texas, Georgia and California. The ranking is done among the 50 states and is based on three (3) measures namely business environment, business costs and access to resources.
Choose the LLC in Florida
When one thinks of creating a company in the United States, one immediately thinks of the state of Florida. But why? As mentioned above, Florida is a very popular state for its taxation. Taxes are low and there are solutions to avoid being taxed in the USA. USA-UAE SOLUTION
Let’s see what are the advantages of creating a company in Florida.
- The taxation on LLC is null in Florida;
- There is no income tax;
- The register of directors is not public;
- There is no shortage of cities to choose from to locate your business. You can choose between Miami, Orlando, Tampa, Jacksonville, etc.
Create an LLC in Florida
The first question that entrepreneurs automatically ask themselves concerns the legal status of the company they are going to create. Most often, when one chooses Florida, it is the LLC status that is chosen. Indeed, it is much easier to start a business in Florida under this legal form.
What is an LLC?
LLC stands for Limited Liability Company and is also known as a Limited Liability Company. This type of entity is the solution for start-ups, small and medium-sized businesses in the United States.
In other words, you get the benefits and protection afforded to large Florida corporations but with much more flexible rules.
The LLC is much more protective than other types of corporations.
What image for an LLC in Florida?
Although taxation is non-existent in other states, Florida remains at the top of the list for company formation in the U.S., thanks to its positive image in the business world.
As a reminder, the state of Florida has a zero income tax rate and a sales tax rate of only 6 percent.
Florida, unlike other states, enjoys a prestigious brand image. Although there is no income tax and low taxation, Florida does not appear on any of the OECD lists.
You also have the choice to run your business from within the US or outside the US, the choice is yours.
This state is also appreciated for all activities related to trade. There are many e-commerce companies, dropshipping, Amazon FBA, etc.
The advantages of an LLC in Florida
The reason why company founders in the USA choose this state is because it offers many advantages to LLCs. Among these advantages are:
- With LLC status, liability is limited to the business and allows beneficiaries to avoid liability and/or personal assets;
- The capital of the LLC does not have to be deposited or owned;
- The number of members in an LLC in Florida is not limited;
- Legal requirements are flexible with simplified accounting and quick annual reporting;
- The cost of the annual report is only $138.75 per year;
- If you have other sources of income outside the United States, then no income tax will be levied by the State of Florida.
Suggested reading: The advantages of starting a business in Florida
The State of Florida is therefore the ideal state to conquer the United States with the creation of a limited liability company also called LLC. Many advantages are offered to the entrepreneurs in particular a light taxation or even null.
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