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Prepare a business plan and materials:
1. Define your business, products and services, and outline your goals, operating procedures and competition in a business plan. If your company needs funding from a traditional loan or venture capitalists, a business plan will be required. Make sure your plan includes a marketing approach, so people are aware of what you're selling and how to find you.
2. Create a business logo, cards and stationery. These items establish your company’s identity and help potential customers find and remember you.
Meet legal requirements
3. Select an accountant and attorney. Many small business owners seek advice from accountants and attorneys.
4. Get tax identification numbers, licenses and permits. A federal tax identification number or employer identification number (EIN), acts like a social security number and is required for corporations and LLCs that will have employees.
5. Obtain all necessary businesses licenses and/or permits to operate—in your city, municipality, county and/or state.
6. Insure your business and investigate other requirements.
7. It is crucial to separate business finances from personal ones, so open a business bank account. Most banks require company details (formation date, business type, and owner names and addresses).
8. Establish a business line of credit. This will help reduce the number of times your company prepays for purchased products and services. It also helps establish a strong credit history, which is helpful for vendor and supplier relationships.
Qualified Target Industry Tax Refund Program (QTI) – Designed to encourage the creation of high-skill jobs and encourage the growth of corporate headquarters and other targeted industries. QTI provides a tax refund of $3,000 per new job created in Florida through the expansion of existing Florida businesses or the location of new ones. (This increases to $6,000 per job within an Enterprise Zone or Rural County). A business is eligible for a $1,000 per job bonus if it pays over 150% average wage in the area, and a $2,000 per job bonus if over 200%. Projects must be supported by their community to the amount of 20% of the incentive.
Qualified Defense Contractors Tax Refund Program (QDC) – A tool to preserve and grow Florida’s high technology employment base, giving Florida companies a competitive edge as defense contractors consolidate defense contracts, acquire new contracts, or convert to commercial production. Pre-approved projects receive tax refunds of up to $5,000 per job created or saved in Florida. Projects must be supported by their community, which provides funding for 20% of the incentive.
- Preparation of Shareholder, Limited Liability Company Operating, Partnership, and Joint Venture Agreements to govern the client’s business relationships.
- Advice and analysis of prospective business opportunities, corporate governance issues, reorganizations, acquisitions, affiliation and employee benefit matters.
- Preparation of transactional and annual business operating documentation.
- Preparation, negotiation and closing of stock and asset purchase transactions.
· Preparation of sales and services agreements, equipment sale & leasing agreements, independent contractor agreements, franchise, marketing and distribution agreements, and indemnity, confidentiality, non-compete and non-disclosure agreements.
· Handling transactions involving the purchase and sale of businesses, business merger and acquisitions, investments, financing, and joint venture transactions.
Liability coverage can protect a business from loss as a result of injuries, deaths or property damage caused by a business’s operations, employees or products.
Two types: “Premises and operations” coverage pays when a business is legally responsible for an injury claim. “Products and completed operations” coverage, commonly called “product liability,” helps pay for monetary losses that result from injury or damage caused by a company’s product. In Florida, commercial automobile insurance coverage is required on all vehicles owned by the company or personal vehicles operated by the company’s employees while on the job.
“Replacement cost” coverage pays to replace or rebuild buildings and other property, as long as the property is insured for replacement value.
Florida's Workers’ Compensation law requires employers that have four or more employees, either full-time or part-time, to have workers’ compensation coverage for their employees. Sole proprietors and partners are not considered employees. Corporate officers are included in the definition of “employee.”
Business Interruption - When a business must close because of an insured property loss, a business interruption policy, called “business income insurance,” pays ongoing expenses such as rent, utilities and some or all payroll expenses.
“Extra expense insurance,” another type of business interruption coverage, reimburses for special expenses that help a business minimize losses by getting up and running.
Directors’ & Officers’ Liability - When employees, shareholders, government agencies and others allege that the company has suffered financial losses due to company mismanagement, the response is often to sue directors and officers. This coverage protects both the company and individual executives.
Key Man - When one or two individuals are vital to a business’ success, it’s important to have key-man insurance. The insurance protects the business in case of the death of the essential individual. The company buys and pays for a key-man policy — similar to a life insurance policy — on a specific individual, and the death benefit goes to the company rather than to the individual’s family.
Marc J. Soss, Esquire
This website has been prepared for informational purposes only and does not constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask me to send you free written information about my qualifications and experience.