Business Set Up
Starting your own business can be overwhelming, especially navigating the local, state, and federal registration requirements. All Accounting Services & Taxes can assist with business registration, tax ID number, and BOI Report.
Unsure of how to structure your business? Our experienced corporate accounts will help guide you through the options such as Sole Proprietorship, Partnership, Limited Liability Company (LLC), Corporation. At All Accounting Services & Taxes, we understand the tax filing implications for each option which can save your hard-earned money when filing your corporate taxes.
Business Set Up FAQs
A Tax Identification Number (TIN) or Employer Identification Number (EIN) is issued by the IRS and is essentially a Social Security number for your business. Most businesses need an EIN, especially if they have employees, operate as an LLC or corporation, or file excise or employment taxes.
As of December 5, 2024, a federal court issued a temporary order suspending enforcement of the BOI report filing. This is a preliminary injunction and could be reconsider at some point in the future. Contact us for the most up to date information.
Beneficial Ownership Information (BOI) often refers to details that certain regulatory bodies require for business transparency, such as ownership, structure, and operational details. Requirements vary by state and industry, and we can help determine if BOI filings are necessary for your business.
An LLC is a legal business entity that offers liability protection, whereas a DBA (“Doing Business As”) is simply a trade name registered for an individual or business. A DBA does not provide liability protection but allows businesses to operate under a different name.
Tax benefits vary by structure. LLCs and S Corps typically offer pass-through taxation, while C Corps face double taxation but may have other deductions. We provide an overview of tax implications and work with tax advisors to help you choose the best structure.
Operating an unregistered business can result in fines, loss of limited liability protections, difficulty in obtaining financing, and challenges with tax compliance. Registration is essential for legitimacy and legal protection.
Free Consultation
Contact us to learn more about the business set up requirements in the State of Florida and how we can help.