Starting a construction company in Florida can be a profitable venture, but it is vital to make sure that you comply with all of the state’s regulations and requirements to avoid costly problems down the line. Here are the steps you should follow.
Step 1. Choose a business structure
In Florida, there are four basic business structures you can set up for your construction company: sole proprietorship, partnership, corporation and limited liability company. Choose one that’s appropriate for you depending on your goals.
Step 2. Register with the state of Florida
According to Florida business law, you must register your company before you start operating it. You can do it online, by mail or in person. The information you’ll need to provide during this process includes:
- Your business name and address
- Company owners
- Your business structure
- The estimated value of the company’s assets
Step 3. Get a business license
You can’t operate a construction company in Florida without a business license from your local municipality. When obtaining one, you will provide information such as the name and address of the company, a description of the types of services you’ll offer, proof of liability insurance coverage, etc.
Step 4. Obtain the necessary permits and insurance
The specific permits and insurance requirements vary depending on the type of work you will be doing. However, all construction companies in Florida are required to carry workers’ compensation insurance. This insurance provides coverage for employees who may be injured while working on your behalf.
Step 5. Hire employees
Onboard people who will help you achieve your business goals. While hiring, ensure to comply with all state and federal laws regarding employment. You should also familiarize yourself with the Florida Department of Labor’s wage and hour laws.
These steps will get you started on the right foot. Be sure to do further research on operating a construction company to ensure a smoothly run enterprise.