The first step to start your plumbing business is to earn your Florida contractors license by passing the exam and proving your experience and financial responsibility through documentation. This is a very thorough process and, if not done correctly, can take a long time to complete. We strongly advise the use of a Florida contractor application services to help expedite your licensing process and guide you through to the next step.
The next step required to start your plumbing business in Florida is to decide what type of business structure best suites your future goals and vision for your company. There are two main options for business structures for Florida contractors: LLC or Corporation. Our Florida contractor corporate/LLC setup services help you determine the best course of action for your business in relation to the future goals that you want your business to achieve. The structure of your business should reflect your plans for growth and development. Some smaller contractor companies benefit from establishing an LLC, while some larger companies should have a corporation for tax benefits. Our contractor corporate setup consultants will help you decide which option is best for your business needs.
According to INC.com, both a corporation and a LLC for contractors have tax benefits:
Another common aspect of LLCs and S corps is that they help you avoid paying both personal and corporate taxes. The difference is that in an S corp, owners pay themselves salaries plus receive dividends from any additional profits the corporation may earn, while an LLC is a “pass-through entity,” which means that all the income and expenses from the business get reported on the LLC operator’s personal income tax return, says Ebong Eka, a CPA who also pens his own blog about the world of entrepreneurship at MoneyMentoringMinutes.com.
At Contractors Reporting Services, we offer Florida contractor corporate/LLC setup services for your Florida contractor application services to help you build your successful contractor business. Call us today to schedule a consultation.
Contractors Reporting Services
13795 N Nebraska Ave
Tampa, FL 33613