Florida - Checking off the boxes, what have I missed??? (Other Business Owners, please!)

[m1chelle1]

Its a loss the first year - cost of establishing the business.

Because it runs in the red, I've not opened a seperate bank account, but I **am** maintaining a very careful ledger. You should also be aware that, even though you aren't likely to have taxable sales (in fact, I'm not sure how you could, under that license), you do have to send in your tax report each Quarter. If you are late, they will give you a "grace" (which I've already used due to a filing snafu on my part - but they make a real clear threat that they will charge a minimum penalty next time there's a late filing, even if your tax liability is zero. For a business already running in the red... that's hurtful.

/edit reminds me, I need to dig thru records and send another off, so it doesn't arrive late.

each quarter for which license? I thought with the LLC its annually you have to file your reports. maybe i missed something, lol

 

[Texasclucker]

Thanks! Trying to set up the shell of a business in FL through which I can handle Shell Egg plus Hatching Egg/Live Poultry sales with all appropriate licensing and zoning for the State of FL. Not to make a profit, but primarily to protect my wife and I (and our homestead) from liability should someone decide to blame us for a lack of sanitation on their part after a purchase of eggs/poultry from us.

I know a number of posters here are "in the business" and in FL, hoping they might note anything I've either forgotten, or about to step into unawares.

Well all I have to say is that your better safe than sorry! Good deal i don’t sell chickens or anything like that so I couldn’t help you with the other aspects but it’s just good to make sure you’ve got all of your ducks in a row!

 

[U_Stormcrow]

Having a Florida Tax ID for the business means I also have to file a quarterly "collected tax" statement.