Don't Let Taxes Stumble Your Start-Up
February 10, 2026
Starting a new business is exciting! Whether you are turning a long-time passion into a business for the first time, or a seasoned entrepreneur adding to your portfolio, there are important tax responsibilities associated with running a business.
Don’t let essential tax requirements trip up your business before it has a chance to get off the ground. The IRS has lots of helpful resources for new business owners and as your trusted advisors we are always here to guide you as well.
Choose A Business Structure
The business structure you choose determines what type of tax return the business will need to file, as well as how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.
The Small Business Administration has some great resources to help you determine which business structure is right for you.
Below is an overview of the most common business structures and how they are treated for tax purposes:
Sole proprietorship: An unincorporated business owned by an individual. There's no distinction between the taxpayer and their business.
Partnership: An unincorporated business with ownership shared between two or more members.
Corporation: Also known as a C corporation. It's a separate entity owned by shareholders.
S Corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
Limited Liability Company: A business structure allowed by state statute. If a single-member LLC does not elect to be treated as a corporation, the LLC is a "disregarded entity," and the LLC's activities should be reflected on its owner's federal tax return as a sole proprietorship.
Know Your New Tax Due Date
Once you have selected your business structure, make sure you understand what type of tax filings will be required and when the due dates are. You can download a form due date list from our website here or you can always reach out to us for help determining what will need to be filed for your new entity and when.
Legally Register Your New Business with The State of Florida
We strongly encourage you to work with an attorney for this step of setting up your new business. Here is a brief overview of the steps you will take alongside your attorney to officially create and register your new business with the state of Florida.
Choose your Business Name: You can check the availability of your desired business name by searching for it in the SunBiz database.
Register with the state of Florida: Once you have selected your new business name, you can begin the processing of registering your business with the state of Florida through SunBiz.org During this process, you will need to file Articles of Organization or Articles of Incorporation depending on what business structure you have chosen. We strongly encourage you to work with an attorney on this.
Apply for Your Employer Identification Number (EIN)
An Employer Identification Number (EIN), sometimes called a “Federal Tax Identification Number” is used to identify your business. Most businesses need an EIN, but if you are unsure if your business needs one, the IRS has a helpful tool to help you determine here.
Once you have obtained your EIN, it’s important you send this information to your CPA, as we will need this for any tax filings.
You should also be mindful to keep your business mailing address, location, and responsible party information up to date. You are required to update any changes in this information with the IRS within 60 days.