Introduction
Hello, readers! Have you heard of a business purpose only license? If not, don’t worry, you’re not alone. This type of license is specific to the state of Florida and is required for certain types of businesses. In this article, we’ll dive into everything you need to know about business purpose only licenses in Florida, from eligibility requirements to the application process. So, grab a cup of coffee and let’s get started!
What is a Business Purpose Only License?
A business purpose only license is a special type of business license that is issued by the Florida Department of State, Division of Corporations. It allows businesses to conduct business in Florida for a specific purpose, such as owning or leasing commercial real estate, or holding investments. This license does not allow businesses to engage in any other type of business activities.
Who Needs a Business Purpose Only License?
You will need a business purpose only license if your business meets any of the following criteria:
- Owns or leases commercial real estate in Florida
- Holds investments in Florida
- Conducts business in Florida but does not have a physical presence in the state
How to Obtain a Business Purpose Only License
Obtaining a business purpose only license is a straightforward process:
1. File Articles of Organization
You must first file articles of organization with the Florida Department of State, Division of Corporations. This document outlines your business’s name, purpose, and registered agent.
2. Obtain an Employer Identification Number (EIN)
You will need to obtain an EIN from the Internal Revenue Service (IRS). This number is used to identify your business for tax purposes.
3. Register with the Florida Department of Revenue
You must register with the Florida Department of Revenue to obtain a Florida Sales Tax Certificate. This certificate allows you to collect and remit sales tax on any taxable sales.
4. Submit an Application
Once you have completed the above steps, you can submit an application for a business purpose only license to the Florida Department of State, Division of Corporations. The application fee is $100.
Advantages of a Business Purpose Only License
There are several advantages to obtaining a business purpose only license in Florida:
- Limited Liability: This type of license provides limited liability protection for business owners, meaning they are not personally liable for the debts and liabilities of the business.
- Tax Benefits: Businesses with a business purpose only license may be eligible for certain tax benefits, such as tax deductions and exemptions.
- Credibility: A business purpose only license can add credibility to your business and make it more attractive to potential investors and customers.
Table of Fees and Deadlines
| Service | Fee | Due Date |
|---|---|---|
| Articles of Organization | $70 | Within 30 days of forming your business |
| Employer Identification Number (EIN) | Free | None |
| Florida Sales Tax Certificate | $50 | Within 60 days of starting business |
| Business Purpose Only License | $100 | Within 30 days of starting business |
Conclusion
Obtaining a business purpose only license in Florida can be beneficial for businesses that own or lease commercial real estate, hold investments, or conduct business in the state without a physical presence. By understanding the requirements and following the application process, you can ensure that your business is operating legally and taking advantage of the benefits that this type of license offers.
For more information on business purpose only licenses and other business-related topics, check out our blog!
FAQs about "Business Purpose Only License" Florida
What is a business purpose only license?
A business purpose only license (BPOL) is a type of license that allows a corporation to conduct business in Florida. It is required for all corporations that are not registered as a non-profit organization.
What are the benefits of having a BPOL?
There are several benefits to having a BPOL, including:
- The ability to conduct business in Florida
- Protection from personal liability for business debts
- The ability to raise capital from investors
- The ability to sue and be sued in the name of the corporation
What are the requirements for obtaining a BPOL?
To obtain a BPOL, you must:
- File Articles of Incorporation with the Florida Division of Corporations
- Obtain a Certificate of Authority from the Florida Department of State
- Pay the required filing fees
How long does it take to get a BPOL?
The process of obtaining a BPOL can take several weeks. However, you can expedite the process by filing online and paying an additional fee.
How much does it cost to get a BPOL?
The cost of obtaining a BPOL varies depending on the type of corporation you are filing. However, the filing fee is typically around $100.
What are the ongoing requirements for maintaining a BPOL?
Once you have obtained a BPOL, you must file an annual report with the Florida Division of Corporations. You must also pay an annual renewal fee.
What happens if I fail to maintain my BPOL?
If you fail to maintain your BPOL, your corporation could be dissolved. This means that your corporation would no longer be able to conduct business in Florida.
Can I get a BPOL if I am not a resident of Florida?
Yes, you can get a BPOL even if you are not a resident of Florida. However, you must have a registered agent in Florida.
What is the difference between a BPOL and a non-profit organization?
A BPOL is required for all corporations that are not registered as a non-profit organization. Non-profit organizations are not required to pay taxes on their income.
Can I change the purpose of my BPOL?
Yes, you can change the purpose of your BPOL by filing an amendment to your Articles of Incorporation.