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Issue link: https://digital.miamilivingmagazine.com/i/1339738
Legal and Tax Benefit Programs Florida is one of the few jurisdictions that support single-member LLCs as corporate. This relaxed taxation has smart investors moving their companies to the area. Just recently, the Florida state sales tax rate applicable to the lease of commercial real estate property decreased from 5.7% to 5.5%. Prompting that the state will levy a 5.5% sales tax on all rent collected on commercial property. An added advantage to the South Florida commercial real estate market. The Florida Department of Revenue, Sales and Use Tax on the Rental, Lease, or License to Use Commercial Real Property states that “Florida state sales tax at the rate of 5.5%, plus any applicable discretionary sales surtax, is due on the total rent charged for renting, leasing, or granting a license to use the commercial real property in Florida, unless the rent is specifically exempt.” Relocation Tips Should your company decide to move to Florida, whether it be to enjoy the weather or for the tax laws, here are a few tips to consider for smooth transitioning. • Understand the commercial real estate market • Know the final destination • Research new pool of applicants to hire • Set a plan of action • Find a commercial real estate broker who will guide you along the process • Ensure business license intact