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Small Business Insurance

Florida Business Brokers, LLC is now offering insurance for all your small business insurance needs. Contact us today for more information.

Business Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

Learn more about small business insurance types and plans

Auto Repair Shop for Sale Florida

7_bay_auto_repair_shop_for_sale_floridaBusy Auto Repair Shop with 7 Bays

Lantana, FL (Palm Beach County)

Auto repair shop in a stand-alone building with 7 bays and 6 lifts. They do general auto maintenance, body work, tires, and oil changes. They will have over 1500 customers this year, which has been increasing over the past 3 years. The owner is not a mechanic and wants to focus on his car sales business. The location is large with lots of room to add a detailing station or to create a quick oil change station. Established in 2006. Asking price is only $150,000 with gross income of more than double the asking price. Contact Florida Business Brokers for more information on this auto repair shop for sale in Lantana Florida.

Facilities:Auto repair shop in a stand-alone building with 7 bays and 6 lifts. The location is large with lots of room to add a detailing station or to create a quick oil change station. The location is on Dixie Highway with plenty of room to add spectacular road signage. The lease is very low at $3,500/Mo and they are offsetting it by another $1,000/Mo by renting one bay to a window tint business. The main office is large and has some space that is not being used but would work great for retailing or storing parts.

Competition:They do general auto maintenance, body work, tires, and oil changes. They will have over 1500 customers this year, which has been increasing over the past 3 years. Business has been on the increase even without advertising. The shop has a good name and a solid client base. The business generates some cash, the amount would need to be discussed with the seller.

Growth & Expansion:They do general auto maintenance, body work, tires, and oil changes, but the main focus has been tires and A/C service for drive by customers. With advertising and expansion this can be changed to add oil changes and detailing. The lease is very low at $3,500/Mo and they are offsetting it by another $1,000/Mo by renting one bay to a window tint business. Their client base has been increasing as the yearly sales summary report attached below shows. They had almost 1500 clients last year and are on track to increase that this year. Most of the clients are drive-by or word of mouth. They don’t maintain any commercial contracts.

Support & Training:As necessary.

Reason for Selling:Owner is not a mechanic and wants to focus his time on car dealership.

Dry Cleaners & Drop Store for Sale in Lake Worth, FL

dry_cleaners_for_saleDry Cleaners & Drop Store with Van for Sale in Lake Worth, FL

Seller Financing Available

This Dry Cleaner and Laundry Store for sale is a unique investment opportunity. Established in October of 2013, sales have been increasing month over month. Current owner is collecting new commercial accounts almost weekly, as the local area has clearly been under-served. The asking price of only $129,900 includes inventory and fixtures. Contact Florida Business Brokers for more information on this great deal.

Facilities:1 Dry cleaning plant/store and 1 drop store. They are a dry cleaners and laundry store with 3 employees, 3 owners who work and over 6000sqft of space between the two locations. Machinery includes Unipress, Aero Tech Dry Cleaner, Viso, and Furenta machines.

Competition:No competition for either store. Customers call for pick up from Palm Beach Island as well.

Growth & Expansion:The current owner did a great job setting up and branding. He has added commercial accounts and is still adding business. New owner just takes over and enjoys the great job of previous owner. Advertising would add at least 30% to gross. Either more vans or more drop stores allow for unlimited expansion through advertising.

Financing:115,000

Support & Training:Owner will train as necessary

Reason for Selling:Owners work full time and used all their personal funds expanding… Tired

How Business Owners Handle Unclaimed Property

In Florida, all things relating to unclaimed property are handled by the Department of Financial Services, Bureau of Unclaimed Property.

  • As a business owner, this will be the agency to contact if you possess unclaimed property (unpaid wages, for example). Remember that you are subject to both reporting requirements and the obligation to turn over abandoned property to the state.
  • It is also the point of contact if you believe that you may have knowingly, or unknowingly, abandoned property (for example, failing to get back a security deposit, didn’t receive a tax refund).

Florida businesses have a number of responsibilities concerning unclaimed property. Initially, written notice must be sent to the apparent owner of the unclaimed property, if known. If the property remains unclaimed, businesses have a number of filing and reporting requirements to fulfill. Most importantly, businesses are required to turn over any and all unclaimed property to the state. Stiff penalties apply to businesses who fail to comply with any of these requirements.

Individuals should know that Florida property is generally presumed abandoned if it is not claimed by the owner for more than five years after it became payable or distributable. However, this time limit varies depending on the type of property involved. Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state.

Reporting Unclaimed Property in Florida

A holder of unclaimed property must file a verified annual report containing such information concerning the property as is required by the Bureau of Unclaimed Property (Bureau). The reporting period is based on the calendar year. Thus, the report is due on or before May 1, as of December 31 of the previous year. The Bureau may postpone the report due date upon a written request and a showing of good cause by the holder.

Prior notice to owner. Within 180 days after an account with a value of at least $50 becomes inactive, the holder must conduct a search to locate the apparent owner of the property. Not more than 120 days and not less than 60 days prior to filing the annual report of unclaimed property, the holder of property presumed unclaimed shall send written notice to the apparent owner’s last known address informing the apparent owner that the holder is in possession of the property.

These requirements do not apply to qualifying credit balances, overpayments, refunds, or outstanding checks owed by a health care provider to a managed care payor with whom the health care provider has a managed care contract.

Holders of inactive accounts having a value of $50 or more must use due diligence to locate apparent owners. The account will be presumed unclaimed if:

  • the holder is not able to contact the apparent owner by telephone,
  • the first-class mail notice is returned to the holder as undeliverable, or
  • the apparent owner does not contact the holder in response to the first-class mail notice.

Delivery. Generally, the unclaimed property must be delivered to the Bureau at the same time as the final date for filing the report, unless the owner in the meantime has established its rights to the property. Property held in a safety depository need not be delivered until 120 days after the report due date.

The delivery of the property must be insured by the holder at an amount equal to the estimated value of the property. Each package must be clearly marked on the outside “Deliver Unopened.” A holder’s safe-deposit box contents must be delivered to the Bureau in a single shipment. However, in lieu of a single shipment, holders may provide the Bureau with a single detailed shipping schedule that includes package tracking information for all packages being sent. The delivery date may be extended up to 60 days if extenuating circumstances exist. Delivery or payment of the property relieves the holder of all further liability and entitles him to be defended by the administrator against any third-party claims on the property.

Holders must send abandoned stocks and other intangible ownership interests to the Bureau with the annual unclaimed property report. Upon delivery of the stock or other intangible ownership interest to the Bureau, the holder and any person acting for or on behalf of a holder is relieved of all liability to every person for any losses or damages resulting to the person by the delivery to the Bureau of the stock or other intangible ownership interest.

Recordkeeping. A business must generally maintain related records five years after the unclaimed property is reported. However, the period is three years for traveler’s checks, money orders, and similar financial instruments.

Penalties. Late filing of the annual report is penalized at $10 per day up to $500, which can be waived by the Bureau if justified. The penalty must be remitted to the Bureau within 30 days after the date of the notification to the holder that the penalty is due. The penalty for willfully failing to render a report as required or to pay or deliver property is $500 per day of violation (up to a maximum of $5,000) and 25 percent of the value of property not reported or delivered. In addition, interest at the rate of 12 percent per annum is charged.

If unclaimed contents of a safe deposit box are not paid or delivered to the Bureau on or before the applicable payment or delivery date, the holder must pay to the Bureau a penalty for each safe-deposit box shipment received late. The penalty is $100 for each safe-deposit box shipment container that is late 30 days or less. After 30 days, the penalty is $500 for each additional 30-day period. The penalty assessed against a holder for a late safe-deposit box shipment container may not exceed $4,000 per year. The penalty must be remitted to the Bureau within 30 days after the date of the notification to the holder that the penalty is due.

The willful or fraudulent concealment, destruction, damage or unlawful disposition of unclaimed property, or of its records, is a misdemeanor of the second degree.

The Bureau may initiate, or cause to be initiated, an action against a holder to enforce a subpoena or recover unclaimed property. If the Bureau prevails in the action, the holder must pay the Bureau’s reasonable costs and attorney fees.

Claiming Unclaimed Property in Florida

In Florida, property is generally presumed abandoned if it is not claimed by the owner for more than five years after it became payable or distributable. However, this time limit varies depending on the type of property involved.

Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state. Unclaimed funds are deposited into the State School Fund and used to support public schools. However, the original amount reported can always be reclaimed by the owner or the owner’s heirs.

Locating abandoned property held by the state. In Florida, unclaimed property held by the state may be found by searching the state’s website (http://www.fltreasurehunt.org/ControlServlet?ActionForm=GotoNewPublicSearch).

To find out if other states may be holding your unclaimed property, search the national database established by the National Association of Unclaimed Property Administrators (NAUPA).

Filing a claim. A person claiming an interest in any property paid or delivered as unclaimed property under the Unclaimed Property Act, or that person’s representative, may file a claim with the Bureau of Unclaimed Property (Bureau). Within 90 days after receipt of a claim, the Bureau may return any claim that provides for the receipt of fees and costs greater than that permitted under unclaimed property law or that contains any apparent errors or omissions. The Bureau may also request that the claimant or the claimant’s representative provide additional information. The Bureau must determine the claim within 90 days after receipt of the claim or after the response of the claimant or the claimant’s representative to the Bureau’s request for additional information, whichever is later.

The 90-day period may be extended by 60 days under certain circumstances. Under certain circumstances, a state may also file a claim for recovery.

A person dissatisfied by a decision of the Bureau may, within 90 days after the decision of the administrator or 180 days after filing a claim not acted upon, petition the Bureau for an administrative hearing. Final decisions of the Bureau may be appealed for judicial review.

Florida Unclaimed Property Resources

If you’re looking for additional information on unclaimed property, we recommend contacting your state’s governmental agency that oversees the administration of this area of the law. For help in answering a specific unclaimed property question in Florida, contact the following:

Florida Department of Financial Services
Bureau of Unclaimed Property
200 East Gaines Street
Tallahassee, FL 32399-0358
Claimant Services Phone: (888) 258-2253 or (850)413-5555
Claimant Services Fax: (850)413-3017
Claimant Services E-Mail: Funclaim@fldfs.com
Reporting/Compliance Phone Number: (850)413-5522
Reporting/Compliance Fax Number: (850)413-3018
Reporting/Compliance E-Mail: EReporting@dfs.state.fl.us
Website: http://www.fltreasurehunt.org/

Florida Abandoned Property Time Limits

Property Type Presumed Abandoned After
Bank account five years
Checks or drafts five years
Demutualization proceeds five years
Gift certificates, gift cards, and credit memos no specific provision
Insurance policies Life or annuity policies: five years.
The presumed maturity of an insurance policy is two years.
IRAs or retirement funds no specific provision
Money orders seven years
Other intangible personal property not otherwise specified other intangible personal property originated or issued by an entity in the state: three years.
Otherwise, five years.
Proceeds from class action suits no specific provision
Property distributable by a business association in the course of dissolution six months after the date specified for final distribution
Money that a business association has been ordered by the court or administrative agency to refund is presumed abandoned if it remains unclaimed by the owner for more than one year after it became payable in accordance with the final determination or order providing for the refund (regardless of whether the final determination or order requires the owner to make a claim for it).
Property held by courts or public agencies Funds deposited in the Petroleum Trust Fund: five years.
Other property held by courts or public agencies: one year.
Property held by fiduciaries five years
Safe deposit boxes three years
Shares in a financial institution five years
Stocks, dividends, and distributions three years
Traveler’s checks 15 years
Deposits and advances owed utility company customer one year
Wages or salaries one year

Grocery Store for Sale Palm Beach Co. Florida

grocery_store_for_sale_palm_beach_county_floridaLarge grocery store and meat market in Palm Beach County Florida

This newly refurbished grocery store (very clean) with a meat market, deli, cooked food, groceries, beauty supplies, beer, wine, cigarettes, Lotto, Western Union, bill pay, and check cashing is a super deal with an asking price of only $550,000. Established in 2011, this grocery store for sale offers a gross income of $1.5M. Contact Florida Business Brokers for more information.

Facilities:10,000 sq ft grocery store with too many coolers and new shelving, deli area, full kitchen, freezers, ice maker, two check out areas with computerized bar code scanners, customer service area, new security system with cameras, check cashing system, Western Union, lotto machine. Seller installed a $72,000 computerized bar code scanner (mini Publix system). There are 2 check out areas and a customer service area.

Competition:On a main street in a town of about 10,000 residents. Residents are mostly farm workers and retired farm workers. There are nearby camp grounds and cabins during the season that have been growing in numbers over the years. Also Trump purchased the land north of town in Canal Point to make a golf course and resort. The population is expanding and could hit exponential growth with the newly planned port project. . The only competition is a save-a-lot store in town which dominates the grocery sales. This store dominates the meat sales in town.

Growth & Expansion:Dominant meat market in town. Sells more meat, cold cuts, beer, wine, lotto, and cigarettes than the competition. Business is focused on the high profit items. There is a check cashing system in place but the owner does not use it very often because he is not at the location full time to watch over the cash. Also, the retail cooked food does well and has a lot of room to grow.

Support & Training:Seller will provide necessary support to buyer.

Reason for Selling:Other business interests

How to Start a Business in Florida Step by Step

How to Start a Business in Florida

Thinking about starting a business or need information on how to start a business?

Here are the steps to forming a new business in Florida!

  1. You will need to think up a name for your new company. A good name should be unique, yet tells what kind of business you are doing.
  2. Make a choice on what type of company you want to form. Do you want to:
    • File a DBA (fictitious name) to create a sole proprietorship or partnership?
    • Incorporate as a corporation or LLC (Limited Liability Company)?
  3. Whatever you choose, you need to register your company with the state, county and obtain a bank account for the company. You are required to do these steps even if you have an online business or an at home business. For example, if you are doing booth sales regularly at a flea market or selling beauty products in an at home party setting you will need to take these steps.

Florida Business License – How to get a business license in Florida

Choosing a DBA Start a Business

  1. Register with the State: With a DBA/fictitious name you will be able to register the name with the state to conduct business with this name for the entire state. A lot of very small businesses choose this path, or those who are not sure if the company is going to fly and want to start small and work up to incorporating later.
  2. What to Consider: If you choose the DBA as your filing, then name you choose can be used by another company. So the name is not to you alone in Florida. The other thing to consider is that if you file a DBA, there is no limited liability. What this may mean to you is that if someone sued the company, your personal assets would be available in a lawsuit. If this is not a concern then a DBA would be fine.
  3. Legal Notice and Business License: Once you have the DBA filed with the state, then you will need to do a Legal Notice in a local newspaper, then obtain a business license with your county. A business license/occupational license or business tax receipt is required by most counties in Florida to have the legal ability to do have a business in that county. Check with your local tax collectors office to see what they require.

Choosing to Incorporate a Business

  1. Select a Name: If you choose to create a Corporation or LLC in Florida the name you choose must be unique. No other company can have the exact same name, so be creative and unique in the naming of your new business.
  2. How to Incorporate a Business? The first step to incorporating your business is choosing if you want to have an LLC or a corporation. Your accountant, tax preparer or bookkeeper may the best person to go to help you make this choice. An attorney is also an excellent choice for guidance. The formation of a company is an important decision so having this kind of assistance is very helpful in doing it right the first time.
  3. Articles of Incorporation: Once you have chosen the type, you would then file the Articles with the Florida Department of State to legally create the entity. You will need a company name, principal address (which must be a physical Florida address) and a mailing address for the company which can be a PO Box if you would like. You will also need the names and addresses of all the owners in the company as the state requires this information. An email address is also necessary to file with the state.
  4. EIN Filing: Your next step would be obtaining an EIN or Federal Employer Identification Number from the IRS. This is a unique tax ID for your new legal entity and needs to be used with any transactions for the company. Some people choose not to obtain an EIN for the LLC if it is a single member. This means they will have to use their Social Security number instead for all business transactions. All corporations have to obtain and use an EIN.
  5. Business License: The next step is the business license or occupational license with the county. A business license/occupational license or business tax receipt is required by most counties in Florida to have the legal ability to do have a business in that county. Check with your local tax collectors office to see what they require.
  6. Bank Account: The last step would be a bank account for the new company. You are required to have a bank for the LLC or corporation. All monies coming in and going out must go through the company bank account.

Once you have all these steps in place, either for a DBA/Fictitious name or if you want in incorporate as an LLC or a corporation then you are ready to begin your business and are legal in the state of Florida.

Florida Incorporation Service offers the following services:

  • Online registration of a DBA including information on the exact wording for the Legal Notice and the link to the counties for the business license. Start here.
  • Online registration of a new Florida LLC or corporation, including registration of the EIN on as well as the link to the counties for the business license. Start here.