Black-Owned Businesses are Thriving in South Florida
You may be shocked to learn that only 2.2% of businesses in the United States have Black owners. While racial disparities exist nationwide, South Florida has been proving itself ripe for boosting Black-owned businesses. In fact, two of the nation’s top five best cities for Black business owners are located in South Florida — Pembroke Pines and Miramar. Both of these cities have a 3.11% Black-ownership rate, above the national average, and higher than the vast majority of the 129 cities assessed for the study.
Obstacles for Black-Owned Businesses
Studies have consistently shown that it is harder for Black business owners to access loans to build businesses and provide fair compensation. All in all, studies confirm that it is harder for Black Americans to attain financial prosperity. Experts say that the South Florida cities with the highest rates of Black business ownership, also had the highest rates of Black homeownership, low poverty rates for Black residents, and high labor force participation/low unemployment among that demographic.
Experts emphasize that successful Black businesses boost the economy, and efforts must be invested both in supporting and encouraging these businesses and in removing the systemic obstacles to their success. A Washington D.C. think-tank recently determined that if Black-owned businesses existed in proportion to Black citizens, it would create 19 million jobs.
Creating and Protecting Your Business
Creating a business is a huge investment of your time and effort, so it is important to make sure that you are protecting it legally. This can mean registering your business as a legal entity and selecting a business and tax structure that is most advantageous to your needs and long-term goals. Depending on the structure that you select for your business, this can also serve to insulate your personal assets from liability related to the business. An attorney can help you create the entire legal framework for your business, as well as a partnership and operating agreement to ensure that the roles and goals of all involved are clear and well-defined. A lawyer can also help you by drafting all necessary contracts, for clients, vendors, licensing, and more.
An experienced Miami business attorney can help create a legal structure for your business that matches, protects, and supports your vision and long-term goals. An attorney can also help you decide on the most advantageous place to register your business. For instance, many businesses choose to incorporate in Delaware, despite operating in Florida, due to the tax benefits. By outsourcing the legal concerns to a professional, it can allow you to focus on growing the business in alignment with your goals and vision.
Schedule a Consultation With the SG Firm
The SG Firm specializes in helping you make your business dreams a legal reality. Our founding attorney has even created a series for entrepreneurs, entitled “Can Your Business Survive Without You?” If you are interested in building your business and making sure that it is legally protected, schedule a free consultation with the SG firm today.