Florida Business and Finance Practice Exam

In Florida, the minimum age required to establish a business entity is 18 years old. This age is significant because it is when individuals are legally considered adults and gain the ability to enter into binding contracts. To form a business entity such as a corporation or a limited liability company (LLC), the individuals involved must have the legal capacity to understand and execute the founding documents and any associated agreements. Hence, being 18 ensures that a person can fulfill these legal obligations and responsibilities that come with owning and operating a business.

While younger individuals, such as those under 18, can participate in business activities, they cannot legally form their own business entities without the involvement of a parent or guardian. This legal framework is designed to protect both the individual and the interests of the business, ensuring that those who start a business have the maturity and capacity to manage it effectively.