Florida, the fourth-largest economy in the U.S., navigated a 2.8% economic contraction in 2020, outperforming the national decline of 3.4%. Small businesses, comprising 99.8% of Florida's businesses, employ over 3.6 million workers, constituting 41% of the state's workforce, notes the U.S. Small Business Administration (SBA). Key sectors for small business employment include professional services, other services, administrative support, real estate, construction, and transportation. Despite a low unemployment rate of 4.4% in December 2021, slightly above the national average, Florida boasts a favorable business environment with low taxes. The state has no personal income tax, moderate sales tax (6%), and a 5.5% corporate income tax, making it an attractive business environment. Florida's capital access, competitive cost of living, and increasing minimum wage attract entrepreneurs, while its seasonal economy and diverse business landscape make it an attractive destination.