Florida is one of the most populous states and has Disneyworld. Who doesn’t love Florida!? It also has some of the countries best entreprenuer’s that have followed the Florida secretary rules to make sure they’ve setup their business in the right way.
Below you’ll find the best guide on how to setup an LLC in Florida. Enjoy the details and make sure you use the services we recommend here for the areas that you don’t want do yourself. It is possible for form an LLC on your own but it’s also important to leverage services in areas that you are not the expert so let’s get into it!
Name Your Florida LLC
You must decide the name for you registering the LLC. Names are required by Florida law. When you’re learning how to start an llc in Florida, it will be important to start with your name before you start looking at all the additional pieces. Starting a Florida business is a big deal and you’ll need to make sure you’ve picked the right name that all your LLC members are going to be happy with.
We do have a great business name generator you can take a look to help you if you’re primary business name to help you find the right business website, business advice and make sure you’ve got the LLC formation configured for you.
Choose your registered agent
Florida requires that you designate an agent. Registrable agents are those who have a legal authority to receive notification of legal actions or documents from your company on your behalf. A Registered Agent may be someone you employ in the entity, or an entity offering a Registered Agent service. It should comply with these criteria.
If you are going to be setting up a Florida single member LLC, you’ll want to make sure you’re either finding a local law firm or registered agent services that can help you with liability protection.
Think of your registered agent as a legal checkbox for setting up your limited liability company. You’re still going to need an operating agreement but being your own registered agent is typically not recommended because of the layer of protection you’ll have with a registered agent.
Prepare and File Articles of Organization
Articles of organization are documents that officially establish an LLC by stating its basic features. Prepare a form to register your LLC in Florida. Even though it may seem an overwhelming task, this simply involves completing a relatively simple online application. The email address is emailed. The secretary of state is responsible for reviewing the submission. When this is approved, the corporation is legally recognized. It’s that simple but the articles of organization are key to having your LLC owners feel like they have setup the Florida LLC articles with the right business structure.
If you’re planning on an individual or business entity helping you with this, make sure they understand the importance of a Florida business. If you’re business entities don’t have Florida articles of organization submitted, you’re going to run into legal issues. The last thing you want is the Florida division to think you have a fictitious business. We both know it’s real but if you’re not going through the right hoops, you’ll end up with either paying too much federal business taxes, pay state income taxes that are too high or you may end up with personal asset protection that is non existent.
Create an operating agreement
Operating agreements are documents that outline your LLC’s procedures for operating. Florida is unable to require your LLC to make any Operating Agreements, but it is essential to the operations of the business. The availability of a written operating agreement helps to settle disputes over financial agreements. Unless an agreement exists, the courts can make a determination in accordance with state laws but it cannot determine if a member is in the best interests of the LLC. The operating agreement may have the following elements:
Get your EIN
The final step in setting up your LLC is to obtain an Employer Identification Number (EIN) from the IRS. You can do this by completing an online application. The EIN is a nine-digit number that is used to identify your business for tax purposes. It is similar to a Social Security number but is specifically for businesses.
This continues to be one of the most undervalued things as you go through this process. For your Florida Limited Liability Company, you’ll need to file an annual report, articles of organization, LLC operating agreement and hire a registered agent to help you. Knowing the power of the Employer Identification Number is overlooked because it does really help you with your Florida business tax application, federal income taxes, state income taxes and making sure your filing fee is reasonable.
As you’re deciding on your LLC formation service to use, make sure they have a team that can help you with the EIN number or at least make it easier for you and the many Florida LLCs that are going through this LLC formation service.
FAQs
The cost of starting LLCs on the Internet is $250. The fees are payable to the Florida Department of Corporation when filing the LLC Statutes of Organization.
In order to conduct business in Florida, you’ll need to obtain the following licenses and permits:
When you’re looking at whether you need a business license, make sure you’ve gotten your registered agent setup the way that they want to have a Florida LLC setup.
Florida’s Statutes of Organization require a list of the details:
Registered Agents Signatures Signed by:
There is no state income tax in Florida. However, you will need to pay federal income taxes. Are you’re thinking about your your personal finances and whether you need a business accountant, it will be important for you to keep track of all your business transactions.
Sometimes when you just get going with your business, it’s hard to slow down as small business owners do when you start to see some traction. Don’t just keep going. Slow down and take a look at if you have any business debts and if you’re going to have any issues with the internal revenue service.
You are not required to have a business bank account, but it is highly recommended. A business bank account will help you keep track of your business expenses and income. It can also help you manage your cash flow. When you’re ready to open a business bank account, you’ll need to bring your Articles of Organization and your (EIN).
If you’re going to have a Florida LLC with a Florida LLC operating agreement- it’s going to be really important as a business owner. There are many options when you’re looking for a bank to help you with your finances as you’ll need when registering your llc online but take a look at Novo Bank.
Most likely, you will not need to turn your LLC into one. However, there are some circumstances where it may be beneficial to do so. For example, if you’re planning on going public or if you’re looking for venture capital funding, you may want to consider becoming one.
If you have any questions about whether or not you should turn your LLC into an S Corporation, you should speak with a business attorney or accountant.
There are some tax advantages to setting up a business with an s corporation status that you’ll need to look into but for what you’re looking to do with just getting a business setup – go with a Florida LLC.
As a final note:
The most important thing when starting your LLC is to make sure that all the i’s are dotted and t’s crossed. In other words, make sure that everything is in order and that you have all the necessary paperwork and licenses before starting your business.
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