Last Updated on October 5, 2022 by Fair Punishment Team
Starting an LLC in Florida is a great way to protect your personal assets from lawsuits or other liabilities. If you want to start an LLC in Florida, then you should read this article.
LLCs are often confused with corporations, but they serve very different purposes. Corporations are usually associated with large businesses, whereas LLCs are typically owned by individuals who wish to limit their liability.
In fact, many states’ statutes restrict the formation of corporations for certain types of business activities. On the other hand, there are no such restrictions on forming an LLC.
An LLC can be formed as either a single-member LLC or a multi-member LLC. A single-member LLC has only one owner and one member. This means that if something happens to the sole owner of the company, it will not affect the operations of the LLC.
However, when more than one person owns an LLC, the owners have equal rights and responsibilities. It is important to note that all members must consent to any major decisions made by the LLC.
An LLC can also be created as a domestic LLC or a foreign LLC. When the LLC is formed under the laws of the United States, its operations are considered domestic.
However, when the LLC is formed outside the U.S., its operations are considered international. Most countries around the world allow the formation of limited liability companies.
In addition to these two main types of LLCs, there are hybrid forms of LLCs. These hybrid forms combine characteristics of both single-member LLCs and multiple-member LLCs.
For example, a corporation may choose to form an LLC instead of incorporating because it does not want shareholders. Or, an LLC might incorporate itself into another entity.
If you want to learn yourself exactly how to start an LLC in your state of Florida, then you need to know what type of LLC you want to create. You can create a single-member LLC, a multi-member LLC, a domestic LLC, a foreign LLC, or a hybrid LLC.
If you want to start an LLC specifically in Florida, then you need to consider whether you’re going to want to create a single-member LLC or a multi-member LLC. A single-member LLC is similar to a sole proprietorship.
It allows you to operate without having to worry about shareholder disputes. However, a multi-member LLC is like a partnership. It actually requires the company or you to follow certain rules and regulations regarding ownership.
A single-member LLC can be operated just like a sole proprietorship. But, a multi-member LLC requires that you comply with certain rules and regulations regarding the ownership structure.
To start a Florida LLC, go to www.sunbiz.com/corp/florida.htm. Click on “Start here” to access the steps to form a Florida LLC. There is a $125 filing fee per corporation.
Name Your Florida LLC
An LLC is a type of limited liability company. An LLC is a company that allows you to limit your personal liability for any debts or lawsuits.
This means if someone sues you, you won’t be personally responsible for any damages caused by your business. However, you still need to file taxes as an individual and pay income tax on your earnings.
Do not use words that could be confused with those used by a government agency. Receive the proper licensing if you need to use these words. Use an LLC Name Generator to come up with a unique name for your company.
Then get a unique logo using our Free Logos Generator. A DBA (doing business as) is required when conducting business under a different name than your LLC.
You can file a DBA in any state, but you must be registered in the state you want to use. This is because you can only use a DBA in that state.
Your LLC name must be unique. You can’t use any word that references banking, finance, or the federal government in your name.
Businesses must be established before they get started. But if you want to register a good business name, you need to file the Articles of the Organization first. You also need to make sure that your specific business name isn’t already taken by someone else.
Choosing A Registered Agent
Your registered and professional agent is also known as your “billing address” or “mailing address”. Your registered agent receives mail addressed to you and forwards it to you.
This person is also responsible for filing your annual report with the Secretary of State. To learn more about Florida Registered Agent services, please read their full guide. They provide the first year of registered agent services free with LLC formation ($40 state fees).
Any business that specifically operates well in the state of Florida needs to designate a factual registered agent, who will receive the legal and the official documents on the business’s behalf.
Businesses must register with the state before opening for business. The registered agent may be any individual or person within a business.
A registered-based agent must either be a definite Florida-based resident or a company authorized by law to do business in Florida. A company serving as a registered-based agent must make sure to have a Florida-based address.
A business can’t exactly serve as a registered agent of its own, however, a member or an officer of the company can. Some companies actually find it very convenient to utilize online legal services.
Check out more detail on some Florida Registered Agent options here if you’d like more info.
Can I Be My Own Registered Agency?
You or any other person in your organization can act as the registered agent for you. Learn more about becoming your own registered agent. Does it make sense to use a Registered Agent Service?
Most companies choose to use a professional Registered Agent service because it provides many benefits including privacy, peace of mind, and avoiding potential lawsuits.
The major department for Business and the Profession Regulations for Licenses of Businesses also regulates some farms and areas of the consumer-based industries.
Much smaller agencies may regulate some health-based fields, group homes/daycare providers, and insurance agencies.
The Florida Department Of States’ very own website links to the major licensing authority by things like occupation alone, they do this, so you can research and read up on exactly what types of licenses you need or require when creating your own LLC.
Companies that strictly use a trade-based name that is different from the entity’s original legal name must ensure to file for DBA names.
Fictitious Business Names (DBA) are used when there is no company name registered under the legal name of an individual or organization.
The name may be used to identify any person, firm, corporation, limited liability company, association, or partnership doing business under the name of the fictitious name. The name does not have to be identical to the legal name of the business.
However, if the name is similar, it should be spelled correctly.
Any business in the state of Florida that sells taxed goods or specific services must make sure to also file sales tax returns. Sales taxes must be filed by April 30th every year.
The deadline for filing sales tax returns varies depending on how much tax your business earns each year.
File The Articles Of Incorporation
Apply for an LLC online through the Florida Department of State website. Or, apply by mail. The state filing-based cost is $125 and is payable. However, it is Non-refundable. You can mail it straight to:
New Filing Section Division of Corporations,
P.O. Box 6328 Tallahassee,
FL 32312.
For help and aid with completing this form, go to our Florida Articles of Organization Guide. If you’re planning to expand your existing LLC to Florida, you’ll need to register specifically as a foreign-based LLC.
How long does it take to file articles of organization for your new LLC in Florida? In Florida, articles of organization are filed in the county where the LLC is located.
You can access a good PDF of the articles of the organization, or there’s a possibility that you can specifically e-File for a much faster mode of processing. The fee for filing the articles of organization is roughly 125 dollars.
The Florida articles require the information as follows:
- LLC’s name and place of business.
- Registered agent’s name and the Florida-based street address.
- Registered agent’s signature.
- Name and address of the LLC’s manager if managed by an attorney.
- Filing fees for foreign LLCs are $125 per document.
- A certificate of standing from the state where the LLC was formed must be included along with this form. When you file articles online, the state usually takes about a week to approve them. You’ll also get a notice if the state rejects your articles. You can then correct any mistakes before resubmitting your articles.
Creating An Operating Agreement
Operating Agreements are legal documents outlining the operating policies of the company.
These agreements ensure that all LLC-based business style owners are aware of each other’s roles and responsibilities, and reduce the risks and faults of future conflicts. This article provides helpful tips on how to write a successful operating agreement.
Do I need to file my operating agreement with Florida? Not exactly. You don’t need to exactly file your Operating Agreement with the state because it is an internal document that should be kept on file for future reference.
A written style operating agreement is required by Florida law for every LLC.
Each member owns a percentage of the company, votes in meetings, and receives a portion of the profits. The LLC must follow certain rules when admitting new members. The LLC elects a manager if it is managed by a person. Meetings take place every month.
A meeting agenda should be created. An LLC operating agreement should be stored with other important business documents, such as a list of partners and shareholders.
Get An EIN Number
The employer number of identification is a 9-digit based number that is issued by the IRS. It is essentially actually a Social based security number for the LLC company.
You can apply for an EIN online or by mail or even by fax. You can actually mail it straight to the Internal Revenue Service, which is:
EIN Operations,
Cincinnati,
Ohio 45999.
Or you can apply for an EID online or by mail or by fax.
To obtain an EIN, you must file IRS form SS-4. Leave section 7b blank. Call the IRS at 267- 941- 1099 to complete your application and pay $25.00. Your LLC should elect the default tax status. LLCs can be taxed as corporations.
However, if you choose S Corporation status, your taxes may be lower. An LLC without employees doesn’t require an EIN.
Employer ID numbers are important because they allow businesses to be tracked by the government. They’re used in tax filings and other financial dealings.
An EIN is required for any company with more than five employees. You’ll need an EIN to open a business bank account or credit card. And if you want to get a loan, you’ll need an EIN.
Decide If You Need A BIN
Florida doesn’t charge state income taxes on corporate profits. Owners of an LLC don’t have to pay any state taxes on their share of a business’s profits. An LLC must file an annual report. The report updates the business information on file.
The report is due by the third Friday in August to avoid late fees. Failure to file by the third Friday in October may result in loss of operating authority. An annual report should be accompanied by a filing fee.
Frequently Asked Questions
Do I Need A Business License?
In Florida, you’ll need to check with the County where your business is located. You may also need to get a separate business license from the State.
For example, if your business is a barbershop, you’ll need to get a separate barbershop license from the Florida Department Of Business And Professional Regulation.
What Are The Tax Requirements?
LLCs in Florida are required to file corporate income/franchisor tax returns, and sales and use tax returns, and may be subject to a discretionary sales surtax according to the county in which the company is located.
This post contains information about the law but does not include legal, tax, or business advice. Please review the terms of service, and acceptable use policy, and contact a professional if you need legal, tax, or business advice.
Final Thoughts
An LLC is a great way to start a business in Florida. You can create a limited liability company that has its own set of rules and regulations.
If you’d like to learn more about how to start an LLC, we hope that this article has given you the insight to do so and really dive into the world of starting an LLC in Florida by yourself.
We hope that you’ve managed to obtain all the information you could possibly need to know about starting an LLC in the state of Florida and the easiest ways to do so with our fantastic article all about the subject and more!
