Starting a Florida LLC requires filing the appropriate documents and obtaining any licenses and permits necessary to operate in the selected industry. Florida LLCs enjoy benefits that are exclusive to the state.
The LLC operating agreement is not required, but is recommended. This agreement defines management authority and responsibilities if the LLC has more than one member. Florida allows documents to be filed online, this includes the Cover Letter and Articles of Organization.
The state requires an LLC’s name to end with “LLC” or “Limited Liability Company”. Some words are restricted and cannot be used, including “bank”, “lottery”, “partnership”, and “trust company”. An LLC must be created with an Articles of Organization that includes the LLC’s purpose, LLC’s place of business, list of members and managers, and the Florida LLC registered agent.
Florida LLCs must pay a $25 registered agent fee. State fees will consist of a $100 Florida filing fee and $30 certified copy of record. Change of registered agent incurs an additional $25 fee.
• Articles of Correction – $25
• Certificate of Merger – $25
• Reinstatement Fee – $100
Florida LLCs must file an annual report in which they will pay a $138.75 fee. An additional $400 will be charged for LLCs that file the report past the deadline date.
What is an LLC?
LLC refers to a Limited Liability Company, and it is organized by business owners. They have fewer corporate formalities and can be taxed by the IRS as a sole proprietorship, S corporation, or C corporation.
Each state has different requirements and regulations regarding the formation of an LLC. Business owners should check with state laws when considering forming an LLC.
Owners of LLCs are known as members, they can be individuals, corporations, other LLCs, or foreign entities. There is no limit on the number of members an LLC can have. In most states, “single-member” LLCs are allowed, where there is only one owner involved in managing the LLC.
The IRS will treat the LLC as a corporation, partnership, or included in the LLC owners personal tax return. A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless they file Form 8832 and elect to be treated as a corporation.
LLCs carry tax advantages over other forms of business such as limited partnerships. The owners of an LLC do not assume personal liability for business debt, and any losses of the LLC can be used as tax deductions against active income.
An LLC can be formed through the state business formation process or consulting with LegalZoom.