If you’re looking to form an LLC in Florida but don’t live there, you have a few options. You can either form the LLC in your state of residence or you can transfer the entity to Florida.
Regardless of how you choose to do it, your LLC will need to register with the Florida Department of State and pay fees. It also has to comply with Florida business licensing and reporting requirements.
If you’re living in another state and forming an LLC in Florida, you’ll need to pay taxes on your share of the business’s profits. In Florida, there’s no state income tax, but your business may have to register with the Department of Revenue for corporate taxes and sales tax (and other taxes too).
After you form your Florida LLC, you’ll need to set up a separate bank account for your LLC. This makes accounting and recording easier, and also ensures that only your business assets are used to pay off debts or lawsuits.
Having a separate bank account is also helpful when you apply for a business loan or credit card. You can choose to shop around for lenders who don’t require a personal guarantee, and it can help you establish your business credit faster.
Florida law requires all LLCs to have a registered agent, who is responsible for receiving legal notices on behalf of the company. Your registered agent can be an individual or a business entity.
A limited liability company, also known as an LLC, is a business structure designed to offer asset protection to owners. Like corporations, LLCs offer tax advantages and are easy to administer.
In Florida, a person can form an LLC by filing Articles of Organization with the state’s Department of State. An LLC must have a registered agent, a person or company that receives legal documents on behalf of the LLC when it’s sued.
An LLC may be single-member (similar to a sole proprietorship) or multi-member (similar to a partnership). The number of members and the management structure of an LLC are flexible, which can help to minimize the administrative costs and complexity associated with forming and maintaining a corporation.
If you’re living in another state and wish to start a business in Florida, your first step is to determine which entity type best suits your needs. For example, if your business will be licensed to practice a specific profession, you might want to consider a professional LLC.
If you live in another state but plan to form an LLC in Florida, you’ll need a registered agent. This person will receive and forward any legal notices or court documents for your LLC.
This is important because it helps ensure that all court and legal mail can be tracked. This is similar to how certified mail with a return receipt works.
You can appoint yourself, another individual, or a company to be your registered agent. But it’s always best to use a registered agent service so that they are available during normal business hours in Florida to accept delivery of your LLC’s legal documents.
Choosing the right registered agent for your business can make the difference between staying compliant with the law and getting in trouble. Look for a service that offers additional services such as filing forms before deadlines, license renewals, annual report assistance, mail scanning and more.
When you form an LLC in Florida, it’s important to have a written operating agreement. This document will help to keep members’ duties clear and prevent conflicts. It can also support them in court if a dispute occurs.
A good operating agreement should regulate what the rights and duties are for each member and manager, how business decisions will be made, how withdrawals of members will be handled, accounting methods, and more.
Having an operating agreement helps to prevent disagreements between owners, which can lead to corporate divorces and other legal issues. Additionally, it can help to protect the limited liability status of your LLC.