If you’re a Florida business owner, you might have questions about the fees that come with operating an LLC. These costs can vary from state to state, but they’re important to understand for your LLC’s long-term success.
The first cost to consider when starting an LLC is the filing fee. This is a one-time fee that accompanies articles of organization and other documents filed with the state.
Annual report
In Florida, LLCs are required to file an annual report. This document informs the state of any material changes that have occurred to your business in the past year.
Keeping your information updated is critical to maintaining compliance with the state and to avoiding penalties and dissolution. Failure to comply can result in penalties, administrative dissolution and loss of naming rights.
Filing the annual report is an easy and convenient process. It’s done online, through the Florida Division of Corporations website (also known as Sunbiz). You can submit the report by credit card or debit card and pay with some of your prepaid Sunbiz E-File account balance.
Registered agent fee
LLCs in Florida are required to file an annual report and pay an annual fee. You can do this through the state’s Sunbiz website.
An annual report is an important part of establishing your business entity. It confirms that the state has current information about your company, including member/managers and contact info.
A Florida LLC must appoint a registered agent when filing their Articles of Organization, and this person or company must consent to their appointment by signing the form themselves (or on their behalf).
A Florida Registered Agent agrees to accept legal mail and court documents on behalf of your LLC in case it gets sued. They also serve as the general point of contact for receiving business and tax notices, payment reminders, and other important paperwork.
Articles of organization
Articles of organization are an essential document when establishing an LLC. They outline the basic information of your business, such as its name and address, registered agent, and management structure.
In Florida, you can file articles of organization by mail or online. The filing fee is $125, and the process usually takes about 2 to 14 business days.
The articles of organization must be filed in a language that’s easy for the state to read. They must also be signed by a member or authorized representative, and include a cover letter (attached).
It’s important to have managers and members in place before submitting the articles of organization to the state. This ensures you’ll have someone to handle any necessary legal and tax issues.
EIN
The EIN number (employer identification number) of an LLC is important for filing taxes, opening a business bank account and hiring employees. It is a nine-digit number that the IRS issues for free and is similar to the Social Security number of your business.
However, not all businesses need an EIN right away. For example, sole proprietorships or single-member LLCs without employees do not need to obtain one.
You can apply for an EIN online or by mail. The application takes a few minutes and the IRS will approve your request in less than 15 minutes.
The IRS will also send you a confirmation letter with your EIN number, which you can download, save or print as soon as it is approved. This number will help your business stay organized and be more visible from now on. It can also be used as your tax ID for registering your company with the state and county.