A form Florida LLC is a type of limited liability company that can help entrepreneurs save time and money while offering strong protection against liability. The process for forming an LLC is easy and includes little paperwork.
The first step is filing your Articles of Organization with the state. You can file online or by mail.
Articles of Organization
When forming an LLC, the first legal document you must submit to the state is articles of organization. These documents set out the structure of your business, the purpose it will pursue, and its registered address.
Depending on the state, you can either file your Articles of Organization online or by mail with a check payment. E-filing is the quickest way to get your LLC active, but it can take three to five business days for your filing to be processed.
An LLC has its own name and separate tax status from its owners. This separateness is important, because it protects the business owner’s personal assets from debts.
The articles of organization also state that members and managers are not personally liable for debts or obligations of the LLC. You can use these protections to ensure that your LLC can pay its bills and remain profitable.
In addition to the Articles of Organization, you should also draft an operating agreement for your LLC. This contract outlines your ownership structure, member roles, and how disputes will be handled.
Bylaws
Corporate bylaws are internal documents that outline the ground rules of your corporation’s operation. They include a corporation’s management structure, rights, responsibilities, and duties of directors and officers, and other important issues concerning your company’s operations.
Florida law requires that all corporations adopt bylaws (unless the power to do so is reserved for the shareholders in the Articles of Incorporation). It is a good idea to have them written before you start a business, as they are a useful way to avoid unnecessary disagreements and resolve disputes quickly.
To establish your LLC in Florida, you must submit articles of organization to the Division of Corporations (DOC). Counsel normally submits these documents online or by mail. The filing fee is $125.
Shareholders
An LLC in Florida is a pass-through entity that allows members to pay taxes on their share of the business’s profits and losses through their personal income tax returns. This is a preferable method of paying taxes over corporate taxation.
The first step in forming an LLC in Florida is to prepare and file articles of organization with the state. This document is necessary for opening a bank account, applying for a business license, and more.
Depending on your reasons for forming an LLC, you may also need to establish an operating agreement to govern your company’s operations. This legal document isn’t required by law, but it’s a good idea to have one drafted because it helps clarify the rules of your company.
For example, your operating agreement can include a statement about how members will make initial capital contributions and the form and amount of those contributions. It may also address how and when the members can transfer their ownership interest in the LLC.
Registered Agent
In Florida, you must designate a registered agent when you form your business. This is the person or entity that receives legal mail and court documents on behalf of your LLC.
A registered agent must have a physical address (PO Boxes aren’t allowed) in Florida, be available during normal business hours, and sign for mail and court documents. This makes sure that all of your LLC’s important mail can be tracked.
You can also hire a professional service to act as your Florida registered agent. This offers a number of benefits over acting as your own registered agent, including convenience and privacy.
If you’re not a Florida resident or don’t have a storefront, using a registered agent can be a good way to comply with the law while you build your business. Additionally, you’ll avoid having your address listed on public record, which can be sensitive for many people.