The LLC is one of the most popular business entity structures in Florida. It offers flexibility, tax advantages and legal protection for owners. It also allows you to separate personal expenses from business ones.
Among the most important steps in creating an LLC is filing its articles of organization with the state. BizFilings can handle this process for you.
Articles of organization
In Florida, the Articles of Organization are needed to form a new business. You can file these documents online or by mail for a nonrefundable filing fee of $125. You must also have a registered agent in the state of Florida, which is an individual or business that can receive important tax forms and legal documents on behalf of your company.
Your articles must include the LLC’s name, principal address (location of your business), and the names of its Members or Managers. It is also a good idea to have an operating agreement. Once your articles are filed, you can apply for an IRS employer identification number (EIN), which is like a Social Security number for your business.
Registered agent
A registered agent is an entity that will receive legal papers and tax notices for your LLC. They must have a physical street address in Florida (PO boxes are not allowed). A Florida registered agent can be a person or a company. It must be licensed to do business in the state.
This is a required field for any entity filing articles. It includes the name of your LLC, as well as its purpose and duration. You must also list the name of its authorized manager or representative. The article must be signed by the authorized representative. You can also include an effective date that is up to 90 days in the future.
Registered office
If you are planning to start a Florida LLC, a business plan is an excellent way to keep your startup organized and define goals. It can also help you secure a bank loan if needed. You can get a business plan template from Shopify or other websites. The State of Florida does not require you to file a business plan, but it’s a good idea to have one anyway.
Once your articles of organization are approved, you will need to obtain an Employer Identification Number (EIN) from the IRS. This nine-digit number will act as your company’s social security number and is used to identify it in tax filings and annual reports.
Members
The limited liability company is the most popular business structure in Florida. It offers legal protection for its owners and allows them to choose their taxation treatment. It also avoids the double taxation that C corporations face. It also avoids the high self-employment taxes that owners of sole proprietorships and partnerships must pay.
Florida requires LLCs to have a registered agent, who is an entity authorized to receive service of process and official state documents and notices. This agent can be an individual or an organization. The registered agent should have an address in Florida. It is important to check URL availability before choosing a name. The name should end with “Limited Liability Company,” or its abbreviation, “LLC.” Licensed professionals may form a professional limited liability company, or PLLC.
Operating agreement
An LLC operating agreement is not required in Florida, but it can help clarify how the company will operate. It can also protect personal assets by clearly defining which assets are part of the business and which are personally owned. It can also help avoid legal disputes by establishing rules for the company.
It should include the name and address of the company, management structure, and capital contributions. It should also state whether the LLC will be member-managed or manager-managed. In addition, the operating agreement should describe the voting rights of members and managers. It should also detail how the company will raise additional capital.
Taxes
A Florida LLC must pay several types of taxes. These include state, local, and employee-related taxes. In addition, it must have a registered agent and obtain the required business permits. Moreover, an LLC must file its Articles of Organization and obtain a federal tax ID number.
A business plan is not required to form an LLC in Florida, but it is a good idea. It helps you stay focused on your goals and envision the future of your business. It also helps you obtain bank loans more easily.
In addition to completing the Florida LLC formation process, you must also register what is known as a “fictitious name” in your county. The fictitious name registration process is easy and inexpensive, and is usually completed online.