One of the first things you will need to do is apply for a federal tax identification number (EIN). It is important that your business has an EIN, because it will be needed when filing federal taxes, opening a business bank account or applying for various business licenses.
The fee for forming an LLC in Florida is $100, plus $25 to designate a registered agent. It is also important to complete an annual report each year.
In Florida, there are several taxes that LLCs are required to pay. These include state corporate income/franchise tax and sales and use tax. These are both administered by the Florida Department of Revenue.
If your LLC will sell goods in Florida, then you’ll need to register with the Department of Revenue and make periodic payments for sales tax. You can register online or by mail.
When you register, you’ll receive a Certificate of Registration (Form DR-11) and other documents from the DOR. Once you’ve registered, you’ll need to file returns for sales tax on a periodic basis–monthly, quarterly, semiannually, or annually.
LLCs that have employees are also obligated to pay employment taxes. These can be paid to the federal government or the state of Florida.
Registered agent fee
If you have an existing LLC in Florida, you may want to consider hiring a registered agent service. These companies provide helpful business services, protect your privacy, and can handle many of the state filings you need to make.
An expert RA agency relieves you of the time it takes to handle these documents, freeing up your time for growth-orientated tasks like business growth and tax preparation. A recurring fee for these services is paid each year to the state, which is used to maintain your LLC’s compliance and keep it operating in good standing.
A Florida Certificate of Status proves to potential investors, banks, and loan officers that your LLC plays by the rules and has filed and paid all necessary taxes and reports. It’s also an essential document for maintaining your LLC’s federal tax identifier, EIN. This nine-digit number will allow you to pay federal taxes, apply for a variety of business licenses, and open a business bank account.
Annual report fee
Every year, LLCs and business entities in Florida must file an annual report with the Department of State. This keeps your company in compliance with the state and ensures that you remain a legal entity.
The report includes information like your business name and address, EIN, registered agent and a list of members and managers. If you make changes to this information, you will need to update your annual report.
There is a $400 fee for failing to file your Florida LLC annual report. Failure to do so can lead to a variety of consequences, including administrative dissolution and revocation of your company on state records.
To avoid these consequences, file your annual report online by using the Sunbiz annual report portal. This is the fastest and most efficient way to file your Florida LLC annual report.
If you own a Florida LLC or are planning to form one, you will need to get an EIN (employer identification number). An EIN is like a social security number for businesses, but it is issued by the IRS and is required for certain activities.
You can apply for an EIN online through the IRS website in about 15 minutes. You can also apply through the mail, by fax or by phone.
An EIN will simplify the process of filing your business taxes, which will reduce late fees and penalties. It will also help your company appear more legitimate to clients.
An EIN will be useful when you hire employees, open a business bank account or apply for business licenses and permits. In addition, it will strengthen your liability protection if your business is sued or goes bankrupt.