Whether you’re an experienced business owner or just starting out, filing your Florida LLC formation documents right the first time will help you get your business off to a solid start.
After you’ve filed the Articles of Organization, the next step is to designate your LLC’s registered agent. This person or business will be the entity that receives mail and official legal documents on your behalf.
Articles of Organization
The Articles of Organization for a Florida LLC are the primary documents that form your business and establish your legal entity. They outline the details of your company and provide important information to the state government that can help them assess how well your business is doing.
The articles of organization for a Florida LLC should contain the name of your limited liability company, the purpose for which it was formed, and information about its members. They also should include a mailing address where the company’s principal business will be conducted.
You should also choose a registered agent for your Florida LLC. A registered agent accepts service of process on behalf of your company and liaises with the government when you need to deal with important issues.
You should use the Florida Department of State’s online filing system, Sunbiz, to submit your documents. Depending on the state, it can take up to five days for the process to be completed.
Operating Agreement
If you are creating a limited liability company (LLC), an Operating Agreement is a critical document. It establishes who owns the LLC, how profits are distributed and who has voting rights within the business.
A well-drafted operating agreement will set clear expectations and rules for the company, protect each member from potential disputes, and provide a better negotiating position in the event that a creditor takes action to collect on an owed judgment.
While not required by Florida law, it is recommended that all LLCs have an operating agreement in place to ensure their members are protected. Moreover, a well-drafted operating agreement will demonstrate to courts that a business is serious about its limited liability protections and not merely another corporation type.
A good operating agreement should include a detailed outline of how the LLC will be managed, including procedures for adding and removing members, as well as provisions around transfers of ownership interests to third parties. These may include a right of first refusal and repayment of capital to prevent the loss of a business’s assets.
Bylaws
Corporate bylaws are internal documents that outline the ground rules for your corporation. Florida does not require bylaws to be filed with the state, but you should create them as soon as possible.
An LLC operating agreement is not required in all states, but it’s a common legal document that can help resolve financial and management conflicts among your company’s members. Financial institutions may ask for this document before opening a business bank account or offering you a loan.
A registered agent is a business or individual you appoint to receive and forward important legal and tax information on behalf of your LLC. Having a professional registered agent service helps to ensure your LLC remains compliant and reduces the likelihood of missing critical deadlines, which can jeopardize its status with the Florida Division of Corporations.
An LLC’s registered agent must be a Florida resident or a business entity authorized to do business in the state. The address you provide to the Florida Division of Corporations must be identical to your registered agent’s physical address.
Meeting Minutes
A Florida LLC should have organizational meeting minutes that document the meetings, the quorum present and any resolutions or decisions made. These records should be filed into a company’s minute book and signed by the secretary or meeting chairperson.
Meetings are a great way to make sure the business is running smoothly and to keep everyone on track with the goals and strategies. It’s also an excellent opportunity to review the operating agreement and Articles of Organization and ensure all the information is correct.
Liability protection is one of the reasons many business owners choose to form an LLC or corporation in the first place. However, those protections aren’t absolute.