Starting an LLC is a great way to separate your personal assets from business liabilities. It also comes with tax benefits and offers legal protection for its owners.
Florida is one of the most popular states to form an LLC. Its low taxes and strong labor market make it a great place to start your business.
Choosing a business name
The name you choose for your open Florida LLC is one of the most important decisions you’ll make. It will be used to identify your business, help customers find you online, and build your brand.
You should choose a name that’s appealing, memorable, easy to use, and easy to pronounce. It should also convey the products or services you offer.
It’s important to check that your preferred business name isn’t already trademarked by someone else. If it is, you may get sued for trademark infringement when you start marketing your business.
Most state agencies maintain a searchable database of business names registered in the state. You can run a name search on each of the names you’ve brainstormed to see if they are available for use.
Filing your articles of organization
Filing your articles of organization is the first step to establishing your LLC. It’s a relatively simple process, and you can do it online or by mail.
The Florida Division of Corporations will review your filing to make sure it complies with statutory requirements. Once it does, you’ll receive a stamped and approved copy of the Articles of Organization.
You’ll also get a certificate of status (if you ordered one) and an Acknowledgment Letter. This information will be sent to you via email if you filed online or by mail.
If you’re a new business owner, it can be a bit overwhelming to file all the paperwork necessary to establish your LLC. That’s why we recommend hiring a legal professional to help you with your filing.
Once you’ve established your Florida LLC, consider setting up an operating agreement to lay the groundwork for your business. This isn’t required, but it can be an excellent way to set the foundation for your business.
Getting an EIN
Getting an EIN (Employer Identification Number) is necessary for all LLCs that employ people or have corporate tax status. It’s a nine-digit number similar to your Social Security Number that is used by the Internal Revenue Service to identify your business for taxes.
You can apply for an EIN online, which is the fastest and most convenient way to get one. This process can take 15 minutes or less, and you’ll receive your EIN immediately after completing it.
The first step in the EIN application is to input the basic information about your Florida LLC. This includes your company’s name, registered agent, and street address.
Once you’ve entered all of this info, the IRS EIN application assistant will ask whether you want to get your EIN digitally or by mail. If you choose the latter, be sure to download and print the EIN confirmation letter from the next page before you submit your EIN.
Once you’ve done this, you’re ready to complete the rest of the application. It’s best to double-check your information as you go along and ensure that everything is correct.
Getting a business bank account
If you’re a business owner, you should be using a business bank account to help protect your company. Getting one is simple, and it can make it easier for you to stay legally compliant.
The first step in opening a business bank account is choosing the right bank for you and your company. It’s important to find a bank that offers the features you need at an affordable price, and also has customer service that you can trust.
Once you’ve found a bank that meets your needs, go online or visit a branch to start the application process. You may need a few different documents to complete the process.
When opening a business bank account, you’ll be required to state your industry and business entity type (corporation, LLC, sole proprietorship or partnership). You’ll also need to bring a partnership agreement and articles of organization for an LLC, as well as your business license.