If you’re considering forming a limited liability company in Florida, there are several steps you’ll need to take. First, you’ll need to choose a name for your business.
Once you’ve decided on a name, you’ll need to file it with the state. The process is simple and can be done online or by mail.
A business name is one of the first things that your customers will see and will help you stand out from your competition. So you want to choose the right name for your Florida LLC that is both memorable and unique.
You must check the Florida Division of Corporations database to make sure your desired name isn’t already registered by another business. If it is, you won’t be able to register it and must find another one.
In addition, your business name must end with the abbreviations for Limited Liability Company, or LLC, or L.L.C. For licensed professionals, you may also choose to form a professional limited liability company or PLLC.
Choosing the best name for your LLC in Florida is a complex and important process. There are many rules and regulations that apply to LLC naming in the state, and it’s important to know these before you register your LLC. If you don’t, your business’s name could be rejected or you might even infringe on the trademark of a company.
In Florida, business entities like limited liability companies (LLCs) and corporations are required to name a registered agent. This person or business must have a physical presence in the state and be able to receive important legal communications on behalf of your LLC.
This person or company is responsible for receiving legal documents such as service of process notices, correspondence from the Secretary of State, official government notifications, tax forms, and notices of lawsuits. Typically, you can either appoint yourself or someone else to serve as your registered agent or hire a professional registered agent service.
A good registered agent should be available during normal business hours to accept service of process on behalf of your LLC, which often includes a summons or subpoena, or a lawsuit filed against your business entity.
If a registered agent fails to do so, they can be fined. This can happen if the person who acts as the registered agent is not in their office, for example, out of town or sick, or if they fail to update their information with the state.
Employer Identification Number (EIN)
Whether your business is a partnership, LLC, corporation, or any other legal entity, you’ll need to obtain an EIN from the Internal Revenue Service (IRS). Your EIN number will help you with tax filings and identify your company.
Your EIN will also be used when you hire employees or apply for business bank accounts and loans. This helps you build credit and protects your business from identity theft.
When you apply online, you’ll have to answer some questions about your business’ purpose and the state in which it’s located. You’ll also have to select one reason why you need an EIN.
You can apply for an EIN by yourself, or you can use the services of a company like Incfile that can do it all for you. If you’re a small business owner with a lot on your plate, hiring someone to take care of these tasks can save you time and eliminate any errors or confusion.
The operating agreement is an internal document that outlines the governing structure and operating guidelines of your LLC. It also details the responsibilities of members. It can be drawn up by you or by an attorney.
Even though Florida law does not require an operating agreement, it’s highly recommended by experts. It helps set the groundwork for your business and makes it easier to manage in the future.
Creating an operating agreement is especially important for LLCs with multiple members, where it can be used to establish ownership percentages, capital contributions, distribution standards and other rights for income tax purposes.
In addition to establishing these things, the operating agreement is an excellent way to protect your interests by preventing conflict amongst the managers and owners of your business. For instance, if one or more managers are acting in a manner that is not consistent with their duties of care and loyalty to the company, an operating agreement can provide clarity around what they should do.