If you’re ready to start a new business, it’s important to know how to properly set up your Florida LLC. You’ll need to name your company, obtain permits and licenses, and apply for an EIN.
The first step is to pick a unique and one-of-a-kind business name for your company. This is one of the most crucial parts of the LLC set up process.
Articles of Organization
The articles of organization form is a legal document that you file at the state level to officially set up your Florida LLC. It outlines the rights, powers, and obligations of the LLC.
It also establishes a business name for your LLC. You need to ensure that the name you choose is legally correct and not already in use by another business in the state.
In addition to the LLC name, the articles of organization must include the principal business address for your company and your registered agent information. The registered agent is responsible for ensuring that the company receives important paperwork and tax information from the state.
The Articles of Organization must be submitted with the filing fee by mail or electronically through the Florida Secretary of State’s Sunbiz online system. This process can take up to 12 business days (plus the time it takes to send and receive mail).
Registered Agent
If you’re setting up an LLC in Florida, it’s important to designate a registered agent to receive legal documents on your behalf. This may include business license renewals, annual reports or tax notices.
In Florida, you must designate a registered agent at the time of your Articles of Organization filing. The person you choose must be available during normal business hours and can accept service of process if a lawsuit is filed against your company.
It’s a good idea to find a reputable, established company to handle your registered agent services. This is because they have experience with all the necessary legal processes, and can make sure you’re in compliance with Florida state law.
The best registered agents in Florida are highly dependable, and they’re available during normal business hours. This makes it easy for you to get your paperwork and documents in a timely manner. In addition, they can help you maintain a positive record with the Department of State.
Shareholders
The Florida LLC set up offers the limited liability protection of a corporation while maintaining the taxation structure of a partnership or sole proprietorship. In addition, it provides flexibility for the management of the business entity and a variety of ways to distribute profits to its members.
Ownership in an LLC is established by issuance of physical ownership certificates or, alternatively, by providing for the allocation of shares through an operating agreement or other means. This is different from the process for forming corporations, where ownership is established by issuing stock certificates.
It is important to establish a solid operating agreement to protect the business entity from commingling funds, and to lay the groundwork for how owners will manage the company. It also helps to set out the duties and financial relations among its members, and lays the groundwork for transferring ownership interests in the event of a member’s departure from the company.
Annual Report
LLCs, corporations, limited liability companies, and limited partnerships in Florida must file a yearly report between January 1 and May 1. Failure to comply with this requirement can lead to severe state fines and possible administrative dissolution of your business.
The annual report is a document that lets the Department of State keep accurate records of your company’s activities and contacts in the state. The report lists information like your LLC’s name, address, and registered agent.
If your LLC’s business information changes during the year, you must file an amended report with the new information by the deadline to avoid a late fee.
The Division of Corporations sends courtesy reminder notices to business owners at the beginning of each year. It also offers mailing addresses for people who need to file Articles of Amendment with their annual reports.