Whether you’re starting a business in Florida or planning to move your existing company to the state, LLC fees are important to consider. These fees are required to register an LLC and keep your entity in good standing.
An LLC in Florida is a popular choice for businesses because it offers numerous benefits and protects you from liability. Besides, LLCs are easier to form and maintain than corporations.
Articles of Organization
An LLC is a popular business structure that allows business owners to limit their personal liability for business debts and lawsuits. However, like all business entities, an LLC has costs and fees to keep it in good standing with the state year after year.
One of the first steps to establishing an LLC in Florida is filing articles of organization with the Department of State Division of Corporations. These documents establish your LLC and set its name.
You can file online or by mail for a $125 fee. If you want to form a Florida Series LLC, which is an LLC that has several “child” LLCs, you’ll need to pay more.
Once your LLC has been formed, you’ll need to appoint a Registered Agent. These agents serve as your company’s legal representative and handle any paperwork or other obligations on your behalf. They also help you meet critical annual reporting and tax deadlines. Keeping your registered agent compliant is crucial to keep your Florida LLC in good standing with the state.
Registered Agent
Florida law requires any formal business entity like a limited liability company (LLC) or corporation to name a registered agent. This person or company is responsible for receiving important papers and documents on behalf of your LLC, such as service of process notices, correspondence from the Secretary of State, official government notifications, tax information, and notices of lawsuits.
There are many advantages to using a professional registered agent service, including privacy preservation, convenience, cost savings and more. Additionally, they can handle your compliance requirements so you can focus on growing your business.
Annual Report
If you have a limited liability company, or LLC, in Florida, you need to file an annual report. This document is your business’s official record with the Department of State, Division of Corporations.
It must be filed each year, regardless of whether your business has changed since the last filing. It contains important information like the principal office address, registered agent, and federal employer identification number (FEIN).
Aside from being a required filing, your annual report is also important because it lets the Florida Division of Corporations know about any changes that may have occurred. Among other things, it can include an amendment to change your registered agent and the principal office address for your business entity.
If you fail to file your annual report on time, you will have to pay a $400 late fee. This applies to foreign and domestic companies, including LLCs, corporations, LPs, and LLPs. Nonprofits are exempt from this fee, however.
Licenses and Permits
Florida is a state that requires businesses to obtain licenses and permits before opening. These can be statewide or localized depending on the industry and location where your business will operate.
For example, if your business sells taxable merchandise you’ll need to obtain an Annual Resale Certificate for Sales Tax, also known as a seller’s permit. Professionals like doctors and attorneys will require a statewide license from the Department of Business & Professional Regulation (DBPR).
In addition, cities and counties have their own licenses and permits that you’ll need to get before opening a business. Check the websites of your city and county for information on what licenses you’ll need to operate within their jurisdiction.
The process of obtaining licenses and permits is a critical step in the formation of an LLC in Florida. Once you’ve filed articles of organization, registered your business and set up a registered agent, it’s time to start applying for these required licenses.