Starting LLC Florida Checklist

starting LLC Florida checklist

A limited liability company (LLC) offers a number of benefits for small businesses, including liability protection and tax advantages. However, forming an LLC can be confusing for new entrepreneurs.

To help you get started, we’ve created a starting LLC Florida checklist. It includes the following nine steps: 1. Choose a business name.

1. Decide on a business name

Choosing the right business name is an important first step when starting your Florida LLC. Your legal business name must end with “Limited Liability Company,” “LLC” or “L.L.C.” Licensed professionals can form a professional limited liability company, or PLLC, which must end with “Professional Limited Liability Company,” “PLLC” or “P.L.L.C.”

Your business name must distinguish your company from other businesses and reflect what it does. It must also tell the public what kind of business you are operating, whether it is a sales tax permit or license, and other important information.

You must also identify a registered agent for your Florida LLC, which is someone who has a physical address in the state and can accept legal documents on your behalf. BizFilings includes this service with all of our Florida incorporation packages.

2. Select a registered agent

An LLC offers liability protection and tax advantages, making it the most popular business structure for small businesses and startups. However, it is important to understand the ongoing requirements of an LLC, such as maintaining accurate financial records and obtaining necessary permits and licenses.

The State of Florida requires all businesses to have a registered agent. This is an individual or company that can be reached during business hours and is responsible for receiving legal documents and notices for a Florida business.

The registered agent must have a physical address in the state of Florida. Additionally, Florida business owners should be aware of the naming rules that apply to their LLCs, as certain restricted words may require additional paperwork or licensure. The next step is creating an LLC operating agreement.

3. File articles of organization

Your LLC will not be recognized by the state until you file articles of organization. This form requires your LLC name, principal business address, registered agent (an individual or entity who can receive service of process and official legal documents for the company), management structure (members vs. managers), and the person or entity who is authorized to submit the articles (an “authorized representative”).

The articles also specify whether your LLC will be taxed as a corporation or as a pass-through entity (passing through means that earnings are reported on personal income taxes). You can complete this form online or via mail. The cost to file is $125. Once the articles are approved by the state, you will have a legally established business. You can then begin operating your business.

4. Open a business bank account

The process of opening a business bank account will vary depending on the type of entity, the state in which it is established, and the bank itself. A bank will typically require the articles of organization and the employer identification number (EIN) if the LLC has more than one member, or if it is taxed as a corporation.

An operating agreement is also recommended, as it sets out the relationship between members and managers and clarifies financial and working responsibilities. It can also help prevent disagreements over how the company is managed. Obtain any permits or licenses required to operate the business, such as a sales tax permit (or seller’s permit) and zoning permits. Getting these can help protect the business name and reduce the risk of legal disputes with competitors.

5. Hire an attorney

Florida is a popular destination for vacationers and retirees, but it’s also home to 2.5 million small businesses. The state’s tax-friendly environment and limited liability protection make it an attractive option for entrepreneurs.

A business should file for an Employer Identification Number (EIN) with the IRS as soon as it’s formed. This number is used to identify the company for tax purposes and makes it legal to hire employees. BizFilings includes this service in all its incorporation packages.

An LLC offers owners legal protection and tax flexibility, making it the most popular business structure in Florida. The process is relatively quick and simple, but there are a few steps to take before your new company can begin operations. Start an LLC today with Northwest for $29 plus state fees.