In order to legally do business in Florida, LLCs must meet several requirements. This includes registering your LLC with the state, filing an annual report, and getting taxation status.
Choosing the right type of business entity is a crucial decision for every business owner. Whether you’re planning to sell stock, raise money from investors or simply want liability protection, an LLC can be a great option for your business.
Articles of organization
The articles of organization are a key document that you must file with the appropriate state office to make your LLC an official entity. These documents will detail your business name, purpose, and other details.
Florida has several different requirements when it comes to filing your LLC articles of organization. These include making sure your company has at least one manager and one member.
In addition, you need to ensure that your company has a registered agent. This person is responsible for accepting legal papers on your behalf, such as court orders or tax notices.
A registered agent can be an individual resident or a business entity. They must have a street address in Florida and must sign a form consenting to accept service of process on your behalf.
Filing your LLC articles of organization can be a challenging process, especially if you don’t have an understanding of how to complete it correctly. Getting help from a business lawyer can help you avoid legal mistakes and get your paperwork filed quickly and properly.
Registered agent
Whether you’re starting a new Florida LLC or converting an existing business entity, you need to understand the requirements for a registered agent. If your business does not maintain a registered agent, you may be subject to penalties and state fees.
The registered agent is the person or business that agrees to accept service of process and other legal documents on behalf of your Florida LLC. In addition, they’re responsible for forwarding tax notices and annual reports to your LLC.
You can choose to be your own registered agent or hire a professional service. The choice is yours, but be sure to consider the pros and cons of each.
A professional service offers a number of advantages, including privacy, convenience, and more flexibility. They’ll also help you keep track of your filings and make sure you’re in compliance with the state.
Annual report
If you form a limited liability company (LLC) in Florida, you will be required to file an annual report. This is for tax and information purposes, and it keeps the state agency updated on changes in your business.
If your LLC does not file its annual report on time, you can risk your business being dissolved by the state. This can lead to your loss of limited liability protection and may make it harder for you to bring a claim in state court.
Fortunately, you can avoid late filing penalties by using a registered agent service. These services will notify you when your reports are due and submit them for you.
To file your Florida LLC annual report online, go to the Sunbiz website and enter your Document Number. This can be found on the reminder notice that your corporation’s registered agent receives from the state.
Taxes
If you’re planning to form an LLC in Florida, it’s important to know what are the requirements for taxes. As a business owner, you must make sure that your LLC is registered and complies with tax laws in the state.
You’ll also need to register for sales tax and submit periodic sales tax returns to the Department of Revenue (DOR). This is a requirement for all businesses in Florida, but it applies specifically to limited liability companies.
Unlike most other states, Florida does not impose an income tax on individual owners or managers of LLCs and sole proprietorships. This is because these businesses fall under pass-through taxation, meaning their profits are reported on the personal federal tax returns of the owners or managers.
Nevertheless, the owners and members of LLCs in Florida must still pay self-employment taxes on their earnings from the business. These taxes are 15.3% of their gross self-employment income, which includes the first 12.4% of social security and Medicare taxes, plus 2.9% of unemployment tax.