Form an LLC in Florida
Forming an LLC in Florida offers benefits such as lower taxes, increased privacy and asset protection. An LLC gives personal protection of your assets if your business gets sued. This article will explain how you can form your own LLC in Florida in a few quick steps, so your home and other personal property won't be at risk.
Name your LLC
The Florida Division of Corporations handles all LLC filings in the state. You'll need to submit information such as your LLC's name to them, in order to create it. Before you do that, you must ensure that the name you would like to use is unique. You can search the Florida Division of Corporations database by Entity Name to make sure no other company is currently using your preferred name.
Your name should not be one that can be confused with a government agency or make it seem like you're qualified to offer legal advice when you're not. For example, a filing for National Treasury Chocolate or Jacksonville FBI Auto Florida will probably not be approved. If you're an attorney or work in a similar profession where you need to be licensed in the state, you'll need to submit additional documents when you're filing.
Your name must have an approved suffix, such as LLC, Limited Company, Limited Liability Company.
Your name should be one that potential clients will readily associate with the type of product or service that you offer. It's also a good idea to include a keyword that's related to your community, so that you'll be more easily found in local business searches. If you want to use a particular name for marketing purposes and that is different from your LLC's name, you can do so by registering a Doing Business As name. You can accept checks under your Doing Business As name and use that name in your online store.
Appoint A Registered Agent
A registered agent should be appointed by your LLC, for service of process. This can be a commercial entity that is authorized to do business in Florida. A person who has a physical address in Florida can also serve as your registered agent but P.O. boxes are not accepted. Your registered agent must be able to receive legal documents on your behalf during regular business hours and if you get sued, the documents will be sent to them. You or any other person in your company can be appointed as the registered agent
File your Articles of Organization
Your LLC in Florida is created via a document known as the Articles of Organization. You can do this by filing form LLC-1 via the Florida Division of Corporations. There are three options for filing and each one has different processing times. You can file by mail, online or in person. The fee for starting your LLC in Florida is $125 and it's non refundable. It should be made payable to the Florida Department of State if you are paying by check.
Whether you file online or by mail, your documents will be processed in the order in which they are received and Florida does not offer express options. Your documents will usually be processed in two to four weeks. If you wish to get a business tax number, or EIN, you should wait until your filing has been approved. There are several tax structures that you can choose from with your EIN but most LLCs in Florida choose the default tax structure
Create your Operating Agreement
Your LLC in Florida does not have to write an operating agreement but for your own protection, you should create one. It is binding so once it's been reviewed by al the members, they must abide by its terms. Your operating agreement is a legal document and it should be signed by all the members of your LLC.
Your operating agreement outlines the standard operating procedures of your company. It can help to resolve disputes because it shows how losses and profits are to be allocated among the members. It also gives information on the conditions under which a member can sell or trade their shares in the company and how many shares they have. It even states how the company will be managed from day to day.