How to Form an LLC in Florida? – Exploring the Procedure
Let's move on to the procedure of how to form an LLC in Florida. This section will carefully detail out everything you need to know about setting up an LLC in Florida. Forming a Limited Liability company in Florida is a great choice, if you are looking for reduced tax liability, flexible tax management structures, and of course limited liability for your members and managers. Also, according to the federal government, Florida is one of the best states for forming a business. If you wish to know how to form an LLC in Florida, then you will have to plan out your business properly, complete the tax requirements, file the relevant documents with the Department of State, and maintain the annual reporting.
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We will be exploring the answer to the question how to form an LLC in Florida in detail below.
· Step # 1: Understanding Limited Liability Structure
To form an LLC in Florida you first need to understand what a limited liability structure is. A limited liability company is actually a hybrid business having all the positive aspects of the business structure. Having the LLC, you will get to enjoy the flexibility of partnership and tax efficiency of the corporation.
Moreover, the limited liability structure will permit you to have all the positive aspects including the ease of sharing profits and losses, limited liability, and the convenience of record-keeping. Along with these positive aspects, there is only one drawback, the owners or partners have to pay the taxes on their own.
· Step # 2: Creating Structure For Your Business
Thinking of how to form an LLC in Florida, you should know the structure you wish to create for your business. By creating a structure we mean that you have to decide whether your limited liability company will be managed by managers or by members. Members are actually the owners of the company.
To know how to form an LLC in Florida you must first understand that it is essential to write in the Articles of Association about the structure of your business. If you do not mention or specify it, the law will assume that your company is managed by members or partners of the Limited Liability Company.
If you are willing to explore how to form an LLC in Florida, you also need to understand that a Limited Liability Company managed by members is the company where the members are permitted to make decisions and have the management authority of running the day to day operations of the business.
According to experts, this is a great option so if you are willing to start an LLC and asking how to form an LLC in Florida, then you should opt for member managed LLC as it does not require any separate management levels and everyone is given equal authority. On the contrary, when the company is managed by managers, only the managers are permitted to decide the day to day tasks and operations while the members have no authority to decide but only look over the workings of the managers and be passive investors.
· Step # 3: Choose a Name for Your Business and Principal Office
If you are interested to know how to form an LLC in Florida then choosing a name for your business is one of the most important requirements. Do some research and then choose a legal and appropriate name for your limited liability company. The name of the company should be decided by checking the Department of State so that there are no clashes in the business name.
Additionally, you will have to add Limited Liability Company, ltd., or LLC in the end of the name. When you are done choosing a name, it is time to designate a head office to include in the Articles of Association to prove its existence with the street address and mailing address.
· Step 4: Find a Registered Agent and Draft Articles of Association
If you wish to know how to form an LLC in Florida, then keep in mind that you would require a registered agent by law in Florida. Without a registered agent in Florida, you will not be able to form your business smoothly. They must be an individual or an entity residing in Florida only. Also, they must have a proper street address i.e. office in Florida to receive and send the notices, proceeds, and conduct processes for the company.
Once you found a credible registered agent, it is time to draft Articles of Association. In this document, your registered agent will help you in writing the name of the business, mailing address of the office, address and name of the registered agent themselves and other important company information. When you are done writing it, you need to get it signed by at least one person who is acting as the authorized representative for your Limited Liability Company. Normally, the representative is the registered agent only so you can get it signed by them.
· Step # 5: Deliver Documents and Pay Filing Fee
Once the documents are completed, you can deliver it. Also, you will have to pay filing fee for the Articles of Association. If you wish to form an LLC in Florida, then you should remember that you will have to pay $100 as a filing fee for the certificate and $25 to the registered agent, which sums up to $125 to properly deliver the documents. All those concerned about how to form an LLC in Florida, can be happy on the day of filing, because once they file the documents, the same day their Limited Liability Company will be formed.
If you do not wish to deliver the documents by mail, you can do it via electronic filing. You can access the Florida's Department of State using the electronic filing to form an LLC online. This process saves time and helps you forming Limited Liability Company earlier and quickly.
This electronic filing system is also simple as you just have to get started by clicking one button and fill the information and pay the fee, $125 via credit card. Those who are worried how to form an LLC in Florida via electronic filing should understand that once the forms are approved; their LLC will be formed online. Many people form Limited Liability companies online only.
Source:http://freedomtaxaccounting.com/how-to-form-an-llc-in-florida/
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