Florida LLC Checklist

Florida LLC Checklist is a tool in your hands if you use it properly. LLC represents Limited Liability Company.  This business structure offers flexibility more than a traditional corporation. On the other hand, the benefits enjoyed by the LLC are the same as the traditional corporation.

 

What is an LLC start-up?

A Florida LLC start-up implies you must understand what it is and if the business structure is viable for your company. An LLC refers to a business structure featuring flexible organization. It has tax efficiencies providing limited liability. Member may be corporations, individuals, and other foreign entities and LLCs. The advantage of an LLC is there is no maximum member numbers. It is a hybrid business structure bringing together elements of limited liability partnerships and corporation.


A few tips to assist in putting together that you need to initiate the registration process. The Florida LLC start-up checklist:

 

  • Decide a name and ensure it ends with LLC as abbreviation or Ltd. Co, or as Limited Liability Company.
  • No name reservation is done. You may prefer a name and check its availability. You can do by accessing the website of Division of Corporations.
  • If you lack time or knowledge, look for registered agents, corporations or individuals authorized to handle the registration process. they accept on behalf of the LLC the legal documents and ensure the members are notified.
  • Create an operating agreement. This is not a compulsion for LLCs in Florida, yet having one is best. The State of Florida acknowledges limited liability company agreements as the documents.
  • Get from the IRS, the EIN. If you have more than two or more members working in your LLC, there is a need to get from the IRS an EIN, for tax purposes.
  • Open a bank account in Florida.  In Florida, LLCs are expected to have a bank account to conduct a business.

To initiate in Florida an LLC, you require to file the Articles of Organization that costs $125 with the Florida Division of Corporation. This may be done online through website, in person, or by mail. The Articles of Organization is officially created by Florida Limited Liability Company. It is a legal document. However, to get your business running, there is a need to adhere to the requirements of the starting LLC Florida checklist.

Finally, annual reports should be filed between 1 January and 1 May online. The LLCs must file an annual report to show an active status of being in Florida. The annual report filing fee is $138.75 and it can be paid using debit/credit card. It will include a $400 late fee on submitting after May 1.