Florida LLC Cost: Everything You Need to Know
Calculating Florida LLC cost is an important step when considering to start a Limited Liability Company (LLC).3 min read
What is an LLC?
When you structure your business as an LLC, the benefits you gain are protection from personal liability and efficient tax filing. LLCs combine characteristics of partnerships and corporations, making them a hybrid of those two popular business structures.
LLCs can have an unlimited number of members, which is another major benefit of this business structure.
Members can be:
- Individual people;
- Other limited liability companies;
- Foreign entities;
How to Start a Business in Florida?
When starting a business in Florida, the first step is choosing a business idea that sparks your interests and fits your skills. After identifying an idea for your business, you need a business plan. With a business plan in place, you are ready to file formation documents.
After filing the documents, you must do the following:
- Acquire permits and licenses for your business;
- Register for taxes in your state;
- Open a bank account for your business.
Unique LLC Requirements of Florida: Registration
To create your LLC in Florida, you must file the Articles of Organization with the Florida Division of Corporations. When filing the Articles of Organization, you must also include a cover letter with:
- Your name;
- Your address;
- Your email;
- A daytime phone number;
- The name of your LLC.
You will also need to pay a $125 filing fee when submitting these documents. Because fees frequently change, you should check with the Florida Division of Corporations what the current filing fees are.
When submitting your forms, make sure to include:
- The name and address of your LLC;
- The name, signature, and address of your registered agent;
- The names, contact information, and titles of all managers or members of your LLC;
- The formation date of your LLC if this date differs from the filing date;
- The signature of your LLC's authorized representative or one of its members.
Your LLC's effective date should be either five days before or ninety days after the receipt of your forms. If you do not include an effective date, the Florida Division of Corporations will activate your LLC once the documents have been processed. You can submit your documents by mail or online. You will receive a physical copy of your Articles of Organization if you file your forms by mail. After your LLC has been registered, you will get a letter of acknowledgement.
Unique LLC Requirements of Florida: Forms and Fees
Any person registering an LLC in the State of Florida must file the Articles of Organization. When submitting your Articles of Organization, you must pay the required fee, either by check, credit card, or with a money order.
Unique LLC Requirements of Florida: Timeline
Typically, it takes between two and 14 business days to process your submission. However, this can vary depending on your payment method and whether you need to submit additional documentation.
Unique LLC Requirements of Florida: Naming
Many people are confused with the requirements for naming an LLC. It is best to choose a name that will make your business distinct from other Florida LLCs. The name must include all the required words. To make naming your LLC easier, make sure to check with the Division of Corporations if your chosen name is available.
When you name your Florida LLC, you must include either the “LLC” or “L.L.C.” abbreviations or the phrase “Limited Liability Company.” Reserving your LLC name is not required. Often, reserving your preferred name requires a payment of additional fees and complicates the filing process.
Unique LLC Requirements of Florida: Formation Requirements
When your LLC has multiple members, it is advisable to develop on operating agreement that all members agree to follow.
An operating agreement is a document that outlines such terms as:
- Each member's role in the LLC;
- The voting rights of the members;
- Who will manage the LLC and how management will occur;
- The process for adding new members or removing current members;
- The process of dissolving the LLC;
- How the LLC or the operating agreement can be amended.
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