Florida LLC Renewal: Everything You Need to Know
Florida LLC Renewal is a process that businesses registered as Limited Liability Corporations (LLCs) must undergo each year to remain in good standing with the State of Florida.3 min read
2. Benefits for Florida LLCs
3. Frequently Asked Questions of Florida LLC Renewal
4. Steps to Completing Your Florida LLC Renewal
Updated October 9,2020:
What is a Florida LLC Renewal?
Florida LLC Renewal is a process that businesses registered as Limited Liability Corporations (LLCs) must undergo each year to remain in good standing with the State of Florida. This includes filing annual LLC forms, paying business fees, and remaining compliant with the naming and operational requirements issued by the State of Florida. LLCs that follow these requirements remain active, operational, and in good standing with the state.
Benefits for Florida LLCs
1. An LLC is a flexible business structure that is easy to form. You can start a new LLC with just a few steps.
2. Forming an LLC can limit liability for business owners by creating a separate entity. For instance, if a vendor or customer sues an LLC, the members of the business are not sued personally.
3. Choosing to operate as an LLC can help reduce tax liability since businesses choose how they are taxed.
Frequently Asked Questions of Florida LLC Renewal
Question: What information is required to be included in a Florida LLC Renewal?
Answer: All Florida LLC renewals must include:
- LLC name and mailing address
- Name and address of the LLC's registered agent
- The registered agent's signature
- Names, mailing addresses, and titles or LLC members and managers
- Effective date
Question: What methods of payment are available to pay Florida LLC Renewal fees?
Answer: Florida LLC renewal filing fees can be paid by personal check, credit card, or money order.
Question: How long does it take the appropriate government agencies to process LLC renewal paperwork?
Answer: The LLC renewal paperwork can take as little as two days, but up to 14 days. The time varies based on which method of payment you use to pay the filing fee and what other business documents need to be processed.
Question: How can you be sure that your LLC name will be approved?
Answer: You can make the process for getting your chosen LLC name approved easier by picking a name that is easily identifiable from other company names. The name should also include any words that are required to be in your LLC name.
Question: Are there any restrictions on which name you can pick for your LLC?
Answer: In Florida, there is no set of reserved names and words that you cannot use other than those already in use. You can check to see if the name you want is available by checking the database on the Division of Corporations' website.
Question: Do I need a state tax ID number to file an LLC?
Answer: No, you do not need a state tax identification number. Florida does not use them.
Question: Which forms do I need to file to form an LLC?
Answer: The forms that you need depend on which type of company you are starting.
For instance, for a Limited Liability Partnership LLC, you will need:
- File Form 1065
- U.S. Return of Partnership Income
- Documents to demonstrate that the distribution of profits is equal
- Provide a Schedule K-1 from the IRS that shows the losses and credits
Steps to Completing Your Florida LLC Renewal
1. Create an annual report for your Florida LLC. This report should confirm the information about your LLC and update any information that changed in the past year. The information that you need to include is:
- Your LLC's Name
- EIN or Tax ID Number
- Physical business location
- Mailing address
- Information regarding your Registered Agent. If you have a new one, use their information instead. Otherwise, you can confirm their mailing address and name.
- Contact list for members and managers
- Email Address
2. Find your LLC at Sunbiz.org, where you will file your annual report online.
3. Upload your annual report in order to Sunbiz.org by May 1 each year.
4. Pay all applicable fees at the time of filing, which includes the filing fee of $138.75.
5. Remain an LLC with an Active Status with the State of Florida.
6. Keep current on federal income tax requirements.
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