How do I file for an LLC in Florida?

How much does it cost to start an LLC in Florida?

$125

The cost to start an LLC (limited liability company) online in Florida is $125. This fee is paid to the Florida Division of Corporations when filing the LLC’s Articles of Organization.

How do I file an LLC in Florida?

Starting an LLC in Florida is Easy

STEP 1: Name Your Florida LLC. …
STEP 2: Choose a Registered Agent in Florida. …
STEP 3: File Your Florida LLC Articles of Organization. …
STEP 4: Create a Florida LLC Operating Agreement. …
STEP 5: Get an EIN for your Florida LLC.

What documents do you need for an LLC in Florida?

File your articles of organization

The LLC’s name and principal place of business.
Registered agent’s name and Florida street address (P.O. …
Registered agent’s signature.
Names and addresses of the LLC’s members.
Name and address of the LLC’s manager if manager-managed.

How long does it take to get LLC approved in Florida?

Mail filings: In total, mail filing approvals for Florida LLCs take 3-4 weeks. This accounts for the 5-7 business day processing time, plus the time your documents are in the mail. Online filings: In total, online filing approvals for Florida LLCs take 1-2 business days.

Do LLCs pay taxes in Florida?

By default, LLCs themselves do not pay income taxes, only their members do. (Because Florida is one of the rare states that do not have an income tax for individuals, this means LLC members will not owe state income tax on their LLC earnings.)

How much is an EIN number in Florida?

You can apply for an EIN free of charge, although some websites offer to process your application for anywhere between $75 to $150. The quickest ways to get your EIN is by phone or online. Faxing can take four days (or longer if you don’t provide a return fax number), and mailing can take up to four weeks.

Do I need an EIN for my LLC?

An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.

Does an LLC need a business license in Florida?

Does an LLC need a business license in Florida? Florida doesn’t necessarily require all businesses of any structure to obtain a license. The state doesn’t issue or require a business operating license. It regulates and requires licenses or permits for some business activities.

Does an LLC need an EIN in Florida?

In Florida, if you have a corporation or an LLC with two or more members, you must apply for an EIN. Similarly, if your business has any number of employees you must obtain an EIN. The tax classification of your business can also signal whether or not you need one.

How do I pay annual fees for LLC in Florida?

Pay the annual fee online by credit card, debit card, or a prepaid Sunbiz eFile account.

If you pay the fee before May 1, you will pay $138.75.
If you pay after the May 1 deadline, your LLC will be subjected to a $400 late fee that is payable, even if you did not receive a late notice.

What can I do with an LLC?

An LLC is most often used to operate a business (you can have multiple businesses in one LLC), but LLCs can also be used to take title to assets. For example, an LLC can be created to own real estate (when should I form an LLC for real estate?), vehicles, boats, and aircraft.

Can I be my own registered agent in Florida?

Registered Agent Name and Address
An entity cannot serve as its own registered agent. However, an individual or principal associated with the business may serve as the registered agent. The registered agent must have a physical street address in Florida.

What happens if my LLC makes no money?

LLCs that have become inactive or have no income may still be mandated to file a federal income tax return. Filing requirements will depend on how the LLC is taxed. An LLC may be taxed as a corporation or partnership, or it may be totally disregarded as an entity with no requirement to file.

Do I file my LLC and personal taxes together?

Limited liability companies (LLCs) can also choose to be treated as a corporation by the IRS, whether they have one or multiple owners. In that situation, they must also file their taxes using Form 1120, which means the owners must file their personal and business taxes separately.

What are the benefits of an LLC in Florida?

The key benefit of forming a limited liability company (LLC) in Florida is limited liability protection.
Other Florida LLC benefits include:

Pass-through taxation.
Tax options.
Simplicity.
Ownership flexibility.
Increased credibility.
Name registration.
Ownership flexibility.

What are the disadvantages of forming an LLC?

Disadvantages of creating an LLC
Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. Many states also impose ongoing fees, such as annual report and/or franchise tax fees. Check with your Secretary of State’s office.

How does a Florida LLC work?

LLCs generally have no restrictions on the number of members allowed, and members have flexibility in structuring management of the company. Florida LLCs can also select varying types of distribution of profits. Unlike a common partnership where the split is 50-50, an LLC has room for much more flexibility.

Why should I have an LLC?

The main advantage to an LLC is in the name: limited liability protection. Owners’ personal assets can be protected from business debts and lawsuits against the business when an owner uses an LLC to do business. An LLC can have one owner (known as a “member”) or many members.

How do you make money with an LLC?

Getting paid as a single-member LLC
Instead, you are paid directly through what is known as an “owner’s draw” from the profits that your company earns. This means you withdraw funds from your business for personal use.

What does an LLC protect you from?

In all states, having an LLC will protect owners from personal liability for any wrongdoing committed by the co-owners or employees of an LLC during the course of business.

What does LLC mean for dummies?

Limited Liability Company

The Limited Liability Company or LLC is an alternative type of business entity. A Limited Liability Company or LLC is like a corporation regarding limited liability, and it’s like a partnership regarding the flexibility of dividing profit among the owners.

Is having an LLC good for taxes?

One of the biggest tax advantages of a limited liability company is the ability to avoid double taxation. The Internal Revenue Service (IRS) considers LLCs as “pass-through entities.” Unlike C-Corporations, LLC owners don’t have to pay corporate federal income taxes.

What are the pros and cons of an LLC?

Pros and Cons of Limited Liability Corporations (LLC)

The Pros	The Cons
Members are protected from some (or sometimes all) liability if the company runs into legal issues or debts.	Unless you are running the LLC alone, the ownership of the business is spread across its members (this can also be a pro)