In Florida, forming a limited liability corporation (LLC) is simple. We’ve designed a Florida LLC creation checklist to make things even simpler.
For small firms, a limited liability corporation provides liability protection and tax possibilities. As a result, the LLC is the most common company form for small firms and startups in Florida.
This Checklist for Starting an LLC in Florida outlines the processes you must complete while forming an LLC.
Table of Contents
Checklist for Forming a Florida LLC
Our Florida LLC setup checklist can assist you in getting your firm up and running promptly. The following are the initial actions you must do while establishing an LLC:
Your LLC’s name
Select a registered agent.
Submit the Organizational Articles
Make a business agreement.
Obtain an EIN
Your Company’s Name
Choosing a company name is the first step when deciding to establish a new firm.
When naming your company, take the following points in mind:
Legal Prerequisites
Your name must be distinct and fit Florida naming criteria, which include:
The word “limited liability corporation” or one of its acronyms must be in your name (e.g., LLC or L.L.C.).
Certain prohibited terms (e.g., bank, attorney, university, etc.) may need extra documentation and the participation of a licenced professional in certain jurisdictions.
Except for some fake name registrations, general partnership registrations, and limited liability partnership declarations, your name must be different from any existing firm in the state.
Domain Title
It’s a major benefit if your company name is already accessible as a web domain. If the domain is not accessible, there are frequently inventive alternatives.
Marketing
You want your brand to be simple to advertise. For various firms, this might signify different things.
Select a Registered Agent
LLCs in Florida must have a registered agent. A registered agent is a human or legal organisation that receives tax and legal paperwork on your behalf.
When you finish your LLC’s Articles of Organization, which is the fundamental LLC formation document in Florida, you must choose your registered agent.
A member of the LLC or another person in the firm may serve as the LLC’s registered agent if they match the following criteria:
18 years of age or older
Has a physical address in the state where the company was founded.
During regular business hours, I am available (in person).
However, it is typically a good idea to use the services of a registered agent. Hiring a registered agent service has a few advantages:
Observance of the law
Mind-set tranquillity
Flexibility
Privacy
Documents for File Formation
You must submit Articles of Organization with the Florida Department of State to register your Florida LLC. You may apply both online and by mail.
You will include some basic corporate information in this paper. This contains its location, registered agent, whether it is controlled by members or by managers, and its owners.
The filing fee for Florida Articles of Organization is $125.
Create an Operating Agreement for your LLC.
An operational agreement is a legal document that defines your limited liability company’s ownership and member responsibilities.
While an operating agreement is not needed by law in Florida, we suggest having one for many reasons.
For starters, an operating agreement may aid in the prevention or resolution of disagreements amongst LLC owners. Even if your firm is a single-member LLC, an operating agreement may give it legitimacy and guarantee that courts respect the organization’s limited liability status.
Operating agreements typically include at least six major sections:
Voting and Organizational Management
Distributions Capital Contributions Membership Changes Dissolution
Obtain an EIN
An Employer Identification Number (EIN) is your LLC’s equivalent of a Social Security number (SSN). It is also known as a Federal Employer Identification Number (FEIN) or a Federal Tax Identification Number (FTIN) (FTIN).
To create a business bank account, most banks will demand an EIN. If any of the following apply to your firm, you will also need an EIN:
Your company employs people.
Your LLC has several members.
Your LLC is required to submit excise taxes.
Nonwage income paid to a nonresident alien is taxed by your LLC.
Following the formation of a Florida LLC
Following the formation of an LLC, there are many things you should do to ensure that you comply with any applicable local, state, and federal rules, maintain your liability protection, keep correct financial records, and attract clients to your firm.
Register to Pay Taxes
If you are selling a physical goods, you will normally need to register for a seller’s permit via the Florida Department of Revenue website’s Registration and Account Maintenance area. This certificate enables a company to collect sales tax on taxable sales.
If you have workers in Florida, you must register with the Florida Department of Revenue to pay the Florida Reemployment Tax, which is a sort of unemployment tax.
Our guide on LLC taxes might help you discover more.
Hire an Accountant
Many small company owners believe they can handle their own accounting and choose not to pay for a professional service. Hiring professional accountant, on the other hand, may save you money, worry, and perhaps legal issues in the long run.
Investigate and Apply for Business Licenses
One of the most crucial things to accomplish after creating an LLC is to get the necessary company licences and permits.
The sales tax permit, often known as a seller’s permit, is the most important state-level authorization or licence in Florida.
In addition, many businesses and professions in Florida need a separate business licence. The Florida Division of Library and Information Services has further information on these licence requirements.
Depending on your company activity or location in Florida, you may need additional licences or permissions from your local government. For further information, contact your local Florida government office.
Establish a Business Bank Account
Opening a company bank account is an important aspect of keeping your LLC’s corporate veil and limited liability protection intact. You must maintain your personal financial accounts separate from the LLC’s accounts and never use your personal bank account or credit card to make company expenditures.
Purchase Insurance
Every limited liability company (LLC) should have some sort (or types) of business insurance.
Your LLC should, at the very least, have general liability insurance, which is a wide insurance coverage that protects your company against litigation. Other insurance coverage that an LLC may need depend on the sort of company, whether or not you have workers, and other criteria.
Check out our evaluation of the 7 Best Small Business Insurance Companies before deciding on which business insurance to buy for your LLC.
Create a Web Presence
Every firm should have an online presence. This includes the following:
A web page
Accounts on social media
A channel on YouTube
If you are not comfortable creating your own website, there are several tools and website builders available to assist you in creating your own company website.
Issue a Press Release
A press release is a simple and low-cost technique to market your new company. A press release is an official statement issued by a company that is sent to the press for public consumption. Typically, press releases are brief and to the point.