Florida is known for its entrepreneur-friendly tax climate, including no personal income tax and various tax exemptions for businesses, making it an ideal state to start an LLC.
If you’re looking to register an LLC in Florida, these are the six steps you need to take to start your business today.
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Florida LLC Quick Facts
- Registering an LLC in Florida provides benefits such as personal liability protection, tax flexibility, and brand credibility.
- To form an LLC in Florida, submit Articles of Organization to the Florida Division of Corporations.
- The filing fee to start an LLC in Florida is $125.
- To maintain your Florida LLC, you must file an annual report with the Florida Division of Corporations.
6 Steps to Starting an LLC in Florida
A limited liability company (LLC) is a popular business structure that protects its owners from personal asset liability, provides tax benefits, and increases the business’s credibility.
To launch your Florida LLC, follow our quick six-step guide:
- Name Your Florida LLC
- Appoint a Registered Agent
- File Your Articles of Organization
- Draft Your Operating Agreement
- Obtain an EIN and Handle Taxes
- File a Beneficial Ownership Information Report
Step 1: Name Your Florida LLC
The first step toward forming your LLC in Florida is choosing a name.
Naming an LLC in Florida requires following a few basic rules:
- Your LLC name must be distinguishable from all business entities in the state
- Your name must include LLC, Limited Company, or Limited Liability Company
- Your business name cannot include terms such as FBI, State Department, CIA, or Treasury that could be confused for a government agency
For a full list of naming requirements in Florida, visit the Florida Senate website.
Then, be sure to complete a business name search using the Entity Name Search tool on the Sunbiz Florida website.
Don’t let your perfect domain name slip away. Once you choose a business name, secure your domain with GoDaddy.
Step 2: Appoint a Registered Agent
To form an LLC in Florida, you are required to appoint a registered agent.
This is an individual or business entity that will receive all legal documents including tax forms or notice of lawsuit.
Registered agents must:
- Be a business or resident of Florida with a physical address
- Be at the physical address disclosed during regular work hours
An LLC’s registered agent cannot be the company itself.
Step 3: File Your Articles of Organization
To form your LLC in Florida, you are required to file Articles of Organization either online or by submitting a paper form by mail.
The filing fee is $125.
We recommend having the following details prepared:
- Your LLC name
- Your LLC’s mailing address for tax purposes
- The name and address of your registered agent
- The names and addresses of all authorized LLC managers
- The filing’s effective date
- Any special provisions or information
Quick Note: Existing businesses expanding to Florida will need to register as a Florida Foreign LLC with the Department of State Division of Corporations and pay a filing fee of $125.
Step 4: Draft Your Operating Agreement
An operating agreement details the ownership and operating procedures of the company.
While this document isn’t required for LLCs in Florida, it is an essential part of ensuring all LLC members are on the same page, preventing future conflict between members.
Step 5: Obtain an EIN and Handle Taxes
An Employer Identification Number (EIN) is given by the IRS to identify and track businesses for tax purposes.
You can obtain an EIN for free on the IRS website.
Take this time to prepare your business to handle tax season as well. This will include registering your business with the Florida Department of Revenue online.
Step 6: File a Beneficial Ownership Information Report
As of January 2024, businesses are required to file a Beneficial Ownership Information (BOI) Report with the US Financial Crimes Enforcement Network (FinCEN).
New LLCs must file this report within 90 days of formation while existing LLCs have between January 1st, 2024 and January 2st, 2025 to file.
Filing online is free, however, failing to do so will result in a $500 per day fine.
Visit the FinCEN website for information on exemptions.
Next Steps
After registering your Florida LLC, it’s important to:
- Open a business bank account to separate personal assets and maintain the corporate veil. You can open a free business checking account with Lili today – it only takes a few minutes to sign up online.
Sign up for Lili Banking and Accounting Services
- Determine the necessary licenses and permits required on a state and federal level
- All LLCs are required to file an annual report with the Division of Corporations. The filing fee is $138.75.
- Every LLC needs business insurance, the most common types to start with are general liability coverage, professional liability coverage, and workers’ compensation coverage. We recommend Next Insurance for flexible and affordable options.
Request an online quote with NEXT Insurance
Additional Tips for Success
- Know who your customers are and how to effectively reach them.
- Maintain your business by ensuring you are staying compliant, paying taxes, and filing necessary paperwork.
- Don’t be afraid to ask for help. Build a network of contacts that you can rely on to support you when you need a hand.
Conclusion
Starting a new business is an exciting endeavor. Registering an LLC in Florida is the first step toward solidifying your entrepreneurial career. Be sure to follow each step correctly and be diligent to reduce any roadblocks on the way to business formation.