Understand the Formation of LLC:
As the name propose, the structure is a combination of other types of the business structure. It is easier to form an LLC in Florida and is a common choice among foreigners and business entities. The simplest way of structuring the business is by forming an LLC or Limited Liability Company. LLC can ensure to protect your assets in the case of legal action. The members of LLC are not responsible for the losses and decisions of the business entity.
What are the salient features of LLC:
- Ownership Customization
- Fewer Regulations
- Personal asset protection and flexibility
- Management
- Separate Entity of the Business
- Pass-through taxation
Cost to start a Florida Limited Liability Company(LLC): The cost to form an LLC is $125 for Florida state. The fee is paid to the state secretary of Florida Division Of Corporations when filing the Articles of Organization. There are other costs involved as well.
Here is a concise list of how much fee is required, for what process when it comes to forming an LLC in Florida. All other required costs to start an LLC in Florida:
State Filing Fees:
The Article of Organization An LLC in Florida has to file papers with the Florida Division of Corporation. This will cost $125 and can be filled online. These should include the Mailing address of the LLC headquarters, Name, Address, and Signature of the registered agent, LLC manager’s details, etc.
Business Permits and License:
To legally operate an LLC in Florida the costs of permits and licensees, essentially depend on the industry type and the location of the businesses. Learn about Federal, State, and Local licensing requirements of the specific area or the business.
Optional Costs:
These are not the essential costs but often propounded while forming your LLC. In addition to the filing of required documents, businesses can opt for professional services to help form LLC faster and efficiently. Operating Agreement can cost you somewhere between $40-$99 in Florida. Opting for a customized agreement can help outline the operational legal agreement, that can save you from conflict arising situations in the future. Registered Agent Services can cost up to $125 per year. It is important to note that a registered agent is an individual or business entity. The agent is responsible for receiving and processing legal-documents. And to represent your business to the matter of courts.
Florida Annual Report:
LLC’s are required to file an annual report with the department of state of Florida. The annual report filing of the LLC entity is to be done by May 1 each financial year. You can be levied with $400 as a penalty for a late fee if filed later. If the LLC delays filing the report till the third week of September, this can cause the LLC to get dissolved by the law.
As with the other state, the cost to form how to open llc in florida is different. According to the permits and licenses rewired for the formation of an LLC in Florida, the cost varies.
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