Getting an LLC for your business can be an advantage for you. It can help with flexible taxes, maintain your image of your company and protect you in many ways. You can apply for an LLC in most states, even if you do not live in that same state. If you want to set up an LLC in Florida, then all you have to do is follow 5 easy steps. Here is a mini guide for you and some tips too.
How much does it cost?
When setting up an LLC, you will notice that the state fee is different in all states and it can vary. In Florida specifically, the state fee costs $125 to set up. There are no added minor fees, which is great if you are looking specifically to save money.
Name your LLC
So you have chosen Florida as the state to apply for your LLC in and you have paid the $125, which is great. So what is the next step? Well, it may come across pretty easy, which it is if you already have a name in mind. You need to come up with a business name that is not similar to other businesses and it has to stand out. You also have to keep in mind that it is necessary to add LLC or Limited Liability Company at the end of your business name.
Hire a registered agent
Once you have come up with the name and you have filed it with the state, you would then need to either become a self registered agent or hire a Florida registered agent. Regardless of which option you choose, the person has to be a resident in the state of Florida, as well as be legally authorised to represent in Florida. A registered agent is someone who takes on the responsibility of legal work, tax purposes and lawsuits for your LLC company.
If you wish to be a self registered agent then you have to be working from 9am – 5pm at all times, have great time management, as well as make your business address public. You also have to keep in mind that if your company ever gets sued, you will be served in front of your friends and family as a self registered agent.
Once step one and step two is over, you have to then file your Florida LLC Articles of Organisation. This can easily be done online, or you have the option to do it face to face or by mail. The files you have to send are legal documents for your business; such as the name of the company, details and signature of your registered agent and other relevant details. Once you have sent all of these details, you would hear back from the Secretary of State with an update for your application.
Sort out the operating agreement
Another important step of the process is selecting each member of your LLC to a certain role for your business. You basically have to structure the management of the business, who is in charge of what and also make the state aware of when new members are on board, which members have been terminated and how profits and dividends are distributed. You also have to outline the responsibilities that are given to each member with the state.
Get an EIN
The last step that you have to do is get an EIN. This means Employment Identification Number and it is basically what makes your business known on databases and it is the ultimate key to allowing you to set up a business bank account and get a business credit card. This is a great benefit for you, since you can separate your personal assets from your business assets, which protects you in the long run from any damages made by lawsuits.