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Forming a Limited Liability Company in Florida
Forming a limited liability company (LLC) in Florida cultivates the benefits you seek in protecting your personal assets, gaining potential tax advantages and maximizing the credibility the “LLC” abbreviation lends to your business name. But as with any legal business structure, LLCs have their advantages and disadvantages.
The Sunshine State carries potential for small business owners seeking asset protection. A Florida LLC combines the liability protection of a corporation with the tax treatment and ease of administration of a partnership.
Forming an LLC in Florida also offers:
LLCs typically enjoy pass-through taxation where the members (owners) report their share of the LLC’s profit or loss on their individual tax returns. Any tax due is then paid at the individual level. Multi-member LLCs file an informational (partnership) tax return for the LLC, while single-member LLCs report all income or loss on Schedule C. Pass-through taxation sidesteps the double taxation incurred by C corporations when income is taxed at the corporate level and again at the individual level if corporate profits are distributed as dividends to owners (shareholders).
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.
The LLC business entity requires no corporate minutes or resolutions, making it easier to manage. Holding annual meetings of members and documenting major business decisions is still recommended, however.
Limited Liability Company (LLC)
A business type with several advantages
When looking at business types, many business owners choose to form a limited liability company (LLC). Creating an LLC is a good way to “wall off” your personal assets from your company’s liabilities, offering protection for your personal assets in the event of a judgment against your business. For this reason, forming an LLC is a better fit for many owners than a sole proprietorship or a general partnership.
A limited liability company (LLC) also has certain tax advantages. The business itself is not responsible for taxes on its profits. Instead, the LLC’s owners, known as “members,” report their share of business profit and loss on their personal tax returns, similar to tax reporting for a general partnership. This is known as “pass-through” taxation.
The LLC Advantage
In short, there are many benefits of a limited liability company, including:
No residency requirement
Owners need not be U.S. citizens or permanent residents.
Owners have limited liability for business debts and obligations.
Partners, suppliers and lenders may look more favourably on your business when you’ve formed an LLC.
Why is Florida a great state to incorporate in?
Florida “S” corporations are not taxable entities. This means they’re not required to file state income tax returns after the first year resulting in saved tax dollars.
Another great benefit is that Florida doesn’t have minimum capital requirements for incorporating your business. Some states require a minimum of $1,000 capital to start your business but Florida does not.
Incorporating in Florida is much simpler than other states because the director and officers can all be the same person. For example, the Director, President, Secretary and Treasurer can be one person.
Florida is a “business friendly” state with some of the lowest annual fees and fewest corporate reporting requirements.
Company Formation in Florida
We provide the smartest, most efficient way to incorporate or form a LLC in Florida. Unlike many other incorporation services, which file to obtain your Corporate I.D. number and supply you with a litany of forms to complete, we provide an all-inclusive start-up package.
We make sure that your Florida LLC or corporation is up and running as quickly as possible, in full compliance with state and federal law. We offer expert counsel, a full set of customized corporate documents and instruction on how to follow future corporate formalities (proper legal compliance is essential in the event of an audit or law suit).
Additionally, we take care of all necessary filings with the state and federal government.
Incorporating the business, filing with the proper regulatory agency, setting up banking and credit card accounts, establishing the tax treatment of your new entity, and learning how to follow corporate formalities can be overwhelming.
All of these tasks can take valuable time away from what new business owners should be doing – which is running their business. We aim to take as much of this administrative burden as possible off your shoulders. We pride ourselves on providing the most comprehensive service in the business.
We work directly with tax and financial professionals, never with taxpayers.
And finally, we have a proven ability to take you through the process of creating a “believable image” with a Virtual Office that includes mail, phone and fax forwarding and professional business identity packages.
State of Florida (USA)
Procedure to Register
Filing of Articles of Organisation or Certificate of Formation with the Secretary of State in the preferred state of formation.
Language of Legalization and Corporate Documents
English. If any other language is used it must be accompanied by a translation in English.
Registered Office Required
Yes. Must be maintained in state of incorporation/formation at the office of a professional registered agent.
Shelf Companies Available
Yes, for recommended states.
Time to Incorporate/Form
Generally, 2 days, but must allow an additional 5 – 7 business days for delivery of documentation.
US Federal Taxation
US Limited Liability Companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return. However, a FBAR form has to be filed each year where the bank account balance exceeds $10,000 at any time.
US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return.
Annual Report/License Fees
Of the states recommended, there is either a minimum or a ‘flat’ annual report or license fee.
On State of Florida, annual report must be filed no later than May 1st.
There is generally no requirement to file financial statements with the state of formation unless the corporation owns assets within that state or has conducted business within that state.
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