If you're looking to start a Florida business, you'll need to know how long it takes to form an LLC. The process can seem daunting, but it can be a breeze with the correct information.
This blog post will give you all the necessary details and knowledge to make your dream of starting a Florida business come true. We'll also provide tips to help the process go as smoothly as possible. So without further ado, let's get started!
LLC Florida Explained
A Florida LLC is a business organization founded in Florida that exists independently of its owners. The Florida Revised Limited Liability Company Act authorizes this sort of asset protection entity.
Florida has always been a popular place to incorporate and construct limited liability companies. Because Florida does not have a state income tax, the Florida LLC is one of the least taxed company structures in the country.
Benefits of Starting a Florida LLC
The main advantage of incorporating a limited liability corporation in Florida is the liability protection it provides:
- If your company is sued or unable to pay its debts, limited liability might protect your personal assets.
- Property taxes are low.
- Annual maintenance is inexpensive.
- There are fewer requirements than for a Florida corporation.
- There are no capital gains or death taxes.
- There are no state income taxes.
Steps Needed to Start an LLC in Florida
To form an LLC in Florida, follow these steps:
- Pick a unique business name for your Florida LLC.
- Select a Florida Registered Agent.
- File Florida LLC Articles of Organization
- Complete the Florida LLC operating agreement
- Obtain a business license if needed
- Obtain an EIN (employer identification number) for your Florida limited liability company.
- Open a business bank account.
Read More: How to Start an LLC in Florida?
LLC Processing Times in Florida
The time it takes the state of Florida to review and enter your LLC filing into their system is referred to as LLC processing time. After your LLC has been approved, the state returns your authorized documentation to you, either electronically or by mail.
Depending on how you choose to file your paperwork, it may take 1 to 7 business days. Business owners who file online will get the paperwork processed in 1-2 business days. On the other hand, those who file by mail will have their documents ready in 5-7 business days.
LLC Approval Times in Florida
The overall time it takes to get your LLC approved from start to end is the LLC approval time. It takes into account processing time as well as any travel time to and from the state.
Mail filing: Approval of postal filings for Florida LLCs takes 3-4 weeks. This period includes the processing period of 5-7 business days and the time your documents are in the mail at the before indicated mailing address.
Online Filing: It takes 1-2 business days for online filing approvals for Florida LLCs. There is no additional transit time because you can download your documents as soon as they are accepted.
LLC Formation Service
Hiring an LLC filing provider will not speed up the approval process. The state must still authorize your LLC before filing businesses can proceed.
The advantage of using a filing company, on the other hand, isn't to shorten the time it takes for an LLC to be approved. It's to have someone else handle your papers (and make sure it's appropriately filed).
How Much Does an LLC in Florida Cost?
When starting an LLC in Florida, you will have two main expenses:
LLC filing fee is a one-time charge to the state of formation. It is a fee paid at the creation of the company. In Florida, this fee is $125.
The annual report fee is a yearly expense of every business entity. The cost is $138 to ensure that you comply with Florida law.
Aside from the two main expenditures, you will also need to hire a registered agent. You can hire a registered agent service to help you with this task, and it can cost you anywhere from $25 to $125, depending on whether you are paying yearly or monthly.
Keep in mind that hiring an LLC formation service company will cost you extra.
Is There an Expedited Florida LLC Process?
There is no expedited filing option in Florida because documents filed online LLC are accepted in 1-2 business days.
LLCs filed by mail in Florida are not eligible for expedited processing.
What Is the Quickest Way to Start a Limited Liability Company in Florida?
Online filing is the quickest way to create an LLC in Florida. The fastest approval time is with this option.
What Is Required to Maintain an LLC in Florida?
To keep their "active" status, all Florida LLCs must file an Annual Report. The first report for your LLC is due the year after it is formed. The annual report filing can be done online between January 1st and May 1st. The annual report fee is $138.75.
Is a Written Operating Agreement Required for an LLC in Florida?
An operating agreement isn't required by the state of Florida for your limited liability company. However, it is strongly advised, especially if you have many LLC owners. The operating agreement establishes your LLC's financial and organizational framework and the rules and regulations to ensure that it runs smoothly. The agreement specifies the interest rate, the distribution of profits and losses, the rights and duties of the owners, and many other details.
How Do You Form an LLC in Florida?
You can form an LLC by filing articles of incorporation with the Division of Corporation of the Florida Department of State. Unless you provide a different date, it is created on the day of filing.
Does My Florida LLC Have to Pay Sales Tax?
You must collect and pay sales tax if your LLC sells goods to customers in Florida. This means you'll have to register with the Florida Department of Revenue for this purpose and then pay sales tax on goods sold regularly. You can either register online or send in Form DR-1 by mail.
How Can I Get a Copy of My Articles of Organization?
If you lose your articles of organization, you can get a copy from the Florida Department or Secretary of State website for the state where your business is registered. A corporate entity search is used to do this.
How Long It Takes to Form an LLC in Florida...
If you are looking to start a business in Florida, we hope this article was helpful. The process is easy and can be completed in as little as one or two business days.
We recommend starting the process early to ensure there are no delays. And if you have any questions or help with any legal documents, be sure to consult an attorney or a filing service. Thanks for reading!