Creating a Limited Liability Company (LLC) in Florida (Sunbiz) offers various benefits, such as limited liability protection, pass-through taxation, and flexible management options. Here’s a step-by-step guide to help you create a Florida LLC:
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STEP 1: Choose a Name for Your LLC
Select a unique name for your LLC that complies with Florida’s naming requirements.
The name must include “Limited Liability Company,” “LLC,” or “L.L.C.”
Ensure the name is distinguishable from other registered business entities in Florida.
You can search the Florida Division of Corporations’ business database to check if your desired name is available: http://search.sunbiz.org/
Consider reserving the name for up to 120 days if you’re not ready to form your LLC. File a “Name Reservation Request” with the Florida Division of Corporations and pay the $35 reservation fee.
Time it Takes to name an LLC
Researching and deciding on a name: 1-2 hours
If opting for a name reservation: The act of filing can take about 10-15 minutes.
If opting for a name reservation: Filing can take minutes, but approval might take a few days to a week.
STEP 2: Appoint a Registered Agent
Choose a registered agent for your LLC. This individual or business entity will receive legal documents and correspondence on behalf of the company.
The registered agent must be a Florida resident or a business entity authorized to do business in the state.
Ensure your registered agent has a physical address (not a P.O. box) in Florida where they can receive official mail.
Time it Takes to be a Registered Agent
Registered Agents MUST BE at the Business Address everyday during business hours. This is why Home Addresses Are Not Accepted.
If you already have someone in mind (like an attorney or a service), this can be quick. If you need to find and appoint a registered agent: 1-3 hours.
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· Efficiency: Easily receive and promptly process state and legal documents
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· Legal Compliance: Avoid fines, penalties, and possible dissolution
· Convenience: Serves as your public & legal business address
Inc Authority offer you a FREE year of Registered Agent Service with the purchase of your LLC.
STEP 3: File Articles of Organization
Prepare your Articles of Organization, which is the official document needed to form your LLC in Florida.
Provide the following information: a. LLC name b. Registered agent’s name and address c. LLC management structure (member-managed or manager-managed) d. The names and addresses of the organizers e. Effective date (optional)
File the Articles of Organization online or by mail with the Florida Division of Corporations.
Pay the $125 filing fee.
Time it takes to write the Articles of Organization
Preparing the document: 1-2 hours
Filing online: 30 minutes to 1 hour.
Waiting for confirmation/approval: This can range widely, but typically, online filings can be processed in a few days to a couple of weeks.
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STEP 4: Create an Operating Agreement
The experts at Inc Authority handle the Articles of Incorporation and filing them for you FREE when you register with them. Save yourself a couple hours of hunting down templates and just file with Inc Authority.
Draft an Operating Agreement for your LLC, outlining the rules, regulations, and procedures for managing the company.
Include details about the roles and responsibilities of members and managers, capital contributions, profit sharing, and dissolution procedures.
Although not required by Florida law, having a written Operating Agreement is highly recommended to avoid potential conflicts.
Time it takes to write an Operating Agreement
If using a template and making minimal changes: 1-3 hours
If drafting from scratch or having extensive negotiations among members, it could be considerably longer, but for our purposes, we’ll stick with the 1-3 hours range.
If drafting from scratch or having extensive negotiations among members: Several days to weeks.
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STEP 5: Obtain an Employer Identification Number (EIN)
Apply for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) for tax purposes.
You can apply for an EIN online at no cost through the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
The EIN will be used for tax filings, opening bank accounts, and hiring employees.
Time it takes to get an EIN / Tax ID
Filling out the online form and receiving the EIN: Approximately 0.5 to 1 hour (the online process is relatively quick if there are no complications).
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SO HOW MUCH TIME WILL IT TAKE TO FORM AN LLC MYSELF? DO IT MYSELF (DIY) an LLC?
Total Time Investment (Minimum): 5 hours (if you exclude the higher range estimates and name reservation)
Total Time Investment (Maximum): 11.5 hours (if you include the higher range estimates and name reservation)
This gives a ballpark range of 5 to 11.5 working hours for an individual, excluding all waiting times. It’s worth noting that these times can vary based on the person’s familiarity with the processes and any specific details or challenges related to the business being set up.
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