Forming a Limited Liability Company (“LLC”) is fairly straightforward in Florida, and only requires a few steps to get you up and running. Before deciding on an LLC, you should know that this is a type of business entity that offers liability protection for its owners. Although an LLC is a relatively new type of business entity, it has become very popular in Florida. This is mainly because of the flexibility in how you can structure it. Another benefit of the LLC is that it lets you elect different wants to be taxed by the federal government.
This is why many new business owners decide to form a LLC when first starting out. With an LLC, your business has a lot of flexibility as it grows and develops past the initial startup phase.
If you have decided to structure your business as an LLC, you will need to do the following:
- Decide if your LLC will be member or manager managed
- Create an operating agreement for the members
- File Articles of Incorporation with the state of Florida
- Obtain a Federal ID/Employer Identification Number (EIN)
- Open a business bank account
- Obtain any additional state licenses (if applicable)
- Obtain city and county local licenses
Forming a limited liability company seems simple enough, right? Not necessarily. Although these are all the basic steps you need to create your LLC, the process itself can be complicated. If you follow these steps, you would have successfully created your LLC. A lot depends on the nature of your business and how many partners you plan to have.
If you’re ready to get started but still have questions about how exactly to start your business, check out this helpful post.
An experienced Florida business lawyer can help you get set up, hassle free, and give you legal advice to best protect yourself and your company when structuring your LLC. At Bryant Taylor Law, we help you select the best way to structure your business that best fits your needs and ensures compliance with Florida and federal law. Call us for a free consultation today!