With its temperate climate and ever increasing economy, Florida has tons of entrepreneurial promise. If you're interested in venturing into an LLC in Florida, and starting a new business, the Sunshine State has a wonderful place for a brand new company to head up. Starting a new business needs dedication and vision, but it also needs a crucial decision: Do you want to form an LLC or an S-Corporation? Do you want to use your home as collateral for the LLC? These are very important decisions that must be made by a company's owner if they want to succeed.
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What exactly is an LLC? An LLC is simply a corporation with one or more owners. The most common types of LLCs are limited liability companies, general partnerships, and corporations.
Forming an LLC in Florida doesn't just have to be one of the most complicated processes you'll face when forming a company. It can be tricky, especially if you're not aware of the subtle differences between an LLC and an S-Corp. An LLC is created by filing an Articles of Organization with the Florida Corporation Commission. The Articles of Organization form is a legal document that formally authorizes the formation of the limited liability company. Once the Articles of Organization have been filed, all the other paperwork for the limited liability company can be obtained from a local office supply store or online. The remaining steps for forming a Florida business entity are then up to you, the entrepreneur.
How to Start an LLC In Florida
All of the paperwork for filing an LLC in Florida can be completed rather quickly and conveniently through an online filing service. Many of the online filing services allow you to receive your documents within five days. You'll have to pay a small fee for any services rendered to you through their online system, but that's usually nothing compared to what you would spend at a typical county courthouse. Most importantly, an LLC will not need any other filings, such as a separate annual report or the creation of a qualified depository account.
As a result, there are some great reasons why an LLC might be the ideal way for an individual or small business owner to file their Florida tax returns. One of the best reasons to consider Forming an LLC is that it makes filing your tax returns much easier than if you were to file them individually. In addition to having to file the appropriate forms in many cases, you also have to wait until the due date to send in your tax returns. Filing your return by yourself is a task that puts a great deal of stress on you and your family.
One other reason to consider Forming an LLC is that it's incredibly easy for new business owners to incorporate in Florida. Most small business owners don't have any experience filing their own tax returns, so they aren't aware of all of the specific legal steps that need to be taken when incorporating. On the other hand, Forming an LLC allows new business owners to file their returns immediately after they form their LLC, saving them a great deal of time and money. In most cases, a new LLC will be ready to file its tax returns and pay its Florida taxes within about a month.
There are also other tax benefits to consider when forming LLCs. For instance, all Florida LLCs must pay state income tax. However, in many cases an LLC can be structured so that its owners pay only a few percent of the state income tax. In this situation, the LLC will not be required to pay the full state income tax. It's very important for new and inexperienced business entities to seek out the advice of a qualified, experienced lawyer before they file any type of tax return.
Forming an LLC is fairly straightforward. Most lawyers in the state of Florida who specialize in business law will be happy to help new business owners file their appropriate forms. If an attorney doesn't seem to be knowledgeable about the ins and outs of how to start an LLC, there are several other sources of information out there. For example, the state of Florida Office of the Attorney General has consumer advocate websites that are filled with helpful information about everything from how to buy real estate to how to start an LLC. The Attorney General's website also has a wealth of information about the federal level tax laws.
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