Advantages of forming an LLC in Florida
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 a LLC in Florida also offers:
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- Pass-through taxation. 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).
- Flexibility. 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.
- Fewer formalities. 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.
- Subsidiaries. Unlike Florida S corporations, Florida LLCs are allowed to have subsidiaries without restriction.
- How Long Does It Take To Form My Company:
- Once we receive your application, it will take between 4 to 5 Business Days to form your company. You will receive the following documents to get you started:
- Articles of Incorporation
- Certificate of Status
- Federal ID Number
- How Much Will It Cost?
- A new company in the state of Florida will cost $499 to Start. Please select how many companies you would like to open above and begin the checkout process.
- What Are My Obligations Each Year Once I Open My Company
- Every year, you will be required by the state of Florida to renew your company. The cost of this renewal is $200 Per Year. You will also have to file a Federal Tax Return each year following the year in which you incorporate. If you open a C-Corporation, you will also have to file a State Tax Return with Florida.
Renew Company Florida
Create Company in Delaware – $799
Personal Tax Returns for foreign nationals – Starting at $150
Corporate Tax Returns for foreign nationals – Starting at $200
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