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Is an LLC the Right Business Structure for My Florida Business?
If you have decided to start your own business, congratulations! There are a number of important issues you will need to decide. One of the most important decisions you will need to make is what type of corporate structure your company will be. One of the most common structures Florida small business owners choose is a limited liability company, also referred to as an LLC. The following is a brief overview of some of the benefits of choosing an LLC for your business. For more detailed information regarding your company, contact The Elliot Legal Group, P.A..
Benefits of an LLC
There are several benefits to forming an LLC. When it comes to taxes, this structure may provide the same pass-through benefits of a sole proprietorship, meaning that all business income can be reported on individual tax returns and is taxed at individual income tax rates, rather than business tax rates. A business attorney can confirm if your company would qualify for this benefit.
One of the most important benefits of an LLC is that it will protect your personal assets from any liabilities associated with your business, especially business debts. For example, if your company is involved in some type of legal dispute and there is a judgment issued against it, the entity awarded the judgment cannot go after your personal assets to satisfy that judgment.
How to File for an LLC
In Florida, all applications for LLCs are filed with the Florida Department of State. The first step is making sure that the name you have chosen for your company is available. This can be done on the department’s website. Keep in mind that the words “limited liability company,” “LLC,” or “L.L.C.” must also appear in the company name.
The next step is to choose a registered agent. The agent is an individual or entity that will accept all correspondence for the business. The registered agent must be located in Flordia and must be at least 18 years of age.
Included in your LLC application should be the company’s articles of formation. The articles of formation provide the state with the registered agent’s name and contact information, as well as the list of any members, their title, and their contact information.
Depending on the type of business you are opening, you may also need a business license to operate, including insurance agents, medical professionals, real estate brokers, and more.
Contact a Broward County Business Attorney
No matter what type of business structure you are forming, it is important to consult with a Fort Lauderdale, FL business lawyer to ensure that the structure you have chosen is the most beneficial. Call The Elliot Legal Group, P.A. at 754-332-2101 to schedule a consultation with one of our skilled attorneys.
Sources:
http://form.sunbiz.org/pdf/cr2e047.pdf
http://search.sunbiz.org/Inquiry/CorporationSearch/ByName
https://www.forbes.com/advisor/business/llc-in-florida/
https://taxfoundation.org/tax-basics/pass-through-business/\
