Form LLC in Florida
Many entrepreneurs have opted to form LLC in Florida. Limited Liability Corporation (LLC) is a business structure that allows members to operate in a more flexible environment and enable for them the flexibility to operate in the international as well as domestic markets. LLCs usually share similar characteristics to that of traditional corporations but are easier to setup and involve less paperwork.
One of the advantages to form LLC in Florida is that they offer a flexible tax plan. An LLC corporation is not a separate legal entity and is therefore not taxed as an individual. Members of an LLC are required to pay their own taxes. However, members in an LLC corporation can also opt to be taxed as a corporation. Known as “check the box” taxation, it offers you the flexibility to choose a taxation plan for yourself. Also, an LLC is easy to set up and usually requires less amount of paperwork and offers the owner the comfort of limited liability which means that if the business fails, the owners will not be personally responsible for the liabilities.
However, to form LLC in Florida is not free from drawbacks. Laws regarding taxation of LLCs vary according to the state. While it might be beneficial for you to opt for individual taxation in some states, you might end up paying higher taxes in some other states. An LLC corporation also has no defined roles which can make it impossible for investors to determine who is in charge.
Incorporating an LLC in Orlando
To form an LLC in Orlando, Florida, you will be required to file Articles of Organization with Orlando’s secretary of state. Articles of Organization usually consist of the incorporated name of the organization along with contact details of its members. You can either file the form for an LLC through your lawyer or submit an application online. The fee for filing the application for an LLC can vary from state to state. Some of the states charge you on an annual basis while others charge you a one-time applicable fee. The fee can range anywhere from $50 to $200. To get a better idea, get in contact with your lawyer or a state attorney.
An operating agreement, which is not a legal requirement, includes the rights, roles and responsibilities of various members. An operating agreement also includes the percentage of ownership of each member and is drafted to provide a structure to the organization as a whole.
Filing of the application and other processes is self explanatory. However, if you feel that you need legal representation, you can hire the services of a legal lawyer or an online lawyer. Hiring a legal representative ensures that all the papers are filed in an organized manner and avoids any duplication or delay in the process.
An LLC structure can guarantee you the required security and cost saving measures that ensure long term profitability for you. With an LLC structure, you are not only able to gain maximum tax protection but also the security that might arise from future risks and liabilities.
If you need more information about our business development services, please contact us at 407-344-1228. FreedomSBS is a marketing, graphic & web design, accounting, internet marketing, business development, and corporate law resource firm all in one! FreedomSBS is your one stop shop to start, grow and mature your business. Our services include: incorporation services, graphic design, logo design, web design, web development, internet marketing, search engine optimization (SEO), marketing consultations and corporate law resources. Our services are provided nationwide, but since our main office is located in Kissimmee, FL, we mainly help businesses in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL.