Understanding LLCs In Florida

The Sunshine State is on the fast track to becoming one of the biggest and most influential business states in the U.S. With 2.5 million small businesses, contributing to the states overall $1 trillion GDP according to the Small Business Development Center, Floridians enjoy an upper-middle-class lifestyle, while many entrepreneurs and young business owners find great monetary success establishing or starting a new business in Florida.

With low unemployment rates, and having the 4th largest State GDP, coming in close to states such as California, Texas, New York, and Illinois, Florida has some very lucrative business opportunities. In more recent years, the state has seen a big increment of registered small businesses and Limited Liability Companies. With the ease of formation, beneficial state, and federal support, LLC’s are quickly flourishing here.

What is a Limited Liability Company or LLC in Florida?

With 1,489,659 LLCs, Sunbiz, a division of corporations describes LLCs as a business structure that offers limited personal liability for the owner(s). What this means, is that in the event of legal action or financial problems, the owner(s) personal assets are protected by a corporate veil and are not directly held liable.

Additionally, LLCs aren’t required to have consistent stockholder meetings, as the structure does not require the owner(s) to comply with other corporate and formal procedures. In Florida, limited liability companies are popular, as it offers ease of formation and setup, with minimal costing and there are some very helpful formation services available to assist.

Are there any well-established LLCs in Florida?

A simple online search will reveal an endless list of LLCs in many Florida counties and cities. Some new startups and small businesses have found great success with incorporating as an LLC, as it can offer a lot of personal asset protection in the event of legal, financial, or dissolvent.

Here are some well-established and influential Florida LLCs:

Taylor & Mathis is a privately held, regional real estate firm and has been around for almost 50 years. The real estate firm deals with many lucrative listings and development projects.

Closing Florida is a full-service title agency and escrow company, helping clients close their next deal easily and professionally. The company has an incredibly positive reputation among Floridians and has been around for quite some time.

Safe waste of Florida started as a small start-up 20 years ago and quickly grew into one of Florida’s most known medical waste transporting and disposal companies. Safewaste is popular among hospitals, clinics, physicians, and other health care operators.

Pathways of Florida has recently become more known, specializing in mental health workshops and consultations for children, teenagers, and adults. The company has become a respected leader in the industry, with well-educated and trained mental health care professionals.

How to form an LLC in Florida?

Although the process might involve a lot of administration and filing, Florida business owners have shared how easy the formation process is with the help of formation services providers. Additionally, the Department of State is very efficient, as it only takes 2-4 weeks to process files or organization for an LLC.

Here is a quick look at how to form an LLC:

Step 1 – Name your LLC and ensure your chosen name complies with the Florida naming guidelines. Ensure that the desired name is original and isn’t already registered.

Step 2 – Choose a registered agent who will be the sole link between your LLC and government entities. Your registered agent has to be a resident of the state of Florida.

Step 3 – File your Florida State Articles of Organization, this will officially establish and register your business as an LLC in Florida – filing is done with the Florida Division of Corporation.

Step 4 – The State of Florida doesn’t require LLC owners to have an operating agreement, although it’s good business to set this up in any case.

Step 5 – Obtain your Employer Identification Number from the IRS, this will enable you to open a business bank account, hire employees, and register for state and federal business tax.