What are the requirements of an LLC in Florida?

What are the requirements of an LLC in Florida?

The Florida LLC articles of organization require the following information:

  • The LLC’s name and principal place of business.
  • Registered agent’s name and Florida street address (P.O.
  • Registered agent’s signature.
  • Names and addresses of the LLC’s members.
  • Name and address of the LLC’s manager if manager-managed.

When was the Florida LLC Act revised?

Jan. 1, 2015
In 2014, the Florida Revised Limited Liability Company Act (FRLLCA) went into effect, and on Jan. 1, 2015, all LLCs in Florida became subject to its governance. The law, which is officially codified as Chapter 605 of the Florida Statutes & Constitution, aimed to keep up with the contemporary commercial uses of LLCs.

Does Florida allow single member LLC?

A Florida single-member LLC is not formed any differently than a multi-member LLC. You form an LLC by filing Florida LLC Articles of Organization with the Division of Corporations and paying the appropriate fee. A single-member LLC can be formed online, by mail, fax or in-person.

Does Florida allow a general purpose of an LLC?

Additional LLC Information A limited liability company may be organized for any lawful purpose, and remains subject to statutes and regulations of the laws of the State of Florida for regulating and controlling its business.

How long does it take for your LLC to be approved in Florida?

How long does it take to form an LLC in Florida? Florida LLC Articles of Organization are processed in the order they are recieved, and can take up from 2 to 4 weeks.

Can a Florida LLC have a president?

Yes, an LLC can have a president. An LLC can give its Chief Executive almost any title and President is one that is often used. The Operating Agreement will set forth the duties of the President.

Does a Florida LLC have to have an Operating Agreement?

Florida doesn’t require that you have an Operating Agreement for your Limited Liability Company (LLC), but it is recommended that you have one. When setting up your company, it’s beneficial to seek legal advice from a Florida LLC Business litigation attorney.

Can my personal debt affect my LLC?

Limited liability companies shield their owners from personal debts and obligations. If the debt is personal — such as a personal loan made to you as an individual rather than as an agent of your LLC — the LLC account cannot be garnished, unless an exception applies.

Can creditors go after my LLC?

Personal creditors cannot collect from a debtor’s LLC because, as a business entity, an LLC is considered separate from its members and so are its finances. Exceptions do exist, though, so always make sure you are compliant with the basic rules of operating an LLC.

Do LLC pay taxes in Florida?

LLCs in Florida Like S corporations, LLCs, except those that are also incorporated, are shielded from state income tax, and their owners pay no tax to the state of Florida on the personal income that passes through to them from the businesses.

What are the benefits of an LLC in Florida?

Benefits of an LLC in Florida

  • Limited Liability Protection.
  • Pass-through taxation.
  • Tax options.
  • Simplicity.
  • Increased credibility.
  • Name registration.
  • Ownership flexibility.

What does the new Florida LLC Act mean for your business?

First, the New Act modernizes Florida’s limited liability company (“LLC”) law, which has not kept pace with developments in the commercial use of LLCs.

How do I become a member of an LLC in Florida?

New to Florida law, §605.0401(4) provides that a person may become a member without acquiring an economic interest, and without making or being obligated to make a contribution to the LLC. This is a departure from existing law, which defines a member as a person with an economic interest in the LLC.

When does the new act become law in Florida?

Assuming the New Act is signed by the governor (which is expected), it will become law on January 1, 2014, but only for LLC’s organized on or after that date or for LLCs organized prior to January 1, 2014 that elect to come under the New Act.

Can a foreign LLC do business in Florida?

The new rules are not materially different than existing law and provide for foreign LLCs to apply for certificates of authority to do business in Florida.