The fastest and easiest way to formalize a business in the United States is through LLCs (for the acronym of Limited Liability Company). That is why Hispanic Entrepreneurs teaches you how to create an LLC in Florida.
Who should create an LLC?
It is convenient to opt for this model if you want a business and at the same time limit your personal liability for commercial debts, loans and possible lawsuits that are related to it.
Remember that an LLC is a business structure that is limited exclusively to the assets of the company, thus the assets of the owners are protected. In case of problems, only the assets of the company will be enforceable.
How to Create an LLC in Florida
It is a short and easy process register an LLC in the USA and therefore in Florida. The first thing you should do is choose a name. It should contain the words "limited company" or "limited liability company."
Check if the name already exists in the commercial database made available to the Department of State. If you want to use the so-called fictitious business name (DBA or Doing Business As) you have to register it with the State Division of Corporations.
The second step is to appoint a legal representative or agent for the registry. This can be a business entity or a person. It will be in charge of receiving notifications and documents if the company is sued. The person or company must reside or operate in the state.
Then file the Articles of Organization form with the Florida Division of Corporations on the web at the website of MyFlorida Sunbiz. This requires the name of the street and the mailing address of the main office of the LLC, name, signature and address of the legal representative. In addition to the names and addresses of the managers, the effective date of the LLC and the signature of a member of the company or legal representative.
It is recommended to prepare an operating agreement
To show that the company is separate from your capital. It is useful in case of lawsuit or that you have active debts at the time of its liquidation.
Florida may have additional requirements to complete the registration. One of these is the EIN or Employer Identification Number from the Internal Revenue Service (IRS or Internal Revenue Service) if the LLC has more than one member.
They request it even if the company has no employees. But if you have only one member, you must process the EIN when you go to hire the workers. To request it, you just have to enter the IRS page.
Other requirements for creating an LLC in Florida
They may also require business licenses depending on the type of business and its location in the state. On the MyFlorida.com website you will find the data of the most common licenses.
When the company has employees or is going to sell goods that generate sales taxes, it is required to register with the Florida Department of Revenue (DOR or Department Of Revenue). The form is completed online or by sending the DR-1 by mail.
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In Florida all LLCs must file an annual report to show they are active. The first is sent the year the business is established. It takes place online during the period from January 1 to May 1.
What is a sole proprietorship
A sole proprietorship is a very simple business structure and offers no protection against personal liability. However, it's easy to set up and maintain, and there are no ongoing fees like there are with other types of businesses.
Another advantage of the sole proprietorship is that profits are taxed at the individual level, so taxes are not as complicated as it can be with other types of companies.
There are also no restrictions on who can own a sole proprietorship, making it an ideal choice for family businesses.
- A sole proprietorship is the simplest and most common structure chosen to start a business.
- It is an unincorporated business that is owned and operated by an individual with no distinction between the business and the owner.
- Sole proprietorships, when not operating under the legal name of the owner, must register a fictitious name with the Division of Corporations.
- Contact an attorney or accountant to determine if this structure works for you.
How to create a sole proprietorship in Florida
To create a sole proprietorship in Florida, you have to do the following
-Present the documentation of the company in the state of Florida
-Register the name of your company in the Companies Division
-Get a tax identification number from the IRS
More information can be found at the Florida Department of Business and Professional Regulation CLICK HERE
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