What to do after applying for LLC [Videos]

Last updated : Aug 20, 2022

Do LLCs 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.

Is Florida a good state to form an LLC?

Yes, Florida is a good state to establish your LLC in. Some of the benefits include: Protection of your personal assets. Pass-through taxation.

Do I file LLC and personal taxes together?

Single member LLCs are typically treated the same as sole proprietorships. The IRS disregards the LLC entity as being separate and distinct from the owner. Essentially, this means that the LLC typically files the business tax information with your personal tax returns on Schedule C.

How long does it take to get LLC in Florida?

How long does it take to get an LLC entity set up in Florida? Depending how quickly the state processes the filings, it will take between two and five business days to set up your LLC entity.

What are the requirements for an LLC in Florida?

• 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.

What do I need to open a LLC in Florida?

1. Name Your Florida LLC.
2. Choose Your Registered Agent.
3. Prepare and File Articles of Organization.
4. Receive a Certificate From the State.
5. Create an Operating Agreement.
6. Get an Employer Identification Number.
7. Obtain your Florida Business License.
8. Establish a Bank Account.

What can you write off on taxes for LLC?

• Car expenses and mileage.
• Office expenses, including rent, utilities, etc.
• Office supplies, including computers, software, etc.
• Health insurance premiums.
• Business phone bills.
• Continuing education courses.
• Parking for business-related trips.

What are the 2 main advantages of having an LLC?

• Limited Personal Liability.
• Less Paperwork.
• Tax Advantages of an LLC.
• Ownership Flexibility.
• Management Flexibility.
• Flexible Profit Distributions.

How does an LLC avoid paying taxes?

A general Corporation making a Subchapter “S” Election or an LLC with or without a Subchapter S Election pays no federal tax on its taxable income and no employment taxes on its distributions to stockholders.

Do you have to pay for an LLC Every year in Florida?

After formation, there are two annual costs to maintain a Florida LLC: an annual report fee and a registered agent payment. The annual report fee for a Florida LLC is $138.75 (Florida corporations are $150) due annually between January 1st and May 1st.

Does an LLC need an EIN in Florida?

Taxpayer Identification Number An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below.

How much is a EIN number in Florida?

Applying for an Employer Identification Number (EIN) is a free service offered by the Internal Revenue Service. Beware of websites on the Internet that charge for this free service.

How do I know if my Florida LLC has been approved?

You will receive your filing confirmation by email at the address you provided. Your confirmation will be sent to you once the document is examined and approved by the Division of Corporations. You will not receive a confirmation by U.S. Mail.

At what point do I need an LLC?

Any person starting a business, or currently running a business as a sole proprietor, should consider forming an LLC. This is especially true if you're concerned with limiting your personal legal liability as much as possible. LLCs can be used to own and run almost any type of business.

How long does it take Sunbiz to approve LLC?

This depends on how you filed. If your Articles of Organization were submitted and paid for online, they will usually be processed within two to three business days. Submissions and payments made by mail will take three to five business days to be processed.

How much is a business license in Florida?

How Much Does a Business License Cost in Florida? The cost of Florida business tax receipts varies by locality with some charging a one-time fee between $50 and $100, while some charge an annual fee of a similar amount or higher.

Can I be my own registered agent in Florida?

A business entity with an active Florida filing or registration may serve as a registered agent. An entity cannot serve as its own registered agent. However, an individual or principal associated with the business may serve as the registered agent. The registered agent must have a physical street address in Florida.

How do I get an EIN number in Florida?

One of the fastest ways to get an EIN for your business is to call the Internal Revenue Service and apply by phone. Call 800-829-4933. You can call Monday through Friday, 7 a.m. to 7 p.m. If you're calling from outside of the U.S., use the non-toll-free international number: 267-941-1099.

How much does an LLC cost?

You can file the LLC filing documents online, by mail, or in-person when visiting the local SOS office. The filing costs usually vary from $50 to $150 which is a single-time fee. If you plan to form your company in another state, then you might have to provide additional documentation and pay a higher formation fee.

Do I need a business license in Florida?

A business license/occupational license or business tax receipt is required by most counties in Florida to have the legal ability to do have a business in that county.

Check these related keywords for more interesting articles :
How to start a LLC in new mexico
How to get an ein for llc in florida
Finding a name for my llc
LLC tax shelter strategies
Create a llc in wisconsin
How does LLC ownership worksheet
Georgia llc name availability check
LLC or pLLC in new york
Are llc pass through taxation rate in canada
How do you pay yourself as LLC definition
Obtaining a LLC in louisiana
How are single member LLC taxed by irs
How to set up LLC for real estate rentals
Does a single member llc file tax returns
How to make llc florida

Write a comment

great you have llc and now you have all that is required to get to work and operate your business thanks for watching i'm kidding we wish it was that easy right you see everyone talks about getting an llc but not many people talk about what to do after you get your llc which is kind of scary if you don't know what to do so this video is a step-by-step guide covering the next steps on your entrepreneurial journey that will keep your llc compliant with federal and state laws safe from liability and you more knowledgeable and confident if you have any questions leave a comment below and be sure to give this video a like for me so others can see it and benefit from it just like you will the first thing i want you to do if you haven't already is to create an operating agreement an operating agreement is a legal document that outlines the rights the rules and obligations for the internal operations of your llc it's there to lay the ground rules and procedures for how the business owners and the managers of the business will handle decisions such as how ownership is divided how profits will be split how often you will meet what happens if a member wants to lead the llc or passes away and much much more note that most states don't require you to have one but i highly highly highly y'all i can't recommend it any higher than this that you create one regardless if it's required or not to minimize misunderstandings and disputes if you do not have a llc operating agreement the default llc rules of your state will apply which may differ from what you want for your business and there isn't a one-size-fits-all type of llc operating agreement but most will contain six important sections organization management and voting capital contributions distributions membership changes and dissolution i would shy away from using a cookie cutter template for your operating agreement as it is binding by law and you may not agree with what you find online instead i'll link a video i made in the description that literally walks you through how to set up your own llc operating agreement to fit your preferences and best part is it's absolutely free be sure to check it out second i want you to get an ein an ein is a nine digit number used to identify your llc you can think of an ein number like your llc's social security number and the same way you need your social security number to do certain things personally you need your ein numbers to perform necessary business activities for example most banks require an llc's ein number to open a business bank account get a business credit card or get a business loan additionally if you plan to have employees you will need an ein number to file your payroll taxes but the biggest reason you need an ein is to file your business taxes you can choose not to have a business bank account you can choose not to have employees but i wouldn't even dare you to choose not to pay your business taxes uncle sam don't play you can obtain an ein number for free by visiting irs.gov backslash node backslash 17090 this will redirect you to the irs's site specifically for ein numbers once there click apply for ein online if you apply online you will get an ein number immediately next i want you to open a business bank account you see using your personal bank account as your business bank account can have some legal consequences instead open a business bank account by doing so you reap a few major benefits you protect your personal asset you separate business and personal finances you simplify your taxes you can enter a partnership you can sell your business and you satisfy a prerequisite for building business credit in general there are three types of business bank accounts a checking account a savings account and a merchant account when deciding between business bank accounts pay attention to these following things for me sign up bonuses transaction limits access transaction fees transfer limits wire limits daily balance requirements online and mobile banking atm access interest and nearby branches depending on your needs some of those items will be a priority and you want to make sure you are getting the best deal if you want to know the best business checking accounts there are right now be sure to visit the video i made on our page that goes over the best business checking accounts after that i want you to start building business credit business credit is a company's ability to buy something today and pay for it later by building business credit you enjoy the following benefits as a llc higher limits on business lines of credit and loans which provides increased purchasing power utilization freedom which provides more leverage no effect whatsoever on your personal credit better approval chances terms and prices which means cheaper financing in the short term and long term that leaves more money in your business to start building business credit for your llc do the following step one incorporate your llc step two get an ein which was the second point in this video on what to do after you start your llc step number three is to open a business bank which was the third point in this video step four is to get a business phone number step number five is to register with dunan bradstreet to get a duns number you see dun in bradstreet is one of the three top business credit bureaus to get a dunes number go to done in brassy's website at dmb.com click on duns number in the menu then click get a duns number easy right step number six is to establish trade lines with vendors and suppliers who report popular options with net 30 payments include schertzy uline and quill you could also apply for a business credit card now i made an entire video on the best business credit cards that you can check out to cut down on your research time for the best business credit be sure to pay your vendors and credit issuers early business credit is calculated based on your company's payment history negative marks and business information like how long you've been in business alright once you've done that i want you to register with your state and obtain a sales permit if necessary in most states you will need to register to pay state-specific business taxes including income taxes employment taxes and sales taxes this is typically done online via your state-specific tax portal also you may need to obtain a seller's permit if you have an online business or have a service that needs to collect sales tax as well now the last thing i want you to do and this is a big one so lean in for me i want you to budget for taxes yes where there is revenue there are taxes to be paid i can't tell you how many business owners i've worked with who are shocked at the end of the year when it was time to pay federal and state income taxes they completely forgot to budget for them i suggest building taxes into your business's budget wait even better account for them in the margins of your products or services so taxes are always accounted for at the very least be aware that they exist and their respective deadlines so you avoid paying late penalties depending on your business and the states you

Thanks for your comment Monty Herlihy, have a nice day.
- Suzie Noffsinger, Staff Member

hey gang jim hart back at you here from hawthorne law are you operating your business as an llc did you form an llc recently and are you wondering whether or not you're handling everything properly now that you've started your llc today's video i'm going to share with you all the things that you need to do once you start your llc to make sure you don't mess everything up with your business moving forward hey my name is jim hart i'm the founding attorney here at hawthorne law we help online businesses and entrepreneurs to get their legal house in order so that they can focus on doing what they do best and that's helping other people and building their business and building something that is truly magical and wonderful in the world that is going to really change lives and today i'm here to talk with you about the things that you need to do after you have started your llc to make sure that your business is protected moving forward now most online entrepreneurs will start out as a sole proprietorship and if you're not making any money and you don't have any clients that's probably the best way to go because god forbid i don't want you going out there and spending you know any money forming an llc if you don't have any money coming in yet and that's a big question that people ask me about when i get on calls with people is how to when to form that llc should they do it and i've talked to a number of people who are just not at that point in their business yet where they're ready to start an llc and and that's fine and and not everyone is at that point but what we want to talk about today is if you've just formed that llc and you're wondering okay now what do i need to do this video is going to be for you all right so there's a number of things that you need to do when you are starting out with a brand new business with a brand new llc probably the first thing you need to do is make sure that you have an operating agreement drafted and that's something that that you can do for yourself you can find something online for free we offer an operating agreement you can check it out here or if you use my services to sign up for your own llc or if you did use my services to sign up for your own llc then you'll get an operating agreement through that service as well but having an operating agreement in place is vital to making sure that if anything would ever happen with your business if you were to get sued and i've talked to a lot of people who are in very high risk businesses where it's very possible that they could get sued in their business and you need to have a good operating agreement because that is going to show that you're following the proper procedures the following the proper legalities to make sure that your business can be protected so that that plaintiff's attorney that's trying to sue you can't come in and say judge you know what they don't even have an operating agreement so clearly this is just a big you know this is just them and they formed an llc they formed some articles of incorporation or excuse me articles of organization that's what they're called for llcs and they form that and they really haven't done anything they're not operating as an llc so disregard the llc and let's get at those personal assets shall we anyway an operating agreement is going to help protect you from that so you definitely want to make sure you get an operating agreement in place number two and again this is something we do for you if you sign up through our service but you need to apply for your ein to apply for an ein you need a tax id number or social security number all in existence right now and there are services that will obtain an ein number for you if you're a foreign or if you're from out of the country and you do not have a social security number there's ways to go about that it takes a little bit more time that's not something we offer right now but i've thought about it in the future and but you need to get your ein number for your business this is vitally important because you need it before you can go to step number three and step number three is you need to go and open up a bank account for the llc so maybe you've been operating as a sole proprietorship up until now and you're switching to an llc and so you need to make sure you transfer all the funds and all the money from the bank accounts you've been using for your sole proprietorship which hopefully is segregated against your personal bank account that's very important to maintain that distinction between the two hopefully you've done that and but you transfer all the funds from your personal business account into the account for the llc but to do that you need the social security number which i just talked about so open another bank account that's very important and you might want to open more than one check out my video on profit first for entrepreneurs and you might want to open two or three or four in my case i've if i had to count on one i probably got like six or seven once i'm not sure i i've got a lot because they all have a purpose right so do that number fourth thing you need to do is you need to apply or reapply if you've already got them as a sole proprietorship for your personal business license and permits now in some states in some municipalities you're going to apply for those on a personal level anyway like for me for instance i've talked about this before as an attorney i have to get what's called a privileged license in north carolina well specifically in in wake county or or cary north carolina where i practice as an attorney we need to have a privileged license and that's something that i apply for it's for me personally as a lawyer so if i were to leave my firm and go join another firm then i would take that privileged license with me to the new firm it has nothing to do with my llc so but in other cases you need to have an actual license for the llc so make sure you apply for the proper things as again as part of the business formation package that we offer we have an upgrade that you can get which will basically we will do a search in your local area for all the different business licenses and permits you need and prepare a report for you so you can go and apply for all those and make sure you've got everything you need for your business all right number five you need to make sure that you've got your contracts in place for your vendors and your clients or whoever you work with and so if you had contracts in place previously for them with you personally you need to just that's pretty simple you just change them all and substitute for your name the llc name and then making sure that when you sign those contracts you sign it the proper way you want to sign it as the llc by your name as member of the of of the or owner of the llc something like that so that you make sure that every contract you enter into with either clients or vendors or service providers whatever that it's between that entity or person and your llc as opposed to you personally now you may need to go back with old clients and all vendors and say hey i just formed an llc we need to redo our

Thanks Elias your participation is very much appreciated
- Suzie Noffsinger

About the author

Suzie Noffsinger

I've studied swedish history at Dartmouth College in Hanover and I am an expert in architectural sociology. I usually feel amused. My previous job was delivery driver I held this position for 13 years, I love talking about hairstyle and hunting. Huge fan of Christina Aguilera I practice snowshoeing and collect collectible card games.