The Sunshine State has a tropical and business-accommodating environment, from the Florida Panhandle to the Everglades. There's now a community of thousands of Shopify store owners there, with businesses going from clothing and accessories to food and drink, furniture, and sporting goods. Here are some ways you can form an LLC in Florida.
What is a limited liability company (LLC)?
A limited liability company (LLC) is a hybrid business structure that is a phenomenal choice for the vast majority business owners. It offers some of the simplicity of a sole proprietorship adjusted by some adaptability and protections from liabilities, similar to a corporation. LLCs often demand less administrative work and cost during startup and the executives than a corporation, but a LLC can still assist with shielding your personal assets from legal proceedings and obligation collectors. In any case, because LLCs might pay both federal and state tax, some extra desk work might be required, and assuming your leave strategy involves selling your company, corporations can be easier to sell.
Is a LLC appropriate for you?
Assuming you're anticipating starting a business that will recruit employees, a LLC could be an extraordinary choice for your business. This structure can also be ideal for entrepreneurs founding beginning phase startups who need to make headway quickly without the administration and cost of a corporation. In the event that you're not sure which business structure makes the most sense for your activity, make certain to survey the differences between sole proprietorships, LLCs, and corporations.
1. Choose an idea for your LLC
Choose an idea for your Florida business
Whether your LLC is based on a fully realized idea or just a fantasy in your sub-conscience, you'll need to foster your business idea before you get excessively far into the process. Managing these steps can assist with giving you confidence to push ahead with the information that there is a market for your product or service, that your idea has possible life span, and that the business suits the kind of proprietor you might want to be.
2. Name your Florida LLC
Choose a name for your Florida Business
A business name is the first snippet of information you'll require, to finish up the other registration forms on this list. On the off chance that you as of now have a name as a main priority, fantastic! If not, you can attempt the Shopify Business Name Generator for inspiration around snappy business names. The State of Florida does make them name requirements, which you can track down in the Fictitious Name FAQ.
Then, perform searches to see assuming that anybody is as of now using your favored names. This might include:
Doing a simple online search using a search motor, such as Google
Searching the United States Patent and Trademark Office database
Searching the Florida Division of Corporations
At the point when you've reduced your list, you can check the Shopify Space Name Generator to ensure there is a corresponding web address accessible.
3. Make a business plan
Make a business plan
The State of Florida does not ask you to document a business plan as a component of the registration process, but it's still a suggested step. A business plan is an extraordinary method for keeping the startup process coordinated, characterize goals, and envision the future of your LLC. Moreover, in the event that you really want to apply for a bank credit, the credit officer will probably need to see your business plan.
A business plan is a document that outlines:
Company description
Market analysis
The executives and association
Products and services
Customer segmentation
Marketing plan
Logistics and operations plan
Monetary arrangement
Shopify has business plan examples that can assist with inspiring you to get everything rolling. Then, when you're prepared, you can start up a fresh business plan format and get to work.
4. Get a federal employer identification number (EIN)
Get an Employer Identification Number (EIN)
LLCs in Florida are required to register for an Employer Identification Number (EIN), which is also a federal tax requirement. This tax information number functions similarly to your personal Social Security Number (SSN) aside from it's for your business. You'll require your personal SSN or Individual Taxpayer Identification Number (ITIN) to finish the straightforward meeting style application. You can also register by fax, mail, or phone.
