Florida Corporations & Florida LLC's
FLORIDA LIMITED LIABILITY COMPANY FAQ'S - FLORIDA LLC

 

What is a Florida Limited Liability Company?

The Limited Liability Company is a hybrid type of business structure. It contains elements of both a traditional partnership and a corporation. A Limited Liability company consists of one or more members/owners who actively manage the business of the limited liability company. There may also be nonmember managers employed to handle the business.

What are the advantages of a Florida Limited Liability Company?

The owners in such a business enjoy a limited liability. In general, the owners' risk is limited to the amount of their investment in the limited liability company. Since none of the owners will have personal liability and may not necessarily be required to personally perform any task of management, it is easier to attract investors to the limited liability company form of business than to a traditional partnership. The owners will share in the potential profits and in the tax deductions of the limited liability company, but will share in fewer of the financial risks involved. Since the limited liability company is generally taxed as a partnership; the profits and losses of the company pass directly to each member and are taxed only at the individual level.

Another advantage of this type of business structure is that it offers a relatively flexible management structure. The company can be managed either by owners themselves or by managers who may not be owners.

A final advantage is that limited liability companies are allowed more flexibility than corporations in how profits and losses are actually allocated to the members/owners. Thus one owner may be allocated 70 percent of the losses and has only contributed 30 percent of the capital to start the company.

How many people are needed to form a Florida LLC?

In Florida only one member is required to form an LLC.

What is an Operating Agreement?

An operating agreement spells out how your Florida LLC is managed, who has authority to do what, how ownership is registered, the percentage of ownership, etc. An operating agreement is a vital part of the formalities that protect the owner's personal assets in both a multi-member Florida LLC and individual Florida LLC. The operating agreement is generally a private document and not required to be published.

How do I get my Florida LLC started?

After you have decided on a name for your Florida LLC, we invite you to order online or contact us at 1 877-845-0621

 

FLORIDA LIMITED LIABILITY COMPANY FAQ'S - FLORIDA LLC

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