The cost to form an LLC in Florida is $125. When filing the LLC’s Articles of Organization, this fee is paid to the Florida Division of Corporations.
Florida is home to one of the largest populations in the country. It has a unique mix of cultures and a large tourism industry. Even the most niche businesses can be started and run successfully if you have the knowledge and drive to succeed.
To get started, however, the first hurdle is clearing it. This takes money, but not as much as it might seem. We can help you determine where to spend your money and what optional purchases will be most beneficial to you in the future.
This article will assist you in setting a budget to start an LLC in Florida.
- Each LLC’s required costs
- We recommend that you incur additional costs
- There are many ways to form an LLC. Here are the pros and cons for each.
Total Florida LLC Cost – $125
According to the Florida Division of Corporations, you will need at least $125 to create a limited liability company. This amount is made up of:
- Articles for Organization Filing Fee: $100
- Registration Agent Fee: $25
What does it cost to start an Florida LLC?
It is one thing to know the numbers. To make the best business decisions, however, you must understand the reasons behind them.
The Articles of Organization Filing fee – $100
Articles of organization are what create your LLC. Your limited liability company isn’t possible without articles. Once the articles have been filed, your company is legally able to buy, sell, borrow money and carry out other legal business. The first step is ensuring that the document is correctly drafted, filed, and sealed.
Don’t be afraid to ask for help if you feel that drafting Florida’s articles of organization is too difficult. On its website, the Florida Division of Corporations offers a fill-in-the-blank form and a cover letter.
You, your LLC service provider, or your attorney may want to create something more complicated. It’s a good idea to start with the state form.
Resident Agent Fee $25 plus optional $100/year for resident agent service
Each state has a different version of the resident agent law. Florida’s no different. A resident agent is any person or company that makes their address public. A resident agent is necessary so that if someone needs to contact you or the state, they have one place to go.
If your LLC is sued, your agent will be notified. Florida charges $25 for the right to name a company or person as your agent in public records.
It will cost you money to make a change, so choose carefully. Many owners feel tempted to act as agents for their companies. This is not usually a good idea. This involves making your address available to the public, and being accessible at all times in case of a lawsuit against your company.
Hiring a Florida registered agent for your company is a cost-effective and easier option. They usually charge $100 per annum and will take care of all your company’s registered agent requirements. It is a good investment.
Florida LLCs – Additional Costs to Be Considered
Other Florida LLC costs to consider. You don’t have to spend $125 just because that’s the minimum amount you need to get your LLC off the ground. To give your LLC the best start possible, there are many costs that you need to consider.
Operating Agreement – Variable
The operating agreement defines the rules for your LLC. It outlines the rules for your LLC, including who should be in charge, the dates and times of meetings, the entry and exit procedures, and any other matters you may need to discuss.
Although Florida will not force an LLC to have operating agreements if it doesn’t wish one, we recommend it. You have less control over what happens when something unexpected happens to your company if you don’t have one.
You don’t need to file an operating agreement with the state if you prefer to have one. It is possible to write one yourself but we do not recommend it unless you are a professional lawyer or have a clear idea of what it should look like.
A lawyer will likely charge an hourly rate for drafting a Florida LLC operating contract. This agreement is likely to be good, but it could cost you at most a few hundred dollars.
DBA fee $50 plus $100-$300 newspaper publication fee
Your LLC’s name may not be the same name that you use in front of your shop or office. Perhaps you want to prove that your business has been managed by a well-respected person. You might also want to ensure that your LLC is not confused with a competitor.
A fictitious business name (or DBA) can be helpful in such cases. It is easy and quick to get one. The requirements for a DBA are set out in Florida Statutes Section 865.09.
After you have chosen the perfect name, you must register it with the Division of Corporations via their website. An LLC must also publish its DBAs in the local newspaper. You will need to publish in multiple newspapers if you have multiple locations. You can expect to pay between $100 and $300 for each ad in each paper, although prices may vary.
Name Reservation Fee: $25
You may have the perfect business plan and the perfect company name but aren’t quite ready to launch your business. You can ask the Secretary of State for the business’s exact name and the LLC’s address.
The reservation will be valid for 120 days after the Secretary of State has received your letter. Prices for reservations vary depending on the entity. LLCs cost $25.
Domain Name – About $20 per Year
Small businesses are required to be online in this digital age. The first step to create a great website is registering your domain name. Although this was once a costly option, it is now very affordable.
Register with the State Tax Office – Free
To pay sales and use and employer taxes, all businesses must register with the Florida Department of Revenue. The state also provides a summary of all taxes and fees that your LLC can pay through the electronic system.
Contact the Florida Department of Revenue for more information about amounts due to your LLC.
Get an Employer Identification Number (“EIN”) – Free
Federal employer identification numbers are numbers that the Internal Revenue Service assigns to businesses for tax payment purposes. An EIN is a number that identifies a business as its social security number. Some LLCs require them, while others don’t.
No matter if the IRS requires one, we recommend you get an EIN. Many banks won’t allow your business to open its bank account without an EIN. An EIN is a key tool in obtaining credit.
Apply online to get your EIN in minutes. You can also apply by mail , fax or the postal service . No matter what you do, you should not pay anyone to obtain an EIN. It is too easy to hire someone to do it unless it is part a larger service package.
Learn More: How to get an Employer Identification number in Florida
Foreign LLC Qualification Fees — About $100 per additional state
You may consider expanding to other locations if your business is doing well. You will need to pay for the privilege to do business in one of these places if it is located in another state. While you won’t need to re-form the business, you will need to register with the Secretary of State and pay additional fees.
The fees you pay will vary depending on where you register. You can expect to pay approximately $100 for filing fees in order to register your foreign limited liability company in another state.
Annual Florida LLC Fees: How Much Will it Cost to Maintain your LLC?
Even after you’ve formed the company, there are annual costs for which you will have to budget. These include both government fees and amounts paid to third parties, like:
- Local Business License, depending on exact location: $50-$100
- Annual report fee: $138.75
- Registered agent fee: $100
- Domain name: $20
Make sure you file your LLC’s annual report by May 1 every year. If you don’t, you’ll have to pay a late fee of $400!
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