Starting an LLC in Florida? Here Are the Top 5 Things You Need to Know
Sometimes your new business idea becomes more than just a pipe dream or a goal, it becomes a new career. Whether you’re starting a new business or you’re a seasoned entrepreneur, navigating those beginning stages can be complicated, especially with ever-changing laws and regulations. If you are starting an LLC in Florida, here are the Top 5 Things You Need to Know.
1) Your Name is More Than a Name
One of the first steps to starting an LLC is choosing a name. Your business’ name is often more than just its name, it’s the first impression to your company, the presentation of your expertise and the overall brand of your services. That is why it is important to choose a name that best reflects you and what you bring to the table.
Here are some things to consider when choosing a name for your LLC:
- Is your name unique enough to stand out from the competition?
- Is it easy to pronounce, spell and write?
- Can you create a URL / Domain for a website with this name?
Once you have chosen a name, you must make sure no other company has that name by doing a fictitious name search. If your company name is available, then you must register it so no one else can take it.
2) Drafting Legal Documents is Critical in Your LLC’s Beginning Stages
One of the most important things to consider when starting an LLC are the legal documents that come with starting your own company. Files such as entity selection and formation, corporate governance forms, and even legal documents specific to the state of Florida are some of the most important aspects of starting an LLC.
If you are drafting these legal documents for your LLC, it is best to trust a skilled business attorney to help you during this process. A skilled attorney will be able to review and create your LLC’s documents so that you won’t have to worry about legal problems down the road.
3) Understand Liability Protection
The main benefit to starting an LLC is the limited liability protection afforded to you. LLC stands for limited liability company (or corporation), which means its owner and employees are not personally liable for the company’s debts.
As an owner of an LLC, your personal property and assets will not be at risk if the company goes bankrupt or if the LLC gets sued. This is beneficial for those starting a small business or providing a specialized service under their own name.
4) Tax Options
An LLC in Florida has flexibility when it comes to taxes. For starters, the owner of an LLC would file the business’ profits and losses through their personal tax return. Because of this, it is regarded as a pass-through entity for federal income tax purposes.
LLCs have the unique tax option to be classified as a C corporation (C Corp) or an S corporation (S Corp). It is important to understand these different classifications and the potential implications that each can have on your business.
5) Consult a Business Attorney
If you are starting an LLC in Florida, it is very important to consult a business attorney to help you in your efforts. An experienced business attorney will be able to help you with all the previously mentioned steps and much more.
They will be able to successfully establish your name and formulate all the necessary legal documents. You can also be confident in your LLC’s liability protection and tax structure as you navigate through Florida business laws.
For those starting an LLC in Naples, Florida – trust the legal team at Bonaquist|Allen.
With over 40 years of experience in business law, Bonaquist|Allen is the name you can trust for your LLC’s legal needs. Our accomplished attorneys are experts in entity selection and formation, drafting legal documents, understanding liability protection, and laying out your tax options.
If you’re starting an LLC in Naples, Florida, don’t do it alone – trust Bonaquist|Allen. Contact our office today at 239-276-7127or by visiting bonaquistallenlaw.com.