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Opening an LLC in Florida also allows you to:
Pass-through taxation. Company of passage.
LLCs generally enjoy pass-through taxation where members (owners) report their share of the LLC’s profit or loss on their individual tax returns. Any tax due is then paid at the individual level. Multi-member LLCs file an informal (partnership) tax return. Single member LLCs report total revenues or losses. This format as a Way Forward Company avoids double taxation that occurs at C Corp’s where income is taxed at the corporate level and again at the individual level if corporate profits are distributed as dividends to owners.
Flexibility.LLCs generally have no restrictions on the number of members allowed, members have flexibility in managing the structure of the company. Florida LLCs may also select different types of distribution of profits. Unlike a joint venture where the division is 50-50, in LLC there is much more flexibility.
Less Formality. The LLC does not require corporate minutes or resolutions, which facilitates management. However, we recommend holding annual member meetings and documenting key business decisions.
Branches.Unlike Florida’s S Corp’s, Florida LLCs may have unrestricted branches.
How long it takes to open my business:Once we receive your registration, it will take 4 to 5 business days to open your business. You will receive the following startup documents:
Articles of Incorporation
Certificate of Status
Federal ID Number