Famous for Disney World, being bordered to the west by the Gulf of Mexico, and a collection of particularly colorful news headlines, Florida has never been known as a shy state. However, there has long been some dispute about whether Florida can be considered a business friendly state or not.
With a hefty set of state regulations for business owners to get through, plentiful taxes to pay, and more recently being noted as one of the few states that wasn’t in favor of passing benefit corporation legislation, it’s easy to see how entrepreneurs could be hesitant to start a business in Florida. Florida even came in at number 27 on Forbes’ “The Best States For Business” list. This number can be attributed to its high business costs and low economic rank.
But if you are a new business owner who happens to live in Florida and you’d like to keep your business within the same state, here are some things to keep in mind when filing a corporation or LLC for your company in the sunshine state:
- Florida maintains a Division of Corporations so any Limited Liability Companies looking to do business in Florida must register their names with the DoC. Some form of ‘Limited Liability Company’- whether it be “Limited Liability Company,” “LLC,” or “L.L.C.” must be included in the business’s name. This can be abbreviated, of course. Other options include writing “Limited” as Ltd. and “Company” can be written as Co.
- LLCs in Florida are required to appoint an outside registered agent with a physical address in the state. This agent can either be a resident of Florida, or a company registered to do business in Florida.
- Limited Liability Companies in Florida will need to submit an annual report, along with a fee, to Florida’s Division of Corporations in order to keep the business “active.” The report must be filed between January and May 1st – otherwise, the business will be at risk of a late fee.
Think you’d like to brave the potentially rough Florida business waters? Have some additional questions? Give call us at 1(877) 692-6772 or leave a comment below!