Florida LLC Operating Agreement & Articles of Organization Brock Reid, May 25, 2023June 8, 2023 Starting a business in Florida? Learn about the crucial documents you’ll need for your LLC: the Operating Agreement and Articles of Organization. Table of Contents Toggle Forming an LLC in Florida: Steps and RequirementsThe Importance of Having an Operating AgreementUnderstanding Articles of Organization and Their CorrectionsChoosing the Right Entity Type and Registered AgentOverview of Florida LLC Laws and Regulations Forming an LLC in Florida: Steps and Requirements To form an LLC in Florida, you will need to file the Articles of Organization with the Division of Corporations. You can file online through the Sunbiz E-File Account or by mail with the Florida Department of State. Payment can be made through credit card, money order, or check. Once filed, you will receive a tracking number to monitor the status of your filing. Additionally, you will need to create an operating agreement to establish ownership and operation rules for the LLC. An operating agreement template can be downloaded from the Sunbiz.org website. Finally, every year you will need to file an LLC Annual Report with the Department of State to maintain your company’s good standing. florida llc operating agreement sunbiz”> The Importance of Having an Operating Agreement Having an operating agreement is crucial for any Florida LLC. It outlines the ownership and operation of the company and helps prevent conflicts between members. The Division of Corporations requires an operating agreement, even though it’s not a legal requirement. It’s important to have one in place before filing the Florida LLC Articles of Organization. LLC Forms are available on the Florida Department of State‘s website, and can be filled out and submitted online through the Sunbiz E-File Account. It’s essential to follow the filing rules and instructions provided to avoid rejection or delays in processing. In addition to the operating agreement, an LLC may also need to file an amendment or annual report. Understanding Articles of Organization and Their Corrections To form a Florida Limited Liability Company (LLC), you’ll need to file Articles of Organization with the state. These articles establish your business and its structure, including the names of members and managers. When submitting the articles, you may also need to pay a fee and provide other information, such as a registered agent. If you make errors or changes to the document after filing, you can correct them by filing an amendment. Keep in mind that the state only accepts amendments in Adobe PDF format, and you’ll need to pay another fee. Additionally, it’s important to have an operating agreement in place to outline the LLC’s internal operations. Choosing the Right Entity Type and Registered Agent Entity Type Pros Cons LLC (Limited Liability Company) – Provides personal liability protection for owners– Flexible management structure– Pass-through taxation – Higher filing fees and annual fees than a sole proprietorship– More paperwork and formalities required compared to a sole proprietorship Sole Proprietorship – Easy and inexpensive to set up– Complete control over the business– No separate business tax returns required – Unlimited personal liability for business debts– Limited opportunity for raising capital– Limited growth potential compared to other entity types Corporation – Limited personal liability for owners– Potential for easier access to funding and investors– Ability to issue stock to attract investors – More formalities and paperwork required compared to an LLC– Double taxation (profits taxed at both the corporate and personal level) Registered Agent – Ensures legal requirements are met– Provides a physical presence in the state for legal and tax purposes– Receives legal and tax documents on behalf of the business – Cost associated with hiring a registered agent– Limited control over when documents are received and processed Overview of Florida LLC Laws and Regulations Florida LLC laws and regulations can be found in the Florida Limited Liability Company Act. LLC registration requires filing Articles of Organization with the Florida Division of Corporations. An operating agreement is not required by law, but it is highly recommended. The agreement outlines the management, ownership, and operating procedures of the LLC. Florida LLC forms are available online in Adobe PDF format, and payment can be made by credit card, check, or money order. After filing, a tracking number will be provided for updates and processing. LLCs must file an annual report and have a registered agent in Florida. Templates for the operating agreement and articles of incorporation can be found online. Brock ReidWas this article helpful?YesNo LLC Operating Agreement