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Florida LLC

Florida LLC
3/1/2010 12:00 AM

I have a business in Florida and was wondering whether a NV LLC would save me money on taxes. 

An LLC is a codified and prearranged and defined form of parternership, operating like a corporation, but structured and treated like a partnership, even if it only has one owner. It retains even division of shares and ownership between owning members, and provides a respectable degree of legal, financial, and tax protection for the owners.

A federal tax id is a legal seperation between the owner/s of a business, and the business. It divides the individual from the business by assigning the business an ID number for tax filing purposes.

A business tax registration is a local registration certifying your business as legal, and also ensuring that your business is registered for all necessary local taxes and inspections.

 

Would I have to also form an LLC  in Florida?   My business is wholesale of various merchandise produced mainly in China.

LLC costs are not dependent on state, so much as on the structure decided by the founders. Consider instead corporate taxes from state to state, and then decide whethere or not to make an IRS Elect to be Treated as a Corporation Filing.

Title XXXVI
BUSINESS ORGANIZATIONS
Chapter 608
LIMITED LIABILITY COMPANIES

CHAPTER 608

LIMITED LIABILITY COMPANIES

I n addition to well known rules of LLC formation, here is something else to keep in mind:

608.4101  Records to be kept; right to information.--

(1)  Each limited liability company shall keep at its principal office the following records:

(a)  A current list of the full names and last known business, residence, or mailing addresses of all members, managers, and managing members.

(b)  A copy of the articles of organization, all certificates of conversion, and any other documents filed with the Department of State concerning the limited liability company, together with executed copies of any powers of attorney pursuant to which any articles of organization or certificates were executed.

(c)  Copies of the limited liability company's federal, state, and local income tax returns and reports, if any, for the 3 most recent years.

07 - Here are the licenses and tax ids you are legally required to obtain before starting business operations:

1. A business tax registration license

3. A federal tax id number if you are a partnership or you want to use it instead of you social security number to open a bank account.

A federal tax ID is the only way to prevent one member of an LLC from being the sole effective owner, as in its absence, they will have to use their social security number for filings, and effectively sieze control of the LLC's assets. It is also the only way to file tax returns in the LLCs name, or to operate the LLC as an independent contractor.

 

A business tax registration is necessary because without it you can fall into arears in your taxes, miss required inspections, and face fines and misdemeanors charges.

An LLC is fundamentally essential to a businesss designed to protect the owner from any difficulties arising from business transactions. The legal structure itself is designed to ensure this. By establishing a complete legal entity for business operations, it establishes a respectable degree of protection for the owners.

 

 
Who Needs a Business License
 



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