– LLCs in Florida must be registered with the state and submit the Articles of Organization.
– The Articles of Organization must include the name of the LLC, its address, the name and address of the Registered Agent in Florida, and the signature of an authorized representative.
– The name of the LLC must be unique and contain the words “Limited Liability Company” or the abbreviations “L.L.C.” or “LLC.” 1. The Articles of Organization for a limited liability company (LLC) in Florida must meet minimum filing requirements and may need to include additional information based on the business’s needs.
2. Florida law does not require listing initial managers or authorized persons in the Articles of Organization, but it is recommended to do so for opening a bank account.
3. An Operating Agreement is a contract that defines the structure and rules of operating an LLC in Florida, regulating decision-making, member and manager rights and duties, accounting, member withdrawals, and penalties for non-performance.
4. When an LLC does not have an Operating Agreement, default rules from Chapter 605 of the Florida Statute will apply, which may not suit the specific needs of the LLC.
5. The Operating Agreement also helps protect the limited liability status and can be used in court to resolve conflicts or misunderstandings. Advantages of an LLC:
– Easy registration and low cost
– Members are not personally liable for debts and lawsuits
– Allows for at least 1 member or owner
– Flexible to raise money
– Fewer corporate formalities than with a corporation
– Fewer restrictions on ownership
Disadvantages of an LLC:
– Ongoing fees
– Limited flexibility in ownership transfers
– Minimal case law protection
Start a business in Florida | Limited Liability Company | LLC
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