What types of companies can I register in Florida?
Your choice depends on how much ownership you want, how many members you would like to have, the continuity you would wish to see, how you like to pay taxes, how much control you want, how much intervention from the authorities should like and other general considerations. Whatever you choose will have an implication on all of these and more.
Types of Business Entities/Structures
What is a corporation?
This structure allows you to be separate from the business such that you will not be liable for expenses and debts accruing from the operations. As a separate entity, it can enter into contracts and can sue and be sued. Members of this entity own shares which they can transfer to other people as per the terms of the entity.
What is a limited liability company?
In an LLC Florida, members are subject to fewer formalities and have more say as to what happens in the business. They do not have to keep up with recording minutes and holding meetings and the government has little control over the operations as long as the company operates as per statutory requirements. Members draft their own regulations and own part of the business.
What is a partnership?
In a partnership in Florida, two or more people come together to do business and share the profits and losses as per a structured agreement. Everyone brings in something which can either be tangible or intangible. For example, one person can bring in the capital while another brings in the expertise.
What is a general partnership?
In this structure, every partner has an equal right and responsibility as the next partner. Also, everyone is liable in the case of debt and liabilities accrued in the line of business by all or one partner.
What is a limited partnership?
In an LP in Florida, partners do not share their roles and responsibilities and some are more responsible for debts and obligations compared to others. General partners manage the business and are liable for what goes wrong, while limited partners sit on the sidelines and are not liable.
What is a sole proprietorship?
This is the simplest form of business structure where an individual is tied to their business and there’s no distinction between the two. The simplicity is also the Achilles heel in this case because the owner is liable for all debts and obligations that accrue from the business operations.
Why is LLC the best option for fast company formation?
Of all options, an LLC is the best for anyone who wants to:
- Continue protecting personal assets from litigation by keeping what they own separate from what they generate or spend on the business operations.
- Enjoy less formality by not having to record minutes or hold meetings according to the authorities.
- Avoid double taxation by passing on some of the payments or even all of them to personal accounts.
- Have the LLC owners write the rules of operation and enjoy autonomy in the guidelines.
Should I use a DBA for my LLC in Florida?
You do not have to get a DBA to conduct business in the state. However, you may want to get one depending on how you wish to operate. Such a name will be necessary if you want to:
- Operate multiple businesses.
- Register a business name to give off a professional look if you are not an LLC.
- Maintain your limited liability by ensuring that you register any other names that you may be using for business.
- Have a unique name.
- Give the bank such registration details to open an account.
- Expand into a new market.
What Is a DBA in Florida?
A DBA is also known as a doing business as name and is a fictitious name used by businesses for branding. For example, you could be running a business known as ABC Florida and want to expand to another state such as Texas. You can register a DBA as ABC Texas which will run under the original company allowing you to penetrate a new market without having to do so much paperwork. Companies also use this technique to introduce new products under new names but under one umbrella.
How to Get a DBA for a Florida LLC
To register a DBA, you will need to adhere to pretty much the same guidelines as those of a typical business name. The name must be unique and should not allude to affiliations with government agencies or use a suffix that implies that you are running an entity that you are not.
In Florida, once you come up with a DBA for your Florida LLC that you would like to use, you must publish a notice of these in a newspaper that circulates in the county of the location of your business. It will be best to look into the requirements of the law to ensure that your choice of paper meets statutory requirements. With the proof of publication you get, you can now file to register your name. For all the filing methods, you will need to include your new name and your principal place of business. When getting DBAs in this state, you will also indicate whether you would like to receive a certificate of status or a certificate of copy.
Online
You can file through the state’s online portal.
Fill the application form which you can access here and send it to:
Fictitious Name Registration
PO Box 6327
Tallahassee, FL 32314
In-person
You can also deliver the complete DBA for an LLC in Florida application form to:
Fictitious Name Registration
PO Box 6327
Tallahassee, FL 32314
All these Application for Registration of Fictitious Name methods will set you back $50. If you choose the certificate of status, you will pay an additional $10. If you choose to go with the certificate of copy, you will pay an additional $30. There is no given standard time for the DBA name turnaround. Instead, the authorities process orders as received and the time taken to get a response will depend on the amount of traffic at the time of application.