For anyone wanting to start a Florida LLC, there are a number of documents to be prepared and filed with the state, and below are those that are most important:
Annual report
Due by the 1st of May each year, and required by the state of Florida, is an annual report in which you’ll need to confirm some preexisting information regarding addresses, registered agents and people authorized to manage your LLC. Late filing of the annual report usually results in hefty fines; to avoid this, work with a tax professional who will ensure that you file everything correctly and in a timely manner.
State business tax
As pass-through entities, the responsibility for paying income taxes passes through the LLC and on to the individual LLC members, meaning that by default, LLC’s don’t pay income taxes, only their members do.
For corporation tax purposes, some LLC owners may opt to file an IRS Form 2553, followed by a separate tax return; as with most other states, Florida taxes corporation income, and there is also, an alternative minimum income tax.
State employer taxes
If an LLC has any number of employees, then employer taxes will be required. Some of these taxes are paid to the IRS, but Florida employers may find that they have to pay taxes to the state.
Sales and use taxes
Any LLC intending to sell goods to customers in Florida, will be required to collect and pay sales tax. Registration with the Department of Revenue is necessary first, and then periodic sales tax payments for any goods sold, will need to be made. Registration can be online or by mail, and once you’ve done so, you’ll receive a Certificate of Registration and several other documents.
Registering in other states
For any LLC intending to carry out business transactions in a state/or multiple states other than Florida, registration in each state may be necessary, and will depend upon the rules that govern each one. For registration purposes, having a business location in a state, hiring employees in a state, or advertising a business in a state, may constitute as doing business.
If you’re new to the world of business and are worried about meeting all your IRS and state requirements, or would simply like additional help with your state tax and reporting for your existing business, reach out to a professional bookkeeping and tax planning service who will be able to help take the stress out of the situation for you.