Setting Up LLC In Florida

P

Pabst

Has anyone set up a LLC in Fla. How much did it cost? What did your bank want to see in order to allow you to open a checking account? How long did the process take? Did you write up your own articles? How about Fed Tax Id in lieu Of SS#?
 
Filing fees for the State of Florida total $125 for a new LLC. Fees for preparing the required documents (e.g., attorneys or consultants) vary greatly depending on what you will be doing with the LLC (i.e., will the LLC be set up as a hedge fund, etc.).
 
Pabst:

I assume you want to set up an LLC in any state except for Illinois...When I looked into it at one time, I realized that Illinois has the highest LLC start up fees and maintenance costs of any other state in the country...Probably because of all the trading firms and independent entities at the CME, CBOE, CBOT...

It is outrageous...
 
Originally posted by Pabst
Has anyone set up a LLC in Fla. How much did it cost? What did your bank want to see in order to allow you to open a checking account? How long did the process take? Did you write up your own articles? How about Fed Tax Id in lieu Of SS#?
More...

Not in Fl but elsewhere. It is very easy. Unless you are an attorney with corporate specialty I would pay someone else to write the articles or get a copy of LLC papers for a similar venture to use as a template and let an attorney review a completed version. The tax id issue answer depends upon the structure of the LLC - how many participants - and the purpose of the LLC - do you need seperate credit, bank accounts, etc.

You can also structure the LLC under the laws of a state other than FL if you think the FL regulations are not optimal.
 
Originally posted by Pabst
Has anyone set up a LLC in Fla. How much did it cost? What did your bank want to see in order to allow you to open a checking account? How long did the process take? Did you write up your own articles? How about Fed Tax Id in lieu Of SS#?
More...

Set one up in Nevada. State privacy laws protect you in addition to the favorable tax treatment.
 
Originally posted by Sarasota


Set one up in Nevada. State privacy laws protect you in addition to the favorable tax treatment.
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I agree; all our US entities are Nevada LLCs ...
 
LLC's offer tax advantages over other entity's and LLC's laws vary from state to state. For example, I might be able to have a
a single member LLC in one state, but a single member LLC may not be valid in another state. LLC's offer members the liability protection of a Corp. and offers certain tax advantages similar to a sub S corp.

You don't need an attorney or CPA to form an LLC , however , you may want to be sure the LLC structure is right for you. There are several web sites that offer information about LLC's and LLC formation(which you can do online):


See nolo.com at http://www.nolo.com for some good LLC information & advice.

www.corporatefortresshq.com/Incorporate_Web/LLC_FAQ.htm
(LLC formation online)

http://www.llc.com/ (LLC formation online)

http://www.quickcorps.com/ (LLC formation online)

Before forming a LLC , please seek the advice of a competent
financial professional in your state ,to see if the LLC structure will fit your needs.


Gene Weissman
Managing Member
Lieber & Weissman Sec., LLC
gweissman@stocktrade.net
 
I'm a self proclaimed expert on many things. But this wasn't one of them. Thank you to everyone for your terrific advice!!
 
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