Florida LLC Cost and Fees

It is important to keep in mind the startup costs and annual fees associated with forming a Florida LLC. This typically includes LLC filing fees to the state and Annual Report fees.

IncNow®’s low-cost Florida LLC package include all necessary filing fees, making the process of forming your LLC quick and easy!

How Much Does a Florida LLC Cost?

The state filing fee for a Florida LLC is $125. This fee is required to file the LLC’s Articles of Organization with the state of Florida.

IncNow‘s “Basic LLC” package costs $189 and includes:

• The Florida state filing fee of $125, and
• First year Florida Registered Agent service.

IncNow also offers a “Complete LLC” package which costs $298 and includes:

• The Florida state filing fee of $125,
• First year Florida Registered Agent service, and
• 20- page ready-to-sign LLC Operating Agreement

Click here to compare Florida LLC formation packages.

What Are The Annual Fees After Forming a Florida LLC?

There are some annual fees associated with forming a Florida LLC. In general, this is what you can expect to pay.

• Florida Annual Report Fee: $138.75

Florida LLCs are required to file an Annual Report every year and pay a $138.75 filing fee. The Florida Annual Report fee is due each year after forming the LLC

The Florida LLC Annual Report fee must be paid by May 1st. The State of Florida applies a $400 late fee if the Annual Report fee is not paid by the deadline.

The State of Florida requires LLCs to file an Annual Report in order to maintain an “active status” with the Department of State. Florida LLCs are require to file the Florida Annual Report whether or not the company conducted any business or had any income in a given year.

The postcard notice of this filing requirement comes directly from the Florida Secretary of State and is sent to your principal place of business.

• Florida Registered Agent Fee: $109

Florida state law requires every Florida LLC to maintain a Registered Agent with a physical street address in the state. The Florida Registered Agent is responsible for receiving and forwarding legal notices, such as lawsuits, to the LLC.

IncNow‘s Florida Registered Agent services costs $90 for the remainder of the first year after you form your Florida LLC, and $109 for subsequent calendar years. For LLCs formed after July 1st, the fee includes the remainder of the first calendar year and the following year. IncNow‘s annual Registered Agent fee is due each year no later than January 1st.

As a trusted and reliable agent service provider, IncNow offers Florida LLC owners an affordable solution to meet their Registered Agent requirement.

What Taxes Do Florida LLCs Owe?

Single-member LLCs in the United States are not separately taxed, because they are considered “disregarded entities” (DRE) for tax purposes. This does not mean that the single member LLC is a tax exempt entity. Instead, the single member LLC owned by one individual files is a pass-through to its owner for tax purposes. The single member LLC has its income and expenses on the Schedule C of the single member’s personal IRS Form-1040 tax return.

By comparison multiple member LLCs, while also a pass-through tax entity, must file an informational “partnership” tax return known as the IRS Form 1065, where each member pays tax after receiving a Form K-1 for its share of the partnership tax profit or loss, and the LLC itself does not pay tax.

Under federal “check-the-box” rules certain LLCs owned by US citizens or green card holders (not other entities) can elect to be taxed as another type of pass-through entity. The LLC can be taxed as an S-corporation upon filing the IRS Form 2553 tax election to be eligible to file IRS Form 1120S to report its income and expenses.

Alternatively, under the federal “check-the-box” rules, any LLC can elect to be taxed as a C-corporation, where it is not a pass-through entity. Instead a C-corporation is a taxable entity where taxes are paid by the entity for its own profits and losses. The profits that are then distributed to the owners are then taxed as dividends to the owners personally. This is referred to as “double-tax” which is why few LLCs make the C-corporation tax election. Further explanation of the tax elections and reasons for making an election can be found at: IncNow.com/tax-tips

Generally the state tax treatment where a company is doing business follows the federal default tax status (DRE or partnership) and the election made (S-corporation or C-corporation election).

Thus Florida LLCs are required to pay income taxes on both the State and Federal level, just as would an entity filed in any other state.

Aside from income tax, every LLC needs to pay a privilege fee to stay in good standing. This annual maintenance fee, sometimes called a franchise tax, is paid to the Florida Secretary of State’s Division of Corporations. Florida LLCs owe an annual compliance fee of $138.75. This applies whether the corporation is doing business or owns nothing and does nothing. In other words, the Florida Secretary of State in this context does not look to business activity.

Other taxes also apply to a Florida LLC such as the sales tax.