Many prospects are opening up for investors, who decide to open an LLC in Florida. This is a jurisdiction with a thriving business community, numerous small enterprises, which enjoy a local support, a cost-effective economy. To start a Florida business is profitable in the fast-growing tourism, the agricultural and mining industries.
Registering a company in the USA is interesting for beginning businessmen, financial investors, entrepreneurs seeking innovation. Registering an LLC in Florida opens up its advantages and access to tax benefits. But remember, that opening an American LLC is not very promising for a sole ownership or a full partnership.
The Limited Liability Company is characterized by end-to-end taxation, when LLC owners in Florida report their share of the profit and loss in their personal tax returns.
The main advantages of LLC:
- Through taxes;
- Filing a tax return is optional;
- There are no requirements for residency and a place of residence;
- A government support and a protection;
- A limited liability for business debts.
Why is registering a commercial company in Florida interesting?
Florida's corporations are not taxpayers, they do not file tax returns after the first year. There are also no minimum capital requirements for registering a business in Florida.
It is easier to register a business in Florida than in other jurisdictions, because the director, a secretary and a treasurer can be one person.
Benefits of Florida’s corporations
- This type of company is an independent legal unit.
- You can start a business in Florida after completing the constituent documents, applying to the appropriate authorities, paying registration fees, obtaining approval from the Secretary of State of Florida.
- The corporation has many advantages in comparison with individual entrepreneurship and partnership.
- This type of company protects its owners from personal liability for business losses. It is not affected by the change of ownership.
- The owner can be a sole, or several partners can set up an American corporation.
- You can raise capital by selling shares.
- Medical and retirement benefits apply to corporations for officials and employees.
- Owners report profit and loss in personal tax returns;
- Further, the tax is paid individually (10% -35%);
- A Florida LLC, whose income is generated outside the jurisdiction and whose employees are not residents of the United States, does not pay tax fees;
- There are no restrictions on the number of members;
- LLC may choose a method of profit distribution.
What does it take to set up a company in Florida?
- to register a trade name in the United States, which does not have matches on the base;
- for the approval of the correct structure, the presence of all company managers is necessary;
- at least 1 member/manager is required to set up a US enterprise (their number is not limited, there are no requirements for obtaining citizenship and a residence permit);
- to open a business in Florida, you must approve the Charter with the information about the members of the company;
- a presence of a registration agent (private/corporate persons, a residency and a permanent US address);
- the agent accepts documents on behalf of the LLC and informs all members of the LLC about it;
- to register a US EIN with the Internal Revenue Service;
- to open a bank account in the USA (requires personal presence or one of the company members indicated in the registration can do this on behalf of the owner of the enterprise);
YB Case experts will be very responsive to the questions of registering companies in Florida and we will provide legal advice on opening a bank account in America.