Learn about annual report and tax filing requirements for Florida LLCs.
If you want to start and run a Florida limited indebtedness company ( LLC ), you ‘ll need to prepare and file respective documents with the state. This article covers the most authoritative ongoing coverage and state tax file requirements for Florida LLCs .
The State of Florida requires you to file an annual report for your LLC. File your annual report on-line at the Sunbiz web site. To complete the report card you chiefly just need to confirm preexisting information regarding addresses, your cross-file agent, and the people authorized to manage your LLC. You can make changes if necessary .
The annual report is due each year by May 1. The current filing fee for LLCs is $ 138.75. ( other types of businesses pay different fees. ) There is a hefty $ 400 penalty for reports filed late.
State Business Tax
When it comes to income taxes, most LLCs are alleged pass-through tax entities. In other words, the duty for paying federal income taxes passes through the LLC itself and falls on the individual LLC members. By default, LLCs themselves do not pay income taxes, merely their members do. ( Because Florida is one of the rare states that do not have an income tax for individuals, this means LLC members will not owe state of matter income tax on their LLC earnings. ) Some states impose a separate tax or fee on LLCs for the privilege of doing business in the submit. Florida, though, is not one of those states .
however, in some cases, the owners of an LLC choose to have their occupation treated like a pot for tax purposes. This choice is made by filing IRS form 2553 with the IRS. ( See the IRS web site for the shape. ) Unlike the nonpayment pass-through tax situation, when an LLC elects to be taxed as a pot, the company itself must file a freestanding tax return. The State of Florida, like about every early department of state, taxes corporation income. Florida ‘s pot income tax generally is a flat 5.5 % of federal taxable income ( with some exemptions ). There is besides an alternate minimum income tax. The tax is account payable to the Florida Department of Revenue ( DOR ). Use the interpretation of Form F-1120 that ‘s appropriate for your particular occupation to pay the tax. For more details, including regarding electronic filing, check Nolo ‘s article, 50-State Guide to Business Income Tax, or the DOR web site.
Read more: LLC Tax Guide – https://www.peterswar.net
State Employer Taxes
Does your LLC have employees ? If then, you ‘ll need to pay employer taxes. Some of these taxes are paid to the federal politics ( the IRS ) and are not covered here. ( But note that federal employer tax obligations start with obtaining a union employer recognition number ( EIN ). ) however, Florida employers besides may have to pay taxes to the state of matter .
More specifically, you ‘ll probably need to register to pay state unemployment insurance ( UI ) taxes. These taxes are handled through the DOR. Register for these taxes online ( you ‘ll be completing Form DR-1, Florida Business Tax Application ). then, each quarter, use Forms RT-6 and RT-6A to report on wages and pay the UI taxes. For more information, including regarding electronic filings, check the DOR web site.
Sales and Use Taxes
If your LLC will sell goods to customers in Florida, you will need to collect and pay sales tax. This means you ‘ll have to register for this function with Department of Revenue and then make periodic sales tax payments for goods sold. You can register on-line or mail in Form DR-1. After you ‘ve registered, you ‘ll be sent a Certificate of Registration ( Form DR-11 ) and early documents. then, on a periodic basis—monthly, quarterly, semiannually, or annually—you must submit sales tax returns to the DOR. You can do this on paper or electronically. For more information, check the DOR web site .
Registration in Other States
If you will be doing business in states other than Florida, you may need to register your LLC in some or all of those states. Whether you ‘re required to register will depend on the specific states involved : each submit has its own rules for what constitutes doing occupation and whether registration is necessary. Often activities such as having a physical presence ( a business location ) in a department of state, hiring employees in a state of matter, or soliciting business in a state of matter ( such as by telephone, print ads, mail, or the Internet ) will be considered doing clientele for registration purposes. Registration normally involves obtaining a security of authority or exchangeable document .
For more information on the requirements for forming and operating an LLC in Florida, see Nolo ‘s article, 50-State Guide to Forming an LLC, and other articles on LLCs in the LLC section of the Nolo web site .