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| Why IncNow? Agents and Corporations, Inc.. has been a family owned and attorney-operated business since 1974. For over 30 years, entrepreneurs have trusted us to form their corporations and LLC's, for as little as $10 plus state and agent fees. More >> |
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Most popular Florida Tasks:
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What is a Limited Liability Company (LLC)?
A Limited Liability Company (LLC) is a cross between a Corporation and a Partnership, providing owners with limited liability like a Corporation, yet taxation like a Partnership (preventing double taxation).
LLCs are formed once their Articles of Organization are filed (in this case, with the state of Florida). They are then governed by Operating Agreements (much like Partnership Agreements) that are agreed upon by the owners, or "Members." The internal operations of LLCs are conducted by "Managers," who can be the Members themselves or third-party persons.
Essentially, LLCs provide as much asset protection as Corporations, while possessing increased flexibility and fewer restrictions.
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Why Should I Form an LLC?
Biggest Benefits of LLCs
LLC Tax Classification Flexibility
- If a new LLC incurs losses or owns capital appreciation assets (e.g. real estate properties), it can be taxed as a Partnership or Sole Proprietorship, thus enabling the losses or capital gains to pass through to the owners.
- If an LLC wants to accumulate working capital or build up corporate equity, it can elect to be taxed as a C-Corporation (by filing Form 8832 with the IRS).
- If an LLC is service- or profit-oriented, it can elect to be taxed as an S-Corporation (by filing Form 2553 with the IRS), thus enabling it to decrease self-employment taxes.
Lack of Certain Requirements
- Unlike Limited Partnerships, LLCs do not require a General Partner (a managing Partner that can be held personally liable for business liabilities).
- Unlike Corporations, LLCs do not require annual meetings of shareholders.
- Unlike Corporations, LLCs do not require Bylaws. (Note: most LLCs do, however, choose to create an LLC Operating Agreement, with this agreement often being more complete than Corporation Bylaws).
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LLC Strengths and Weaknesses
LLC Strengths
- Liability protection. Owners are protected from debts and acts of the LLC.
- No double taxation. LLCs have pass-through taxation, so profits are only taxed personally.
- Less paperwork. LLCs have much less administrative paperwork than Corporations. Also, there is no requirement for an annual general meeting of shareholders.
- Long lives. LLCs can outlive their owners.
- Tax Flexibility. An LLC can choose to be taxed as a Sole Proprietorship, Partnership, C-Corporation or S-Corporation.
- Just one person. LLCs can be formed with just one person involved.
LLC Weaknesses
- Raising Capital. LLC owners sometimes find it difficult to obtain funding from some Venture Capitalists and old-fashioned investors who are more comfortable investing in Corporations which hold an initial public offering (IPO).
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Limited Liability Companies versus Corporations
Since every company is unique, there can be no definitive answer as to which entity type is the best choice. There are, however, some generally accepted cases in which one entity type (LLC or Corporation) would be preferred.
Note: LLCs can be converted into Corporations and Corporations can be converted into LLCs at any time. Corporations and LLCs can also choose to be taxed as C-Corporations or S-Corporations at any time.
An LLC should be selected when:
- Passive Investments like real estate will be purchased.
- The owners wish to use it for a special purpose or as a subsidiary.
- There will be any non-resident alien owners.
- Owners do not want to file their names in state records.
- Tax savings will not be distributed in proportion to ownership.
A Corporation should be selected when:
- The company will be a Non-Profit.
- The company will be listed on a stock exchange.
- Company investors only want stock and not LLC Units or "interests."
- Owners desire a corporate ending (e.g. "Inc.")
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Florida LLC Packages
Complete Service
COMPLETE Florida LLC Formation (Click Here) ($298) -- one price includes:
*Tax Strategies and Legal Planning:
Agents and Corporations, Inc. (Incnow), using knowledge gained from over 30 years of corporate tax experience, has put together this informative packet of Corporation and LLC tax tips for entrepreneurs.
Some of the topics covered include: tax elections, corporate minutes, promissory notes, MERPs, and more. This valuable packet is included with the Complete LLC package.
EIN: Federal Employer Identification Numbers (EINs) can be obtained after you form your company. Call 1-800-829-4933 from inside the US and the IRS will send your company an EIN for free.
Call Agents and Corporations, Inc. without charge to check and reserve an LLC name.
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Basic Service
BASIC Florida LLC Formation ($189) -- The economy service includes only:
EIN: Federal Employer Identification Numbers (EINs) can be obtained after you form your company. Call 1-800-829-4933 from inside the US and the IRS will send your company an EIN for free.
Call Agents and Corporations, Inc. without charge to check and reserve an LLC name.
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Limited Liability Company Links
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About Us
The Williams Law Firm, P.A. acts as general counsel for Agents and Corporations, Inc. The firm has an "A" rating from the Martindale Hubbell Law Directory. To decide on the type of company you should form and to get help with the technical details, call 800-759-2248.
Contact Us
If you have any questions on which entity or state to choose, then please contact us for immediate assistance.
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David Wiliams, Esq., John Williams, Esq., or any of our Incorporation Specialists |
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Agents and Corporations, Inc.
300 Fifth Avenue South
Suite 101-330
Naples, Florida 34102
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302-575-0877 |
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800-759-2248 |
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302-575-1642 |
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When sending us an e-mail, please provide us with your name, address, telephone number and fax number so that we can promptly respond to your request. Thank you.
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Vice President John L. Williams, Esq., is an attorney licensed in Delaware, New York, Massachusetts, New Jersey, and Pennsylvania.
