1. Articles of Organization: To register an LLC, you must submit your Articles of Organization to the Florida Division of Corporations. This document includes details about your company, including name, address, members, and objectives.
2. Employer Identification Number (EIN): To identify your LLC for tax reasons, the IRS issues an EIN, a special nine-digit number. Before opening a bank account for your LLC, you must obtain an EIN. Applying for an EIN is possible online, by fax, or by mail.
3. Operating Agreement: Florida doesn’t mandate that LLCs have operating agreements, but having one is a good idea. It describes the policies and procedures of your LLC, including the duties and rights of members, the division of profits and losses, and the organizational structure.
4. Personal identity: In order to open an LLC bank account, you must present personal identity, such as a driver’s license, passport, or state ID. By doing this, the bank can confirm your identity and stop fraud.
Yes, an LLC member may open a bank account on the company’s behalf. However, as specified in the operating agreement or resolution, the member must have the power to act on behalf of the LLC. They can open a joint bank account if they each have the power to act on behalf of the LLC.
The physical address of your LLC in Florida cannot be a PO Box. The Florida Division of Corporations mandates that LLCs maintain a physical location where they can receive official mail and legal documents. If it is an actual street address, you may use a commercial mail receiving agency (CMRA) as your registered agent’s address.
You can pay yourself as an LLC owner out of the money your company makes. Depending on how your LLC is taxed, you can take a salary, take a draw, or give yourself a portion of the earnings. If your LLC is taxed as a partnership or a sole proprietorship, you must record your business’s income and expenses on your personal tax return and pay taxes on your portion of the earnings. You must adhere to the regulations for paying yourself a salary, including withholding payroll taxes and paying unemployment insurance, if your LLC is taxed as a S corporation or C corporation.
Yes, in order to create a bank account, your LLC needs an EIN. An EIN serves as your LLC’s tax identification number, and the bank reports the financial activity of your company to the IRS using it. The IRS offers free EIN applications that can be submitted online, by fax, or by mail. Before setting up a bank account for your LLC, make sure to file for an EIN.
Finally, you must have your operating agreement, articles of organization, EIN, personal identification, and street address in order to create a bank account for your LLC in Florida. If they are authorized to act on behalf of the company, LLC members may open a bank account. The actual address of your LLC cannot be a PO Box, but the registered agent’s address can be a CMRA. Depending on how your company is taxed, as an LLC owner, you may be able to pay yourself from its revenues. Last but not least, you can apply for a free EIN from the IRS if your LLC needs one in order to open a bank account.