Has anybody set up a LLC using LegalZoom? How convenient is it? Which package did you select? Thanks for the feedback!
@Brandon Phillips I have, I was 18, decided to open a carpet cleaning business LOL. Bad idea that was. Anyway,
I used legal Zoom. And while they make it "easy" they don't make it cheap. I believe the cost was around $700-$800. Honestly after doing it, talking with an older friend who had done it before, it's something you could probably do on your own for around $200. From what he said it wasn't as difficult as one might think. Just a matter of if you want to take the time to do it yourself.
Legal zoom doesn't do it all for you either. You still have to "publish" your LLC in a local paper. They send you a list of what needs to be done, they send you a binder with info and your LLC stamp.
Idk all and all if I'm doing it again I would at least attempt to do it on my own.
Just my 2 cents.
Best of luck.
Thank you man that was helpful, I think I’ll try it myself to save $500 lol
@Brandon Phillips , did you proceed with the filing yet? If not, I can place the FL LLC steps here for you.
No I haven’t done it yet I would appreciate it if you could post the steps thank you!
Do it yourself! start to finish...5mins.
I just did this myself and found llcuniversity.com very helpful! I recommend going there. They have a lot of great information.
How much did you spend doing it yourself?
$125 for the state fee and $125 for a registered agent (that's optional).
@Brandon Phillips , here are the steps for forming an LLC in Florida.
1. LLC Name. Search your desired LLC name to make sure it's unique and available to use. Here's the Florida database search page: http://search.sunbiz.org/Inquiry/CorporationSearch/ByName. LLC designator: your LLC name must end with LLC, L.L.C., or Limited Liability Company. "LLC" is the most common. You can put a comma in your LLC name or leave it out. Both are accepted. It's personal preference.
2. Registered Agent. Choose a Registered Agent for your LLC. A Registered Agent is a person or company who agrees to accept legal mail on behalf of your Florida LLC in case your business gets sued (and for other legal reasons). Your Registered Agent must have a street address in Florida (PO Boxes are not allowed). You can list yourself, a friend, or a family member as the LLC's Registered Agent. You can also hire a professional Registered Agent (called a Commercial Registered Agent). Once you make this decision, you'll include this in step 3 (the Articles of Organization). Florida also has a quirk (unique and not common in most states) where you can use a virtual office as your Registered Agent address (and list your name as the Registered Agent). You can use an actual virtual office, or you can use a PMB/CMRA such as the UPS Store.
3. File Articles of Organization with the FL Department of State (the Division of Corporations). Can be filed by mail (http://form.sunbiz.org/pdf/cr2e047.pdf), but quicker and easier to file online online: https://efile.sunbiz.org/llc_file.html. Filing fee is $125 (unless you order a Certified Copy + a Certificate of Status... then it's $160). Florida LLC's are approved in 1 week or less. You'll receive a stamped and approved Articles of Organization and Acknowledgment Letter in PDF format, sent via email (if you file online).
4. LLC Operating Agreement. Sign an Operating Agreement, which states who the LLC owners (called members) are, how much they own, how profits are split, how taxes are paid, how the LLC is managed, and more. Email me for a copy.
5. Federal Tax ID Number (EIN). Wait for LLC approval from state, then apply for EIN with the IRS. Can all be done online in 10-15 minutes and it is free. Only available M-F, 7am-10pm. https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online. If you google "llc university ein instructions", you'll find some step-by-step video instructions I made.
6. LLC bank account. Open LLC checking account. Call around and shop rates. Most banks charge monthly maintenance fees, but a few do not (I prefer ones that do not ;) Bring stamped and approved Articles of Organization, EIN, and driver's license.
7. Annual Report. This is $138.75 per year. Your FL LLC Annual Report must be filed before May 1st every year. It can be filed as early as January 1st. Anything received after May 1st is late and will be assessed a hefty penalty ($400). Your first Annual Report is not due until the year following the year of your LLC's formation. For example, if your LLC was formed anytime in 2017, your LLC's Annual Report will not be due until sometime between January 1st and May 1st of 2018.
Hope that helps!
@Matt Horwitz - I found LLC University a few minutes ago and was searching BP for reviews on the site. Thanks for being available on BP! 2 questions:
1) I'm forming my LLC in Indiana. I can set it up as a single owner, or I could include my wife in it. Do you recommend where I could find a reasonably priced operating agreement that will hold water if I get sued? Or, is the state template good enough?
2) Your site is really cool. I have to ask... how do you make money teaching people to form LLCs on their own?
Great post. I've been on the fence vs Doing it myself. This helped me decide. My tax preparer said he's do it all for $100 plus the filing fees. But it seem to good to be true. He made it sound to easy.
Is finding a free agent out of state to forward mail difficult?
Updated 4 months ago
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing