Investor · Miami, FL · Member since 2019 · 41 posts · 33 votes
I am considering putting my rental property in a LLC. I would like to figure out the setup costs, yearly maintenance costs and time involved to do this. My first property I am going to do this with is in FL if anyone has any examples.
The initial filing of a LLC in Florida is $125. There is an annual report filing due each spring that costs $138.75. If you are not a Florida resident, you would need to hire a 3rd party to act as registered agent for receipt of service of process. That can range from $50-$125/year.
That gets you a piece of paper that says you have a registered business entity with the state.
What makes a LLC useful is guidance from a licensed professional, tailoring of a LLC operating agreement suitable to your business needs, and a variety of other operational details such as properly maintained records, establishing banking, insurance, and other vendor relationships for the LLC correctly, etc.
Please seek a professional to assist you. The expense is worth it.