After doing a lot of research I need to protect my home and go LLC. for my business. Since my sole propriety application has not been sent to DMV. Fl. how can I convert over to LLC without spending a lot of money again?
I have competed the state of fl. application for DMV Motor Vehicle license to have a sole proprietor business. I have a few more steps to be approved.
1. state ID.
2. Federal ID.
3. electrical Finger printed
4. 25.000 secured bond pending to be approved
5. company name approved.
6. (pending) the state man to come to the house to approve my office and needs to sign my applicaton.
(CAN ANYONE HELP ME AND AND GIVE ADVICE ON THE MATTER?
Here is a site with good information: https://www.legalzoom.com/articles/florida-llc-gui....
Hopefully someone who has done this in the past in Florida will see this post and be able to respond as well.
I encourage you to speak to an Attorney on this. A single member LLC may or may not provide you the "protection" you seek.
Does the LLC need to be incorporated in FL? If not, there are plenty of online sources which incorporate for you in other states such as Delaware.
Do you mean your personal home @Martha Goodrich ? Most suggest keeping your home in your own name. Too many advantages like the exclusion of cap gains on your personal residence are lost if placed into an entity.
I have had for a lot of years and am comfortable with single-family rental homes in my own name with good insurance. Residential properties can have problems obtaining financing and insurance inside an entity.
The reference to the DMV threw me off a bit as well. Thought that was only for mobiles, trailers, cars, boats, bikes, etc? Maybe you're talking about a manufactured home? The secretary of state and /or dept of licensing makes sense to me when establishing a business, but I'm not in FL. Good luck either way!
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