According to Florida statutes, a LLC is a kind of business entity which is carrying a character of both a corporation as well as of sole proprietorship. As per chapter 608 of Florida statutes, there are certain laws with respect to a Limited Liability Company that makes it mandatory for them to maintain certain financial records as follows.
Department Of State Filing: All Florida LLCs are required to maintain a copy of filings that they do with Florida Department of State. This may include articles of organization, certificates regarding conversions, power of attorney and all other documents that a LLC has filed with the Department Of State. The LLC should also maintain an annual report which is to be submitted yearly to the Department Of State. This annual report should contain the formal name and address of the LLC, date of formation, and date of getting business licence. Full address of registered business and name of registered agent must be mentioned in the annual report.
Financial Records: A LLC in Florida must maintain records related to their financial statements for last three years. Statements of financial records may include details of cash the LLC is having, total value of LLC’s total assets and properties, details of amount each member contribute to the LLC. Last but not the least is that a LLC must maintain a record of procedures by which the LLC would stop functioning. The LLC is also required to maintain an agreement letter for the condition when company is dissolved and there is a division of assets amongst members. They are obliged to keep a record of times and locations of all the meetings the LLC members conducted in the past one year.
Tax Records: According to rules laid by chapter 608 of Florida statutes, a Florida LLC is advised to keep all records pertaining to taxation of the last three years. These documents may include income tax statements of federal, state and local area taxes. This totally depends on the Board of Directors of the LLC to decide whether to get taxed as a corporation or as a sole proprietorship company. In any case, the LLC must keep all their tax related documents intact of the last three years.
Personal Information: A LLC in Florida is required to keep all the details of their personal information at their registered office. This personal information includes full names and addresses of the members, managers, the resident agents and all other important members holding important designations. Members of LLC are basically the owners or those shareholders who hold equal number of shares. Since a LLC is more like a hybrid business entity these shareholders can also manage the company.
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Travis Henry is the founder of Miami Bookkeeping Solutions, a company providing professional bookkeeping services to small and medium-sized companies and not-for-profit organizations in Miami, Florida. For more information, please visit www.miamibookkeepingsolutions.com/
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