LLCs are pass-through entities that shield business owners from certain legal and financial risks. For tax purposes, most, but not all, LLCs are classified as partnerships or disregarded entities. When this is the case, an LLC does not pay state income tax in Florida because it is not a corporation.
In rare cases, an LLC is also incorporated. In Florida, this results in state income tax at either 5.5% or the 3.3% alternative minimum tax.4
Like S corporations, LLCs, except those that are also incorporated, are shielded from state income tax, and their owners pay no tax to the state of Florida on the personal income that passes through to them from the businesses. Setting up an LLC in Florida is fast, easy and inexpensive; it is highly recommended as a minimum step for small business owners who want basic protection of their personal assets while maintaining their zero state income tax liability.
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