M-MTax
Level 13

[Event] Ask the Experts: Biz Recordkeeping & 1099-NEC Filing

I'll put it simply:

 

In Florida, a single-member LLC is really not the best choice of entity for liability protection due to a 2010 decision by the Florida Supreme Court (Olmstead v. Federal Trade Commission).

 

In order to ensure maximum protection in Florida, another member could be added to the LLC (making it a multi-member LLC), a corporation (most likely an S corporation) could be established rather than an LLC, or an LLC could be organized in another state with more favorable liability protection. 

 

Speak with a qualified professional in Florida in your area.