Properly Incorporating is Integral to Any New Business’ Success
The business and contract attorneys at The Campbell Law Group understand that the process of business formation involves more than just filling out the paperwork. If you’re forming your own business, you are most likely very excited about the future and looking forward to your success. However, too many new business owners get so caught up in the excitement that they often neglect vital aspects of the formation and planning process, which can compromise a new company’s ability to achieve success.
If you are in the State of Florida and are involved in starting a business, you can greatly benefit from working with an experienced business attorney who understands not only the process of creating a business, but also the possible pitfalls, essential details, and successful strategies associated with this process.
With The Campbell Law Group, you will work with business attorneys who truly care about your business and future, and who want to ensure that you have every opportunity to succeed. Our desire is that we will be able to work with you throughout the years to come, helping you achieve your goals and guiding you through the labyrinth of regulations, laws, and requirements that will affect your ability to grow, succeed, and thrive.
Types of Businesses
When forming a business in Florida, you’ll discover that there are various types of business entities from which you may choose. These include the following:
- Sole Proprietorship: This business formation involves few legal issues. Under a sole proprietorship, the owner is entirely responsible for the finances and operation of the business. The owner takes on unlimited risk in this type of venture.
- “C” Corporation: An important aspect of a “C” corporation is the fact that it is a separate entity from those who own it. That means that the owners and shareholders assume little to no personal risk in daily business operations. The corporation as well as the shareholders pay taxes.
- “S” Corporation: This type of entity is set up in the same manner as the “C” Corporation, with the exception that taxes are paid by the shareholders and not the corporation.
- General Partnership: If you establish this type of business, you and a partner will share all responsibilities, profits, losses, and liabilities. In a general partnership, each individual pays taxes.
- Limited Partnership: With this type of business, one partner is actively involved in business operations. The other partners will usually contribute capital to the venture. These partners have limited liability.
- Limited Liability Partnership (LLP): An LLP protects individual partners from personal liability as it relates to the negligent acts of other partners or those employees that a partner does not have under his or her direct control.
- Limited Liability Company (LLC): The various partners in an LLC control company shares. Each partner’s liability for the operation of the business is related to his/her level of investment. Shareholders and not individuals are responsible for taxes.
Each entity has its own set of benefits, liabilities, risks, and tax implications that must be weighed based on your unique circumstances and business goals.
At The Campbell Law Group, our-trusted and experienced business attorneys are available to help new start-up businesses in all aspects of formation and incorporation under any type of structure. Rather than risking the task alone, contact us today to set up a free 30 minute consultation to discuss your business needs and goals. Reach out to our attorneys to learn more about the different business entities you can choose from to protect your personal and business assets when starting a business in Florida.