The Guidance You Need When Starting Or Buying A Florida Business
Starting a new business or buying a existing business is a very exciting transaction. In order to ensure the smooth operation of your business, it is wise to understand the options you have for its organization. The legal structure or “type” of business will greatly influence how the business is run and taxed, and the liabilities and protections it has.
At Brick Business Law, P.A., we offer solid legal guidance on Florida business legal structure and law.
Types Of Business Entities And Their Benefits
There are many different “foundations” or types available when you are setting up a business. Each type offers its own challenges and benefits. Here are the main advantages to the most common business structures:
- Limited liability company: An LLC, as the name implies, offers liability protection and tax benefits. An LLC can be member-managed or manager-managed. Both LLC members and managers are protected from liability when it comes to company debts and obligations.
- S corporation: Also called a “pass-through” entity. An LLC can also be an S corp, which will work to avoid double taxation. An S corp has 100 shareholders or fewer, is governed by a board of directors, and has voting rights and common shares. An S corp provides liability protection to its owner.
- Sole proprietorship: A basic structure best for a single owner with no employees. There are no restrictions or equity interests and the business can easily be transferred. This business structure does not provide the owner protection from personal lawsuits.
When To Consult An Attorney
While legal advice and guidance offer many benefits to anyone starting a business, there are instances when it is crucial. These instances include whenever you are buying or starting a business that has:
- Multiple people running it or working at it
- Family members as owners and workers
- Trade secrets or restrictive covenants
- A large risk of liability
We offer guidance through the business entity formation process. As attorneys with extensive business law experience, including litigation and dispute resolution, we have a broad purview of the advantages and liabilities each structure type offers.
Get Seasoned Business Structure Guidance
Without a legal background, it can be difficult to know what type of business structure best meets your needs and your situation. We can help. We offer a free initial consultation so that you can better understand your options. Call 888-708-4250 or send us an email with a brief description of the type of guidance you need. We serve clients throughout the Tampa Bay area.