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Starting a new business is an exciting opportunity, but there can be many challenges along the way. Choosing the proper legal structure can be the difference between success and failure. Entrepreneurs that are starting a new business have multiple steps and tasks to complete. One of those steps is selecting the proper legal structure for the business. The various types of business entities organized under Florida state laws affect taxes, legal liability of the owners, control over business decisions, and other matters. For this reason, the decisions encompassing business formation should be made with an experienced business law attorney familiar with your industry’s unique requirements.

Trustworthy legal representation is vital for both new and seasoned business owners. The Myers Law Group, P.A. has extensive experience in business formation. Our legal team develops and executes the legal agreements and documents essential to form the appropriate entity. From business formation to a succession plan, we can help you achieve your objectives.

Types of Business Entities in Florida

• A sole proprietorship is an unincorporated entity with one owner who pays personal income tax on profits earned from the business. The owner is not exempt from the liabilities and debts of the company.

• A partnership is an arrangement between two or more owners to conduct business operations. Each party is “jointly and severally” liable for the debts and liabilities of the company, and the income and losses pass through to the partners.

• A limited liability company (LLC) is a hybrid business entity, combining the attributes of a sole proprietorship and partnership with a corporation. Members of an LLC bypass personal responsibility for debts and liabilities of the company. Profits and losses are filed on the personal tax returns of the owners. Florida law requires that articles of incorporation are filed with the state to establish the rights and obligations of each member.

• A corporation is a legal entity that shields the owners from the liabilities and debts of the company. Additionally, it allows a business to issue stock options, establish business credit, and obtain funding. It can be a not-for-profit corporation or a for-profit corporation. Articles of incorporation are filed with the state. The shareholders annually elect a board of directors to oversee the business plan. There are differences between S corporations and C corporations regarding tax implications, raising venture capital, and ownership restrictions.

Myers Law Group, P.A. Can Help You Make the Right Choice

The decision to choose a legal structure for business formation is complicated. Key considerations are the size of the business, whether you plan on hiring employees, liability risks, tax consequences, and your goals for the company’s long-term growth. If you are a new business owner or just thinking about a business start-up, contact our legal team to discuss your vision for the future. If you already have a business structure that is not working for you, we can help you convert to one that better suits your needs.

As attorneys with extensive business experience, we guide our clients for the successful launch or expansion of a business in various industries. Let us analyze your business and find the structure that will give you the right balance of legal protections and benefits.

Myer’s Law Group, P.A., represents clients in Volusia, Seminole, and Orange Counties, Florida. Call our DeLand, Florida office at 386-873-7835 to schedule an appointment to discuss the most effective options for business formation and incorporation.