Florida Business Formation Attorneys
Businesses take many different forms and structures, each with their own advantages and disadvantages. With many different options a business owner must prioritize between different factors and strategies. These strategies often include minimizing taxes, limiting liabilities, and allowing flexibility in funding to the firm. Our attorneys work through the confusion to guide you through the process of starting your new business venture and ensuring it has the best possible chance of success.
“We strive to support your business needs and build a framework for the success of your company.”
Starting a Business in Florida
Research starting a business and all it entails. This includes gathering information concerning business tax compliancy, business registration, tax registration, locations/permits, international commerce and assistance programs, among other resources.
Identify a business structure. After conducting research, you will decide which corporate structure is most appropriate for the goals of your business: a corporation, an LLC, a partnership (general or limited), or a sole proprietorship.
Form the business. Depending on the business structure/entity you choose, instructions to then form the business will vary. For example, forming an LLC requires different filing guidelines than a non-profit corporation. These guidelines are available via the Department of State Division of Corporations website, however it is still crucial to consult a corporate attorney to ensure that everything is in order.
Register the business. Finally, you will register the business and fictious name. In Florida, you may do so by filing online or via mail.
Common Business Structures
At DML Attorneys, P.A., we work with our business clients to choose and implement the most appropriate business structure for their goals. We can help you form any type of business, including:
Sole Proprietorships - The most simple and straightforward solution for your business. There are minimal operational rules that allow you to make quick decisions, but the freedom granted does not have liability protection. It is an unincorporated business owned and operated by one individual with no distinction between the business and the owner. Sole proprietorships, when not operating under the owner’s legal name, must register a fictitious name with the Division of Corporations.
Partnerships - Similar to a sole proprietorship there are minimal rules, however now you may need to agree with your partner. A Partnership often creates fiduciary duties for each partner while providing no liability protection. A general partnership is a partnership where the rights and responsibilities are divided equally among the partners. The partners are referred to as general partners because each partner can act on behalf of all the partners, and each partner is responsible for the partnership’s debts and obligations. Whereas a limited partnership refers to a partnership composed of both general and limited partners. This type of partnership allows each partner to determine and/or limit his or her personal liability. Unlike general partners, limited partners are not responsible for the partnership’s actions, debts and obligations. General partners have the right to manage the business. Limited partners do not. Both general and limited partners benefit from the business’s profits.
Limited Liability Companies - A Limited Liability Company, or LLC is a popular business structure that provides liability protection to the business owner(s), without many of the requirements associated with more traditional entities. Like a corporation, it offers limited personal liability. In Florida, you are still required to file annual reports and prepare articles of organization, but do not need to issue shares, appoint a board of directors, hold an annual general meeting (AGM), or comply with other corporate formalities.
Corporations - The most traditional form of businesses are corporations. There are many different forms of corporations, but they all require an appointed board of directions, shareholders, and an AGM. The multiple different structures such as “C Corp”, “S Corp”, or “Non-profits” often have different tax obligations and rules regarding their shareholders. Although corporations can be the most complex business forms, they have the most protections to the owners and the most access to additional capital.
If you have questions about forming a business, contact us today. For information regarding dissolving your business, click here.
At DML Attorneys, P.A., our attorneys have the experience and knowledge to guide you through your business formation.