Are you looking to incorporate your business? Do you know the difference between an S corporation and a C corporation? Do you want to form a partnership, or is a limited liability company best for you?
Forming a business in Florida demands the legal advice of a business lawyer. Forming your business incorrectly can subject you to unwanted taxes and personal liability to creditors.. A business attorney from the Morey Law Firm, P.A. of Orlando can advise you on which structure is best for your business and how you can take advantage of what the law provides you.
Some of the most common business structures include the following:
Limited Liability Companies
Incorporating or forming a limited liability company in Florida has many benefits. The main advantage is that it grants personal asset protection to member so that if the LLC is sued, none of their personal assets may be seized if a judgment is obtained.
Florida does not have a personal income tax or impose a corporate franchise tax on the company’s stock. Corporations that do not conduct business in Florida pay no state income taxes, do not pay state property tax assessments, do not pay on corporate business inventories, or pay sales or use taxes on goods made in Florida but exported elsewhere.
To incorporate, you do have to file articles of incorporation, but your anonymity is assured as shareholders need not list their names and addresses, nor does the Florida Department of State track stock ownership. Unlike other states, Florida only requires that one person, who could be the same individual, act as the corporation’s director, president, treasurer and secretary.
If you choose a LLC, profits are taxed only at the member level, and you can elect to be taxed as a partnership, S-corp, or sole proprietorship. Your corporate attorney from the Morey Law Firm, P.A., can properly advise as to which election is best for you.
There are also limited and general partnerships with the main difference being that general partnerships do not have limited liability although they do have flow-through tax treatment so that it is not subject to direct taxation.
Find the right business structure for you. Whether you live in Orlando or the counties of Orange, Seminole, Osceola, Hillsborough, Pinellas, Polk, and Alachua; contact the corporate lawyers at Morey Law Firm, P.A. today at 407-426-7222.