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Business Formation Attorney in Port St. Lucie
Take the first steps in forming your business! Call (888) 899-8161.
Forming a business is an exciting experience, but it can also be a very daunting one if you are unaware of your rights, duties, and obligations under the law. Though the complex web of various laws and regulations can at times prove to be discouraging, starting your own business successfully can be among one of life’s most rewarding experiences.
The first step to forming a business, of course, is choosing a name for your company. Though this may seem simple, it is actually vitally important. Your company’s name will create the potential customer’s first impression on your business. Once you make this decision, you will then have to decide what type of structure your company will follow. After this is determined, you can register your company.
If you are ready to take the first step to starting your own business, there are a few things you should be aware of. Our Port St. Lucie business lawyers will be at your side every step of the way, informing you of your various rights and options.
Are you ready to form your own business in Florida?
If so, take the first step and contact our firm to schedule your free case evaluation.
Which business structure is right for you?
When you begin a business in the state of Florida, there are four different structures that you can choose from. The type of structure that you choose will determine how your business is formed, what kind of requirements you must meet, and how you must subsequently operate the company.
The four entity types include:
- Sole Proprietorship
- Limited Liability Company (LLC)
You can learn more about these various types of business structures detailed below.
A sole proprietorship is essentially an unincorporated business. There is only one owner (or husband and wife team) and the actual business entity has no legal existence separate from the owner. You are not required to carry out any state filings and there is no separate tax return—you pay taxes on the profits on your personal tax return.
This type of entity is easy to begin and easy to dissolve. If you choose to take this route, you do not have to carry out any of the corporate formalities or provide a payroll for yourself. Prior to formation, you will be required to obtain a business license.
A partnership can come in two forms: general and limited. As the name indicates, there is more than one owner of the business. All partnerships must register with the Florida Department of State. In a partnership structure, the management is decentralized as each partner is allowed to participate in the management process.
In a general partnership, there is unlimited personal liability for debts and obligations. If you choose to take this route, it is important that you enter into a buy-sell agreement with your partner(s) to deal with the problems that will arise should one partner decide to pull out of the company. If you do not have a plan for handling this, the business will most likely end.
In a limited partnership, some partners carry limited liability. By extension, limited owners will therefore have limited management participation. They can only participate in the business as far as their investment goes.
Corporations are yet another type of business structure. The two most common types include: Subchapter C-Corporations and Subchapter S-Corporations. A corporation has centralized management and is controlled by a small group of individuals. A shareholder in a corporation has limited liability and therefore will not be held accountable to the debts of the company. In Florida, it is common practice for a shareholder to choose a representative who will manage their interest. This representative is typically referred to as a “Director.”
A C-Corporation is far more complex in its structuring than a partnership. C-Corporations are taxed as a separate business entity. This leads to the problem of double taxation because each individual shareholder must also pay taxes on the profit that they gain.
A Subchapter S-Corporation is commonly used for small businesses. It is similar to a C-Corp but not necessarily as complex. In this structure, profits are only taxed once. There are limits though, such as how many shareholders can be involved.
Limited Liability Company (LLC)
Limited Liability Companies (LLC) are the final type of business structure available. This structure essentially combines the best of both worlds. It contains the benefits of both a business partnership and a corporation. The partners involved in the company have the ability to be involved in the management process without the liability that a general partnership presents.
Start your business of on the best foot possible!
When you are making all the initial decisions for forming your business, you must consider how you want the management structured, what role you want investors to have, and how much personal liability you want to hold. You will have to determine where revenue will come from, and most importantly, you will need to set up an exit plan.
To properly assess your situation, we can assist with the following:
- Obtaining a Federal Identification Number
- Determining if you plan on hiring employees
- Determining if you plan on filing a business return
- Obtaining an occupational and state license
- Complying with sales tax registration and payroll registration
It is advisable that you hire our Port St. Lucia business formation attorney to go through this process with you. This will ensure that you meet all state requirements and regulations for your new company. A legal professional will be able to answer any questions that you may have and counsel you concerning what is the best path for your organization.
Contact Crary Buchanan for a Free Case Consultation
When you are ready to make this step, work with Crary Buchanan. Our law firm has been established in Port St. Lucie, Florida since 1927. Our associates have a broad knowledge of the law as well as a highly detailed understanding of each individual statute. We will be able to analyze your plans and advise on which entity to choose and the best way to go about setting up your business.
Are you ready to get started on a new chapter of your life?
Contact our office and schedule your free case evaluation now!