North Palm Beach Business Formation Attorneys Help You Lay the Groundwork for Your New Company
Knowledgeable lawyers guide entrepreneurs toward business success
Florida offers one of the most business-friendly climates in the U.S., and South Florida is a dynamic economy for opening a new enterprise. But even if you have the utmost confidence in your business plan and the circumstances appear favorable, you should not take steps to launch a startup until you have spoken to a business formation attorney. The Romaguera Law Group in North Palm Beach can put in place a business organization best suited to your needs and objectives. We offer practical, studied advice to help you avoid costly mistakes that can impede your path to success.
Types of business entities available in Florida
One of the most important decisions you will make as a business owner is the type of entity for your new company. The choice of entity impacts how you can raise capital, secure credit, protect your personal assets and structure tax liability. Businesses in Florida can be organized in any of these forms:
- Sole proprietorship — This is the simplest type of business entity. A single owner operates the business and reports income on his or her personal tax return. The company can operate under the owner’s legal name or under a trade name registered with the Division of Corporations. A sole proprietorship offers the lowest level of protection for the owner, who may be held personally liable for claims against the company.
- Corporation — This form of organization offers the most protection to owners. A corporation is a legal entity that exists separately from the people who own, control and manage it. The corporation can enter into contracts, borrow money and sell shares. In most cases, the owners are not personally liable for the corporation’s obligations. Corporations are subject to extensive regulatory requirements.
- Limited liability company — An LLC is similar to a corporation in that if offers limited personal liability to owners. However, LLCs do not have to comply with many corporate formalities. Individuals who own LLCs report business income with their personal tax return.
- General partnership — This business organization is comprised of two or more general partners who agree to share in all assets, profits and financial and legal liabilities. Each general partner can be held liable for 100 percent of the company’s obligations if for some reason the other partners cannot contribute. Partners report their business profits on their individual income tax returns.
- Limited partnership — In this form of organization, general partners manage operations and assume all liabilities. Limited partners are silent investors who enjoy limited liability. They are responsible for company obligations only to the extent of their share of ownership.
Your choice of entity should be based on a number of factors, such as ease of operation and the need to pursue outside financing. A business lawyer at our firm can help you make the best choice for your circumstances.
Essential legal knowledge for launching a South Florida business
Business startups need reliable legal advice on a range of subjects, including company bylaws, employee handbooks, business contracts, property and equipment leases, insurance, zoning and land use, intellectual property protection and taxation. It is always prudent to address these concerns early, because failure to plan ahead can prove costly. Our knowledge and experience enable us to provide you with the counsel you need to get your enterprise started on a solid foundation.
Schedule a free consultation with a knowledgeable business formation lawyer in North Palm Beach
Romaguera Law Group assists South Florida entrepreneurs with business formation. Call 561-472-1077 or contact us online to schedule a free consultation at our offices in North Palm Beach. Se habla espanol.