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Helping New Business Owners Protect Their Hard Earned Investments
Starting a new business can be exciting for new entrepreneurs or those with great experience. However, creating a new Florida business can have legal challenges that could delay or prevent you from achieving your business goals.
Because the business formation process can be overly complex, it is always best to consult experienced legal counsel to ensure you have a solid foundation and legal protection for yourself and your investors.
Venerable Law of Tampa, FL, is a law firm dedicated to helping business entities with business formation services that will meet their needs and comply with all state and federal regulations.
Contact our Tampa law offices and ask to schedule a free initial consultation to learn more about how we can assist you with your business needs.
What Services Do Business Formation Attorneys Provide to Clients?
New business owners quickly realize that although starting a new entity is a thrilling prospect, many legal issues must be dealt with to be successful. All new business owners must hire a business formation attorney to assist them with legal issues so their organization can thrive and grow.
Some of the most critical aspects that must be decided when starting a large or small business include:
- Choose the right name for your business entity, such as a sole proprietorship or corporation.
- Determining how the business will obtain financing.
- Choosing the correct business formation for your goals.
- Asset protection strategies.
- Assistance with gathering initial documents.
- Prepare bylaws or an operating agreement.
Depending on the type of entity you choose for your business, Venerable Law can help you lead you on the right path to success.
For example, suppose you decide to form a corporation. In that case, our legal team can assist you with preparing or filing Articles of Incorporation and gathering all the necessary documentation required by the State of Florida.
Finally, our law firm can assist you with registered agent services. All business entities are required to have a registered agent to whom the state can send all official legal documents or notices.
If you have questions about business formation or the importance of having a registered agent service, contact Venerable Law to schedule a meeting with our knowledgeable attorney.
What Types of Business Structures are Available in Florida?
There are four types of business entity structures in Florida. Choosing the proper structure for your Florida business is essential to ensure your organization will operate legally under all state and federal guidelines. Additionally, choosing the correct business structure can provide you, your partners, and your employees to protect your hard-earned investment.
Business structures in Florida include:
Sole proprietorship
A sole proprietorship is the simplest business formation option, as one person owns, operates, and maintains all control over any decisions made regarding the business. However, one of the risks of a sole proprietorship is that it lacks personal liability protection and puts the owner’s personal assets at risk should the business fail or encounter legal issues.
Partnership
Many individuals choose to form business partnerships that include two or more owners. Partnerships are broken into two groups: general partnerships and limited partnerships. In general partnership agreements, owners share liability and management duties. However, limited partnerships are slightly more complex and may involve general or limited partners with less responsibility.
Limited Liability Company
Limited liability companies (LLCs) are popular among Florida business owners. A limited liability company (LLC) offers business owners the legal advantages a corporation offers but with the added benefits of a partnership. If a limited liability company is structured correctly, it can protect the owners from personal liability for business debts.
Corporation
Corporations offer business owners the greatest form of legal protection from personal liability, such as lawsuits. However, due to the complexities of Florida business law, all corporations must keep extensive records and issue stock or membership certificates. Typical examples are C or S corporations.
If you are considering starting a business, contact our law firm immediately. We can provide you with more information on starting a Florida LLC, the difference between C and S corporations,
What is the Difference Between a C and S Corporation?
Florida business law states that all corporations begin as a C Corporation and may be changed to an S corporation. However, understanding the legal differences between a C and S Corporation can be challenging without legal training and requires the help of a lawyer familiar with business law.
When a Florida corporation receives its charter, it becomes a C Corporation. However, a C corporation must become an S corporation to enjoy significant tax benefits. For example, C Corporation business owners are taxed twice on personal and corporate levels. Conversely, S Corporation owners only pay taxes for money earned through wage income and profit distribution.
Although forming an S corporation may seem the ideal choice when determining what legal entity suits your needs, it is always wise to consult a knowledgeable Florida business attorney before making any decisions.
Contact Venerable Law in Tampa to schedule a consultation to discuss the business formation process and how we can assist you.
How Can Your Business Formation Lawyer Help My Organization Meet Its Business Goals?
If you have decided to go into business in Florida, you must hire a skilled attorney who can assist you with choosing and establishing the proper business structure. Sadly, one of the main reasons businesses fail is a lack of proper business planning when first starting out.
For this reason, one of the best ways to protect the future of your business and hard-earned investments is to hire a business attorney who can determine which type of entity is best for your needs.
Venerable Law is a law firm dedicated to helping entrepreneurs make decisions regarding their type of business and what can be done to ensure their success.
With over 24 years of experience, our business formation attorney is ready to advise clients on confusing issues, such as the advantages of limited liability partnerships, how to form a corporation or other business entity concerns.
Contact our Tampa. FL, law offices at 813-680-4530 and ask to schedule a free initial consultation to learn how we can help you grow your business.