Florida Business Formation is a decision that should not be taken lightly. The decision to form an entity for operating a Florida base business, asset protection, or estate planning will directly impact your liability and tax situation. The most common types of Florida Businesses are the Florida LLC (Limited Liability Company), and the Corporation (e.g., “ABC, Inc.”). Here at Kramer & Golden, P.A., we can help you choose the correct type of business entity.
With so many options available in terms of business formation, it is more important to choose the correct Florida business entity, and more importantly, to make sure that the entity is formed correctly and that the owners understand their responsibilities accordingly.
We often see clients with generic forms that do not relate to their personal situation and do not take advantage of the many benefits that a properly formed Florida entity can offer.
It is important for us to understand your personal situation, risks, and desires to evaluate the tax implications, liability issues, asset protection, and management structure that is optimal for your business success. We help people evaluate and choose from the following Florida Business Entities:
- Florida Sole Proprietorship
- Florida General Partnership
- Florida Limited Partnership
- Florida Family Limited Partnership
- Florida Subchapter C-Corporation
- Florida Subchapter S-Corporation
- Florida Limited Liability Company (LLC)
Once an entity choice has been made, each has its own requirements for planning, structure and relationships. An agreement (an “Operating Agreement” for an LLC, and a “Shareholder’s Agreement” for a corporation) will be created to define the relationship between the members, managers, partners, and shareholders. If you do not have an agreement there are default provisions in the Florida Statutes, but these provisions will usually not comport with the needs of the business owners or managers.