Business Entity Formation

In Florida, there are several options available when it comes to business entity formation, including the development of corporations, limited liability companies (LLCs), general partnerships, sole proprietorships, and limited partnerships. When considering business entity formation, the best thing to do is to meet with your team of legal advisers to discuss your goals so that you have a clear understanding regarding what you want to accomplish in setting up your business.

Types of Business Entities

Here is a breakdown of the different type of business entities. Prior to taking the first step towards any one of these platforms you should have a clear understanding of the pros and cons of each of these.

The types of business entities include:

Corporations:  Independent legal entities that exist separately from the individuals who own, manage or control it. The corporations can enter into contracts, pay tax yes and transact business on its own, as if it was its own “person.”

LLCs:  This form of corporations reduces the amount of liability on the individual who owns the corporation. The owners of a corporation have limited liability compared to several other entities.

Partnerships:  There are two types of partnerships recognized by Florida law that a Naples Business Lawyer can help you with: General Partnerships and Limited Partnerships. The biggest difference between the two types of partnerships is the way that liability is split between partners. In situations of general partnerships liability is eventually shared among all parties, whereas with limited partnerships liability is only shared in part on certain parties, and things like debt accrued by a company or by one partner may not be the responsibility of another partner.

Finally, a sole proprietorship is the simplest way to find a business, giving one person total and complete control over the business and not differentiating where the rights of the corporation end, and the individual begin.

How a Business Attorney Can Help

Starting a business requires a lot of highly specific paperwork and working with a Business Attorney Naples can ensure that you are able to do this right the first time, helping you to be efficient and up to date with everything you need to help your company run smoothly. For more information, contact the law offices of Woodward Pires & Lombardo, P.A. in Naples and Marco Island, Florida.

 

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