Business Formation
Our Business Launch & Management Program is designed to make sure that your business is set up correctly so that you have a solid foundation to build upon.
The type of container you have for your business is very important. Choosing the type of container should be a well-reasoned analysis of the best fit for your particular situation. After it is set up, there are ongoing requirements and responsibilities for maintaining a healthy business structure. Every container has its own rules, so you need to be sure you know them and follow them for successful business formation.
Business formation is not simply a filing exercise. Formation decisions have long-term consequences, and improper setup can lead to compliance issues, tax complications, and loss of intended legal protections. That is why formation should be approached as part of a broader legal plan, guided by experienced Florida business counsel.
After your Business is formed, we provide a Business Launch Workbook which covers all of the “other” priorities that new business owners need to worry about: business insurance, banking, finances, website rules, vendor relationships, data security, emergency management, estate planning, and intellectual property
Request Our Free Download: Startup Checklist
We created this Startup Checklist to help you take the proper steps once you begin setting up your business entity.
What types of business structures are there?
There are four basic business structures to choose from. Keep in mind that there are legal rules and there are tax rules. You may hear terminology that that confuses the two, but consider them separately. Below are the most common forms of business containers and their corresponding tax treatments.
Corporation – Can be taxed as a C corporation or an S corporation
LLC – Can be taxed as a C or S corporation, a partnership or a sole proprietor
Partnership – Taxed as a Partnership
Sole Proprietor – Taxed as a Sole Proprietor
Which types of business structures provide liability protections for its owners?
The type of structure you have will dictate the requirements to form it, but most business structures will require some state filings and some IRS filings. Some structures will require that you have internal documents in place that don’t actually get filed anywhere – you just have to have them.
Is there anything I have to do on a regular basis for my business?
Depending on the type of structure, you may have yearly filings and required meetings. The state of Florida may require you to file annual reports and the IRS may require that you file a tax return for your business. There are also internal documents that you may need to have each year, but don’t actually file anywhere.
How do I know what type of business structure is right for my business?
There are so many factors to consider when choosing a business entity, that no one answer will be right for everyone. We often have people say they want an LLC because it’s the simplest to form. This is a common misconception. An LLC is actually one of the most complex and sophisticated business structures available. It is appropriate only in certain circumstances. You should consult with an experienced business attorney for help in determining the appropriate structure for your business.
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“The Legal Department was instrumental in the formation of my business. I am incredibly grateful to them for paying such attention to detail. Even though my work with them is complete for now, they still email me monthly newsletters with important dates and things to know to keep my business in good standing. Thank you Legal Department!!!”
Melissa Moulton, Grey Area Therapy Jax, Co.
“The Legal Department - just what I need to validate my business package, and registration requirements. Knowledgeable, responsive, direct - I so like their approach of direct communication - avoid confusion and saves time. AWESOME - I will work with them in future as business needs arise.”
Ronald Rice, Apex Custom Works, LLC