When Florida residents decide to start a business, they have many choices to make about their new company's legal status. One of the statuses people can choose is called an S corporation. Before people set up this kind of corporation, it is important to understand what it is and how it may be beneficial for business owners.
When Florida residents form their own business, they may sometimes realize they need to protect their idea. In this situation, it is important for people to understand what exactly can be patented and what they can do to protect this idea.
When Florida residents decide to start their own business, they may focus most on finding the perfect location and identifying their niche in the market. Running a business can be complicated, though, and it is important for first time business owners to consider all of the details.
Some Florida business owners have a simple need for their business, namely to finance it. However, traditional funding options, such as bank loans, may be too difficult to acquire or the business may not qualify for the financing. So an entrepreneur may decide to form a limited partnership as a way of financing a business. The key to a successful limited partnership is finding the right limited partner.
Business partnerships are like marriages. They are made up of people: people who are different; people who have different needs; people who have different working styles; people who have different life goals. If you are a partner in a Florida business, you may have the uneasy feeling that all is not “right” in your business. Maybe you cannot put your finger on exactly what is wrong, but the excitement, enthusiasm and thrill that you and your partner(s) had when you first started your business seem to have dissipated over time. You no longer greet each business day as a marvelous opportunity to gain new customers, produce more product, and earn more revenue. Now there are days when you would just as soon stay home, and you fear that your partner(s) may feel exactly the same way.
If you are a Florida resident who enjoys remodeling and renovating homes, perhaps even building from scratch, you may be considering becoming a contractor and going into business for yourself. While this is an exciting prospect, getting your new business up and running can be daunting.
If you have plans to open your own small business in Florida, one of the most important steps in doing so involves establishing a particular type of business structure. Even if you do not plan to open a business in an industry where risks are clear and apparent, such as, say, food service or transportation, virtually every business exposes itself to at least some degree of risk. However, there are certain types of business structures that can limit your personal liability and enhance your peace of mind. At the Law Offices of Levi Williams, P.A., we understand the methods you can use to reduce personal liability with regard to your business, and we have helped many clients navigate the complexities involved in doing so.
For any business owner in Florida, the subject of taxes can be a sensitive one. Regardless of business size, the question of how to structure a business to meet operational needs as well as how to balance tax liability can be a major hurdle when setting up a new venture. Taxes are one of the many reasons that S corporations have grown in popularity compared to the traditional C corporation, for example, because the S corporation avoids the double taxation associated with C corporations.
Florida state tax rules and federal regulations are equally important during any corporate structuring process, whether you are setting up a tax plan for a new company in the state, or modifying the structure of your existing business to prepare for a transitional phase. The process might seem complicated, but it often becomes easier when you make general choices first before focusing on the details. The choice between creating an S or C corporation is likely to be one of your fundamental decision points.
If you are a Florida entrepreneur, you probably are thinking of starting a new business. Your choice of business entity will have lasting consequences with regard to who owns it, how it will be managed and how it will pay taxes.