Business Law Palm Beach

Setting up or forming a business in Florida is very easy. Simply go on the Sunbiz website and fill in the information. But determining which corporate entity to choose is a topic to discuss first with a business lawyer. You also discuss the tax implications with your accountant or CPA. What is an S Corp There is no corporate entity called an S Corp. The S Corp is a tax election as compared to a C Corp or other choices like sole proprietor and partnership. It merely denotes how you want your business treated for tax purposes. The S Corp treatment passes the income of the business through the business onto the owner or owners. Thus it is referred to as a pass-thru entity, but it is not a legal entity like the corporation or LLC. What are the legal entities in Florida I can choose for my business There are three recognized business entities in Florida. They are the corporation, the limited liability company, and the partnership. The corporation The corporation is regulated by Chapter 607 ...

If you Google whether you should choose the Inc. or LLC for your business, you will likely find scores of blogs and articles on the topic. The corporation denoted by Inc. and the limited liability company recognized by the letters LLC are very close. Basically, the LLC is easier to manage in many respects, but which one fits your business depends on several factors. Put another way, the question of whether to LLC or not to LLC is not an easy one to answer, but any sophisticated businessperson will research the issue as you are now doing. The history of the LLC and the Inc. in  Florida Historically, people entered business ventures through partnerships. An easy example is, I have a horse and you have spices, let us take them on the road to sell the spices and split the profits and so forth. But then larger ventures with multiple partners like voyages to the new world required a vehicle more efficient than the common partnership giving birth to the corporation. The first corporation...