There are lots of different types of business entities. Each has its own strengths and weaknesses. I’ll begin with a primer on the types of business organizations from which you have to choose.
In Florida, a “business entity” means any form of corporation, partnership, association, cooperative, joint venture, business trust, or sole proprietorship that conducts business in
These explanations are greatly simplified, because the truth is that a sound business strategy goes beyond mere compliance with the law and uses the law to its advantage. Lawyers should be a fundamental part of an entrepreneur’s team, helping to shield your business from risk and ensuring that you are positioned to achieve more than a gamble and at best a quick buck. Your business should be built to last, and a weak foundation doesn’t make a strong home. Choosing the right business entity is the first step in creating a successful business. It’s also the best shield to protect you in the case that your business fails. The wrong business entity could leave you and your family exposed to liability that could have otherwise been avoided.
The problem, is a “sole proprietorship” is no more than an alter ego of an individual. In the eyes of the law, there is no distinction between sole proprietorship and individual. If your business gets sued, you get and, and vice versa. Simply put, unless you thrive on needless risk, there is no reason to operate as a sole proprietorship. As subsequent parts to this series will explain, an LLC or corporation is remarkably simple to setup and use, and provides invaluable protection to the business owner.
Receiving a notice from the Internal Revenue Service (IRS) that you're being audited can be…
In the world of business, protecting proprietary information and retaining top talent are crucial components…
In the world of cinema, few vehicles are as iconic and beloved as the DeLorean…
As reviewing courts, Florida’s District Courts of Appeal serve as vital pillars of Florida’s judicial…
For small businesses seeking to differentiate themselves, patentable intellectual property can be a cornerstone for…
Estate planning documents are tools created to allow individuals a sense of security and protection…