Starting a business or restructuring an existing business? Then you’re in the right place! When starting a business, entrepreneurs often try to save money by doing most things on their own. This is a big mistake that can often end up costing more than was saved. Forming a business has both a fiscal and legal impact on the owners or founders of the business, therefore knowing which structure to choose is a big decision that should not be taken lightly. In forming a business and choosing a structure it important to consider the needs of the individual starting the business, the type of business, goals (both short and long term) and financials.
In addition, the structure of the business determines the founder’s liabilities, how taxes are to be paid, and other essential details. For example, a Sole Proprietor typically makes decisions on his/her own and in turn has personal liability that is not separate from the business. In contrast, in a partnership, a partner must get the approval of the other partners to make any significant decisions for the company. Consult an Orlando attorney before making any decisions on the structure of a business.
In Florida the most common business legal structures are:
- Sole Proprietor
- Limited Liability Companies (LLC)
- Corporation (Corp., Inc.)
- Non-profit organizations
In Florida, an incorporated business is considered a person, therefore it can enter into contracts, lines of credits, own property, and more. So having agreements in place with partners is also an essential aspect of a Business Formation.
Starting a Partnership.
The first thing to do when starting a partnership is to analyze and gather a list of information needed to form the partnership. The next thing would be to create a partnership agreement. The partnership agreement is necessary as it would define the business relationship. Finally, establishing a proper agreement between the partners while gathering various resources pertaining to a partnership should be done. The help of an attorney can be used to make sure all things are in order.
Incorporating a Small Business.
There is a list of crucial steps to start a corporation. Gaining in-depth knowledge and information about the processes of the incorporation would be able to help establish the business in an orderly manner. Since forming a small business can be tricky, the best thing to do would be to hire an Orlando business formation attorney to help with all the necessary procedures.
Forming an LLC.
Some entrepreneurs believe establishing a Limited Liability Company isn’t as hard as most people perceive. However, entrepreneurs should not do this on their own. A business success is built on the foundation, therefore best thing to do would be to hire an attorney to provide legal advice regarding the business while ensuring the paperwork has been completed efficiently. An attorney will also want to contact your accountant to work together on a plan.
Forming a Non-Profit.
There are important steps when forming a non-profit organization. In fact, in-depth knowledge is needed to establish the business. Additionally, there are a set of guidelines and government resources that are required for the establishment. An Orlando business formation attorney could be able to help things fall in line with the formation.
While there are many procedures that entrepreneurs can do themselves,
this is not one of those steps we’d recommend they do on their own. Help of an experienced attorney in Orlando business formation can make a big difference.
That’s where The Law Offices of Gretchen Ortiz comes in. Gretchen Ortiz Law Firm is one of the best law firms in town, specializing in different areas of law, including business formation as well. We guarantee all clients are provided with the legal help they need to get the right legal assistance they are looking for.
So, call us,
we are the right choice!
Contact us today for wise counsel in matters of Business Formation. Our law firm proudly serves clients in all of Central Florida, including Orlando and the surrounding cities.