Forming a New Business
Forming the correct type of entity can be critical to the success of your business. Most owners and partners form a business entity for taxes or protection or both. In order to actually realize these benefits, the right entity has to be chosen to meet your goals. There is no “one entity fits all”
Minimizing Legal Risks and Liabilities
The ultimate goal of a business attorney should be to minimize the legal risk that can derail your business, and its critical that you use a business attorney, because without the specialized training and knowledge, a regular business person doesn’t even know what could blindside them from a legal standpoint.
Becoming Personally Liable for errors committed by you or your employees while operating the business. A Corporation or an LLC is a separate legal entity, and thus it can stand on its own, including making up for any mistakes. However there are certain steps that need to be taken, or else that protection can be bypassed if there are any damages or liabilities in excess of what the company can pay.
Having a large tax bill because you didn’t know the tax benefits and advantages of one entity over another. Congress and the IRS are continually updating and changing laws as to what you can or can’t do with regards to business deductions and who has to take a salary, and a lot of the laws defy common sense, so there is often no reasoning it out, and ignorance of the law is no excuse.
Common Florida Business Entities
One of the more important decisions you can make when you start a new business is choosing the entity. Save yourself money and problems down the road. consult with a reputable business attorney before making any decisions. The Law Offices of Marc J. Miles can advise you to make an appropriate decision based on your individual situation.