When starting a business, it is important to establish your business as a legal entity. This will help you direct your business objectives as well as potentially limit your personal liability in the event of a dispute. Our law firm has extensive experience forming businesses and will take the time to understand your individual business needs. We will tailor your legal solution to suit the needs of your immediate and future objectives.
Forming a new company includes choosing not only what type of entity to form, but also which state to form that entity in.
It is important to consult with an experienced business lawyer before you set up any business. Choosing the right form of entity in the jurisdiction that has laws most favorable to your specific needs and circumstances can help you protect not only your interest in your new business, but your personal assets as well.
At the Klitzman Law Group, PLLC, our founding attorney has more than 30 years of experience dealing with business and tax matters. Contact his law firm online or call 954-384-4421 to schedule a consultation with our seasoned Fort Lauderdale business formation lawyer.
The two most common types of business entities are:
Then, within the category of corporations there are either C-corporations or S-corporations. While the distinction between a C-corp and an S-corp mostly has to do with tax treatment by the IRS, the choice can also create restrictions on ownership.
As far as limited liability companies are concerned, you can have either a single-member or a multi-member limited liability company. The exposure of the assets of the limited liability company to claims by individual creditors of members is substantially different depending upon whether a single member or multi-member limited liability company is used. The company is then set up as either member-managed or manager-managed.
When forming any new business, whether it be a limited liability company or a corporation, the first consideration should always be which state you should form in. This is because each state makes its own laws regarding the treatment of and protection afforded by each type of entity. A few popular jurisdictions to choose from are Wyoming, Nevada, Alaska and Delaware. Again, the jurisdiction that will work best for you will only be determined by evaluating your own specific needs.
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