At the outset, Florida may seem like a difficult place to establish a business. While it’s true that there are certainly challenges to overcome, there are actually many benefits to choosing Florida as your businesses’ base.
In this guide, we’ll cover some interesting facts pertaining to Florida that may help you determine if it’s right for you.
Choosing Florida as the location in which to operate your business allows you to do so anonymously. Why is this important? Unlike businesses that are a sole proprietorship or are in a partnership, the ownership of your business isn’t privy to the public.
Depending on what you’re selling, you may find this to be rather advantageous to your success. This is especially true if you’ve had previous difficulty selling a certain product or service in a different market.
Since corporations are perpetual in Florida, it isn’t nearly as difficult to keep your business going in the event that there’s a change in ownership. Transferring ownership is as easy as reassigning a stock certificate.
Unincorporated businesses often struggle with this if they have a sole proprietor who runs into financial or legal trouble. Every asset must be transferred to each person, which can often be a time-consuming affair.
While it’s true that there is a lot of paperwork involved for a small business to transition into a corporation, it’s much easier to raise the money needed to do so. This is because you can always sell stock to procure additional funding.
Another reason that businesses choose Florida is due to the huge tax benefits. Your company can opt to do a number of things to take advantage of these tax breaks, such as electing S-Corporation status and business expense deductions.
Once your company is incorporated, you don’t have to worry about personal liability over debts related to your business. If your business is ever faced with financial troubles, you normally can’t be held personally liable for repaying them.
This is extremely beneficial to you, as you are no longer at risk of losing your home and other personal assets.
Some Typical Florida Business Entities
– Limited Liability Companies
– Limited Liability Partnerships
– Limited Partnerships
If you think you’re ready to start a business entity in Florida, your trusted legal partner can help.
We can help you with the legal issue that you’re facing, feel free to email us any legal queries and we will answer it for free. Our email address: firstname.lastname@example.org and website: thelawq.com