Running a business comes with its own set of challenges. At J&J Legal, our goal is to provide the solve and avoid a one size fits all approach to entity formation. We take time to get to know our corporate clients and the needs of their enterprise—considering growth, risk mitigation, tax implications, and long-term flexibility. Selecting an entity will impact how your business will function, be taxed, and be transferred.
Our experienced attorneys deliver the personal service clients expect from a boutique law firm and we will discuss the advantages and disadvantages of an S-Corporation, C-Corporation, Limited Liability Company, and basic Partnerships. We will also discuss key laws governing the various entities to ensure you are familiar with the duties, responsibilities, and liabilities associated with each. Since there is no personal income tax in Florida, incorporating in Florida and electing to be taxed as an S-Corporation means you will not pay a 5.5% or higher tax on federal taxable income above $5,000.00. Additionally, unlike other states, Florida does not have minimum capital requirements for incorporating.
Significantly, some business forms offer more protection from personal liability than others. Therefore, it is critical to understand the implications of each type of entity. For example, while sole proprietorships are easy to set up and dissolve, profits are taxed at the owner’s individual federal tax rate and have almost unlimited personal liability for any debts or obligations incurred by the business. Contact J&J Legal today to discuss your entity formation options to protect your assets.
After drafting and filing the necessary paperwork with the State, J&J Legal can serve as the entity’s Registered Agent, obtain federal EIN numbers, file subchapter S elections, draft shareholder agreements, and draft operating agreements.