Starting a new business can be challenging, and not simply because you must engage in comprehensive planning and thoroughly familiarize yourself with an industry, the competition and other requirements associated with being the very best at what you do. The law matters, too, and you will invariably need to work with an attorney at some point in a bid to assure that your new entity is properly formed and that you adequately understand the implications thereof. Put simply, not all business formations are equal.
If you are thinking about or are in the process of establishing one in Coral Springs, Parkland, or Broward County, Florida, Matthew Fornaro, P.A. can assure you the kind of essential guidance needed to get your business off to a smooth launch.
First, however, you may wish to more closely examine the process and some of the options associated therewith.
Developing a general business plan can be tedious and time consuming, but it is vital that you think through every angle of your operation—from management, accounting, and financial requirements, best practices you wish to employ, hiring and human resource priorities, the market and competition you will be facing, and so on.
Plans along these lines can be extensive, but that is not a bad thing. The more thorough your initial modeling, the less likely you are to be caught off guard thereafter.
The next step in the process is determining what kind of entity you wish to form (more on this later) and thence registering your company with the state and county. You will also, of course, wish to set up a bank account so that you can conduct business.
Options for Establishing a Business Entity in Florida
While there are various advantages and trade-offs associated with the different entities that might be formed, much also depends on your business itself and the industry it is associated therewith. In Florida you may establish a corporation, limited liability company, partnership, general partnership, limited partnership, or sole proprietorship.
Corporations and limited liability companies (LLCs) both limit the liability of their owners, assuring a greater distinction between them and the entity itself, which in the case if a corporation continues to exist after said owners may pass away.
The various partnerships allow that owners enjoy profits and losses more directly whilst handling the question of liability and responsibilities a bit differently. A sole proprietorship, on the other hand, is owned by a single individual wherein there is no distinction between the person and the entity itself.
Forming corporations includes a number of important requirements like filing a certificate of incorporation, naming a registered agent, preparing your bylaws, issuing stock, and complying with certain reporting requirements. Given the sometimes intricate nature of these affairs, consultation with a lawyer may be especially valuable.
Obtaining Legal Help Amid Business Formation
Establishing a relationship with a qualified attorney is never a bad thing given the unanticipated legal issues you may face down the road. Doing so when establishing your entity may be essential to getting off to the right start and averting those kind of issues.
Matthew Fornaro, P.A. has a wide range of experience when it comes to business and corporate law, including the commitment and prowess needed to address your needs and interests. To set up an appointment, simply request a consultation by filling out the online form located at the bottom of our home page here.