Incorporating Your Business
One of the first and most important choices you have to make with your new business is to determine what type of entity you want to be (or can be). There are many choices to decide from, each with their own advantages and disadvantages.
For example, C Corporations may create liability protection for the shareholders, but may have disadvantages for taxation issues. Another option is the Limited Liability Company (or LLC), which offers liability protection, tax advantages, but can only be used with 2 or more members in some states.
For the past 18 years, BEGIN's attorney has been advising clients on choice of entity and is familiar the rules and regulations as they relate to many types of businesses.
If you are looking for a simple incorporation, or a more complicated corporate analysis, BEGIN can help you.
Quick Comparison
| C-Corp | S-Corp | LLC | |
|---|---|---|---|
| I can use this if I have | 1 or more owners | 1 or more domestic owners | 1 or more owners (members) |
| Liability Protection* | Owners not liable for corporate debt | Owners not liable for corporate debt | Owners not liable for corporate debt |
| Taxation* | Corporation is taxed at standing corporate rate. Owners are taxed if dividends are distributed | All income and losses pass through to owners | All income and losses pass through to owners |
| Record Keeping and Formalities* | Directors manage corporation. Directors are elected by the shareholders | Directors manage corporation. Directors are elected by the shareholders | Members choose who manages LLC |
*This chart is for a informational and evaluation purposes only and does not constitute legal advice. Nor does this information serve as a definitive explanation of the types of entities available for the business owner, nor does it list all of the applicable information within each category. Consult an attorney before making a decision to incorporate your business.
Licenses and Permits
It is the responsibility of the business owner to determine the necessary licenses and permits that are required for a business at the federal, state, and local levels. At the local level, permits may be necessary at both the county and the city levels. BEGIN will help you find the correct permitting agencies and organizations at the federal, state, county and city levels. We can help guide you to determine the necessary permits and licenses for your new venture.
Human Resource Regulations
It is the responsibility of a business owner to comply with all human resource regulations. These regulations govern hiring practices, the treatment of employees, termination, compensation, benefits administration, and so on. A business owner must be careful to not inadvertently violate a human resource regulation or law. BEGIN can help you acquaint yourself with human resource laws and regulations.
Intellectual Property
Traditionally, businesses have thought of their physical assets, such as land and equipment, as their most important assets. Increasingly, however, a company's intellectual assets are the most valuable. Patents, trademarks, copyrights and trade secrets are the four key forms of intellectual property. It is up to the entrepreneur to take advantage of these forms of protection. BEGIN can provide the resources needed to help entrepreneurs make good decisions in this area.
Business Forms
Business forms, agreements and checklists can be invaluable to a new business. The BEGIN team has collected and created many forms over the years that will help you along the way. All forms are reviewed by a Florida Bar attorney and can be tailor made just for your business.