Barbara M. Pizzolato, P.A. can provide you with help during the incorporation process and can assist you with making informed choices about whether incorporating is actually right for you or not. Give us a call to find out more about different business entities and to get personalized advice regarding the business structure that makes the most sense for your organization.
Understanding the Key Benefits of Incorporating Your Business
Some of the key benefits associated with incorporation of a business in Florida include:
- Protection of your personal assets
Through incorporation, you are able to protect yourself from personal liability and limit potential losses to the amount you invested in the business. Incorporation makes your business into a separate “person” in the eyes of the law. A business lawsuit or debts incurred by the business are not going to affect your personal financial assets. If you operate as a partnership or a sole proprietorship, on the other hand, a bankruptcy of the business would have to be a personal bankruptcy. Creditors could also come after your assets, and your assets could potentially be used to satisfy a judgement against a business in court.
- Business succession and transferability
For many sole proprietorships and partnerships, it is difficult for the company to continue once the sole proprietor or partners die or leave the company. With incorporation, on the other hand, companies frequently outlive their owners’ involvement because the company is a separate legal entity. It is much easier to transfer ownership shares when a company is a corporation and you own shares in it (although it is still harder with a private company than a public one). It is also much easier for you to make plans for the transfer of the business after death.
- Tax flexibility
The manner in which your business is taxed can differ depending upon whether you form a C-corp or an S-corp, so you have more flexibility when it comes to paying the IRS. S-corp owners who take distributions for part of their income can also reduce the amount of Social Security and Medicare taxes paid, which sometimes provide significant tax advantages.
These are just a few of the many advantages that are associated with incorporation. To learn more about pros and cons and to decide if incorporating your business is the best approach or if another business entity may better meet your needs, you should get personalized legal advice.
The Business Incorporation Process in Florida
The incorporation process in Florida involves filing Articles of Incorporation for either a nonprofit company or a for profit company. You can obtain the paperwork and submit your forms online, and pay your filing fees online to start a new Florida for-profit corporation or non-profit corporation. The forms you need are available from the Florida Department of State Division of Corporations.
Additional steps may also be necessary for your business, including taking care of issues with the IRS such as obtaining a tax ID number and filing an S-corp election if you decide it makes the most sense to operate as an S-corp. Barbara M. Pizzolato, P.A. will work with you to go through the incorporation process if you have decided that the benefits of incorporating justify organizing your business as a corporate entity.
Getting Help from a Business Planning Lawyer
Barbara M. Pizzolato, P.A. can offer you advice on whether the benefits of incorporating outweigh the downsides for your particular organization. Our legal team will work with you to select the right business entity and to follow the process in Florida for structuring your organization in a way that makes sense for you.
Many businesses in Fort Myers have turned to us for assistance with choosing a business entity and for assistance with other relevant issues that are important for getting a company off the ground and making a business successful. Your company can benefit from the breadth and scope of our experience when you turn to our legal team for help.
To find out more about the ways in which a business planning lawyer can help you, give us a call at (239)-225-7911 or contact us online to speak with an attorney who knows how to make Florida law work for you.
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