Choosing the Right Startup Lawyer in Tampa, FL
Embarking on a new business venture requires you to make many important decisions. These decisions include, but are not limited to, who will represent you legally, provide you with sound legal counsel, and help you navigate the process of the official formation of your new business. Hiring the right attorney for this process is vital. When you turn to David Rummell as your startup lawyer, he will guide you through the entire process from start to finish and ensure that all your needs are met and expectations exceeded. The first part of the process is deciding what type of organization you want to form. Some of the most common types are:
A corporation is legally recognized as a separate entity from the owners and shareholders, thus they generally are not liable for any debts or obligations that the business incurs. One of the first steps in the creation of a corporation is to draft and file Articles of Incorporation with the Florida Department of State, Division of Corporations. Thereafter, a corporation must obtain a Federal Employer Identification Number from the IRS. This number serves the same essential function as a Social Security Number for a person. Becoming a corporation means that profits could be subject to different tax rates than individual income. The shareholders/owners of a new corporation should also create an operating agreement which outlines the role of everyone in the company. At DR Law Center, P.A., we can help you better understand these laws and how they apply to your business.
A partnership, formed with a written or verbal contract, is when two or more people decide to go into business together. Sometimes, the name of the business is simply the name of the two partners. But, with approval from the state, the business can have a fictitious name. Partners are taxed individually which can be financially beneficial. However, unlike the shareholders of a corporation, the partners can be held liable for the debts and obligations of the business. There are also differences between a general partnership and a limited partnership, and we can help you decide which option is best suited to your business. Keep in mind that there are other types of partnerships as well, such as a limited liability partnership, and choosing what type of partnership you wish to form is based heavily on the goals of the various partners.
Limited Liability Company
A limited liability company has features of both a partnership and a corporation. Like a corporation, the owners are generally not held liable for the company’s debts, which is the primary legal benefit of this type of business. For tax purposes, however, the company may or may not be treated as a separate entity and income from the business may or may not be reported on the owners’ tax returns and may be subject to Social Security and Medicare taxes as well. Limited liability companies also require a membership agreement to be drafted. Similar to an operating agreement, this document outlines the various roles that the partners serve within the organization.
For a reliable attorney to help guide you through the business formation process, contact DR Law Center, P.A. at (813) 644-5645. You will quickly learn why we are widely considered to be an excellent startup layer in the Tampa Bay area.