Limited Liability Company (LLC) in Florida
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We are your Florida Limited Liability Company Attorneys.
Our Florida business lawyers serve clients who are starting their business in Florida in Palm Beach County, Broward County, Miami Dade County, and most other Florida cities and counties.
What is a Limited Liability Company?
A comparatively new business entity when compared to corporations is the Limited Liability Company, abbreviated as LLC.
The LLC is very commonly chosen as an entity, and is popular to many small business owners because an LLC offers the personal liability protection of the corporation, with the pass through tax advantages of the sole proprietorship, and has none of the limited ownership aspects of the “S” corporation (equal to or fewer than 35 shareholders).
Owners of an LLC are known as “Members.” Members are not personally responsible for business debts or liabilities. In other words, if someone sues your LLC or if your LLC is liable to debtors, then your personal possessions will generally be protected.
Taxation in a Limited Liability Company
LLCs enjoy pass-through taxation. Profits or losses are “passed through” the LLC to each member of the LLC. Members report their share of the LLC’s profits or losses on their individual tax returns respectively. Taxes due are paid only at the individual level.
LLC’s have no restrictions on ownership. LLCs can have an unlimited number of owners (like a “C” corporation) and non-US citizens can be owners. In addition, LLCs can be owned by other LLCs, corporations, or by trusts.
LLCs have no formal requirement of a board of directors or to elect officers. Instead, Members may act as partners, working under a “Members Agreement” or the members may decide to create one or more “Managing Member” who is tasked with running and managing the business as per the terms of the Members Agreement.
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A critical step in launching your business is choosing the right business structure.
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By carefully choosing the right business structure, you can limit your personal liability, take advantage of tax opportunities, and rest easy knowing that your company has set forth clear instructions on acceptable and efficient operation.
Our Florida business attorneys can help you choose the right business entity by listening to your concerns. We will also raise necessary considerations that you may not have considered. Most importantly, our Florida business lawyers will relieve the burden of organizing, drafting, and filing the proper documents with the state.