As a practicing Attorney in Miami-Dade, Broward, and Palm Beach counties for more than 50 years, I’ve assisted a large number of people in successfully setting up their business entities. Throughout my years of practice, I’ve been contacted by prospective business owners who ask me, “I’m thinking of starting a business, do I need an LLC attorney?”
A majority of the business entities I’ve established on my clients’ behalf have been set up as LLC’s. Because the requirements for setting up an LLC are complicated, my answer to that question as a general rule a resounding, “yes.” Let your attorney worry about completing all the necessary steps to set up your LLC, while you concentrate on the other important issues involved in building a business.
According to Business News Daily, there are approximately 2.5 million small businesses currently registered in Florida. Those businesses make up an estimated 99% of all businesses in the state and they employ over three million workers. That number represents an estimated 42% of the state’s private-sector workforce.
As is evident from those statistics, there are a large number of people in the State of Florida who choose to go into businesses for themselves rather than working for someone else. The reasons for doing so include wanting to be masters of their own destiny, job burnout, and wishing to leave a legacy for their children. There are a variety of business entities available in Florida for individuals who want to start their own businesses. They include a sole proprietorship, a partnership, general partnership, limited partnership, S Corporations, C Corporations, and Limited Liability Companies (LLC’s).
What Are The Advantages of A Limited Liability Company?
- A Florida Limited Liability Company combines the liability protection of a corporation with the tax treatment and ease of administration of a partnership.
- Members may be individuals, other partnerships; a trust or a non-resident citizen, or a trust. This makes it less-strenuous for the company to be formed.
- Distributions aren’t required to be equal. If one member commits or invests more or contributes more in the business, that member may collect more of the profits.
- Organized meetings and minutes aren’t required.
- Taxes “pass-through” the company, and individuals are taxed at an individual level, not the company level, according to their losses or gains.
- Administrative paperwork and accounting are simpler for an LLC.
- It provides liability protection to the business owners since owners are considered separate entities from the LLC. Personal assets are not connected to the company if the LLC is in litigation.
The Most Common Reasons An LLC Attorney Is Needed To Set Up Your Limited Liability Corporation
- Assist in choosing the name of your Limited Liability Company and ensure its not already taken.
- To ensure the LLC is set up correctly.
- Appoint a registered agent.
- File articles of organization with the state of Florida.
- Prepare an operation agreement.
- To ensure that your LLC has the proper business licenses, pays the correct fees, and meets the requirements of both the Florida and federal Rules.
- Retaining an LLC attorney enables you to focus on other aspects of your business.
Incorporating a Limited Liability Corporation is complicated. In order to make sure it is set up correctly, you should retain the services of an attorney who is experienced in setting up LLC’s.
Contact the law offices of Gary I. Handin, P.A. at (954) 796-9600 or toll-free at 1 (877) 815-1560 to schedule an appointment to discuss correctly setting up and establishing your limited liability corporation.