Are you located in Tampa, Florida and running a small business but feeling puzzled about what business entity to choose from? Law firms in Tampa will help you to get out of this confusing state by giving you proper guidance. Let us discuss the various types of business structures to choose from:
Sole Proprietorship: In sole proprietorship, you are the sole owner of the business. No sort of any separate entity exists in this business structure. Any business that is operating as a sole proprietorship must get itself registered with county clerk in the county which the business is being conducted out. From the respective county clerk websites, you can file the certificate for business by paying an estimated fee of around $35-40. In this you will be taxed once and tax liability will depend upon your earnings.
Corporation: Corporation implies incorporated business structure. To get an Inc. status you need to submit the required documents to Florida Department of State along with required charges. However it is recommended that you pay extra for expedited serviced and other certified documents so as to avoid week-long delay in the starting of your business. Generally, most of the banks ask for a filing receipt and a certified copy of INC. certificate to open a business account for your small business. There are two types of Incorporations namely:
C-Corporation: You will be taxed twice. First on the basis of your earnings. Secondly your business shareholders will be taxed on the basis of dividend received by them.
S-Corporation: Youll be taxed once. Individual shareholders are taxed for their share of tax liability of the corporation.
Partnership: Partnerships are of two types namely:
General Partnership: It is formed when two or more than two people start running out a business without specifying a business entity for their small business. In such a scenario you need to file for a certificate of business with your respective country or state. It is recommended that you take assistance from a qualified business lawyer in Tampa before opting for this business structure.
Limited Partnership: It is an acceptable business type. You can file the paperwork to Florida Department of State by paying the required charges. Dont forget to pay extra for expedited services and two copies of the filing of certificate.
Limited Liability Company (LLC): LLC offer great deal if flexibility due top which most of the businesses are opting for this business form. Flexibilities come in the form of benefits that one can enjoy be it flexibility in terms of partnership or protection from business liabilities as in case of incorporated business. But it is more complex and expensive business form. Article of organization n needs to be filed and assistance can be taken from law firms in Tampa.
Besides, these small businesses also require various special licenses and permissions to operate their business efficiently in the state of Florida. Business lawyers in Tampa will help you to choose a correct business entity for your small business along by ensuring that you get enough time to focus upon your business competencies. Based upon the involved liability and tax issues it is recommended that you take help from a business lawyer in Tampa. It will enable you to get a better insight of consequences of your choice for your small business.