I Have A Plan To Open My Own Business. What Are My Choices?
If you have a buy or sell, you can be a sole proprietor, which means that you are completely exposed on a personal level to any of the claims that may be made against the business. That usually is not advisable. Individuals in Florida can incorporate and if it’s a for-profit corporation, one individual can be the sole director and all the officers. That gives you corporate protection, as long as you follow certain rules. If you have vehicles that are going to be used for the purposes of business and you have those registered in your name, if you don’t ever change the title of those vehicles to the corporate name, you are going to have a problem. That is one of the reasons why you want to have lawyers. Your lawyers will explain that you have to transfer assets over.
You can do a limited or general partnership, which doesn’t have as much protection but also gives more flexibility. Or, you can do an LLC, which combines the flexibility of a partnership with the protection of a corporation. It depends on the nature of the business. If you are a business owner, you need to know how to minimize your personal exposure, if your business is liable for some type of damages. You have to weigh that with flexibility. Certain organizations are more rigid than others and if you have a seasoned attorney, who knows what to look for and how to draft, you have other documents to draft, aside from the ones that the state of Florida requires.
Your attorney’s job is to listen to your needs and not necessarily to what you say you want because you may have heard something or read something that is not accurate. You may not need that, you may need something else, and you may not even know you need it. It is the attorney’s job to guide the business owner in an ongoing manner but the business owner must uphold that relationship. You can wait until you get sued and then the attorney makes more money but it doesn’t promote your business.
For more information on Starting A New Business In Florida, a case evaluation is your next best step. Get the information and legal answers you are seeking by calling (772) 242-3600 today.
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