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Empower Your Business with the Right Entity Selection

Formalizing your business idea with a legal entity is a crucial step toward building a solid foundation for success. Choosing the appropriate legal structure for your business is a critical decision that carries significant long-term implications. Each entity type offers various benefits and drawbacks regarding taxation, liability protection, management structure, and regulatory compliance. Having a knowledgeable law firm by your side is critical during the process of choosing the appropriate legal structure for your business.

Your Trusted Partner for Corporate and Business Law

At Legacy Law Associates, we recognize the individuality of each business concept. With years of experience supporting enterprises of all sizes and industries across Florida, we offer personalized counsel tailored to your specific circumstances, industry, and long-term goals. Our dedication to staying current with the latest developments in business law ensures your business structure complies with all regulatory laws. Let our legal team empower you to make informed decisions, laying the groundwork for a thriving and sustainable business.

Common Types of Legal Structures for Entrepreneurs and Business Owners are:

  • Sole Proprietorship: This structure involves a single owner operating a business. Profits are taxed as personal income for the owner, simplifying tax obligations. This entity typically has minimal regulatory requirements, making it an attractive option for small-scale ventures.  
  • Partnership: A partnership is formed when two or more individuals or entities join to operate a business. In a general partnership, partners share equal responsibility and liability for the business’s debts and obligations. In a limited partnership, a general partner controls with other partners having limited liability to the risks of the business.
  • Limited Liability Company (LLC): Owners of an LLC are called members. They may also be shielded from personal liability for the risks, debts and obligations of the business. LLCs are a popular choice for small to medium-sized businesses in Florida due to their simplicity and tax advantages. Taxation varies depending on the elections made with the IRS.
  • Corporation: Corporations are owned by shareholders and provide strong liability protection to the shareholders, shielding personal assets from business liabilities. This type of structure allows for easy transfer of ownership through the buying and selling of stock. Corporations can be classified as either C corporations or S corporations. Each structure has its own tax treatment and regulatory requirements.
  • Professional Corporation (PC): Licensed professionals in Florida, such as doctors, lawyers, and accountants, can form a professional corporation (PC) to practice their profession. This structure offers liability protection to its shareholders while allowing them to provide professional services.

Daytona Beach’s Premier Law Firm: Your Trusted Partner for Business Success

Whether you are an aspiring entrepreneur ready to embark on a new venture or a seasoned business owner needing guidance, our legal team at Legacy Law Associates is committed to being your steadfast ally. Our law firm has earned the reputation of delivering exceptional results with an unwavering focus on client satisfaction. Let us leverage our knowledge, experience, and passion to work for you so you can confidently navigate the complexities of business law.

Choosing Legacy Law Associates is choosing a path to success. Contact us at (386) 252-2531 to schedule an appointment with our experienced corporate and business law attorneys and explore your options for your enterprise.