Limited liability companies (LLCs) blend elements of partnerships and corporate structures. Those who use this type of entity have to make a choice that involves their management structure. The answer is integral to how the business functions and is controlled. In Florida, LLCs can be either member-managed or manager-managed. It is essential to understand the difference between the two because they impact operations, Read More
How to Start a Corporation in Florida?
To get a business idea off the ground in Fort Lauderdale, you must follow the designated steps for forming a company or corporation. There are some distinct advantages to incorporating – such as liability protection - but what is the process for conducting business as a corporation? The following are the steps you need to take to start a corporation in Florida. 1. Select the name of your Read More
What Does it Mean to Have A LLC Taxed as a S-Corp?
Imagine this: You are a first-time business owner and have the idea to start your company as an LLC. You go to your accountant for tax advice and you are told that your LLC needs to be a S-Corp. Your accountant explains the details, but the only thing that matters is that you are told this set up saves you money. An LLC and a S-Corp are two different types of business entities, each with its own set of rules. An Read More
Which is Better: A Single-Member LLC or a DBA?
At least once a week, a business owner who has been operating under a DBA (aka fictitious name or “Doing business as”) comes to us because someone told them they should set up an LLC for their business. They are skeptical of forming an LLC and inevitably ask, “If it’s just me in my business, is a LLC better than a DBA?” In case you aren’t familiar, a DBA is a name that a business markets to the public that is Read More
An Overview of the Florida Revised Limited Liability Company Act
Limited liability corporations (LLCs) were and remain an attractive option for those with entrepreneurial ideas who want to start a business. The process of starting an LLC is not as time- and money-intensive as corporations, and it features pass-through taxation. In 2014, the Florida Revised Limited Liability Company Act (FRLLCA) went into effect, and on Jan. 1, 2015, all LLCs in Florida became subject to its Read More
Is a single member LLC a good idea?
A single member Limited liability company (LLC) is a business entity that offers both liability protection and tax benefits. However, a LLC involves a cost to properly establish and paperwork that is not required with a sole proprietorship. This may lead one to ask—is the single member LLC a good idea? From a business lawyer’s prospective, the answer is yes. If you are a business owner with no partners, the Read More
How to Remove a Business Partner
A business partnership is often formed because the combination of skillsets amongst multiple people makes the business better. Sometimes, the relationship of the partners worsens to the point of no return. Some businesses choose to close operations so the partners all go their separate ways. But what happens when one or more partners want to remove another partner from the business? How do they do it without Read More
How to (Properly) Dissolve a Florida LLC
No one forms a business with the intention to close, but it happens. When it does, Florida law creates specific rules for properly closing (aka "dissolving") a LLC. If you have an operating agreement, you can simply follow those steps outlined in your agreement. Just another reason why your LLC needs an operating agreement as we discussed before. If you do not have an operating agreement, you must follow Florida's Read More
