How Should I Incorporate My Business?
Every business has its own unique legal needs. Contact Legal Counsel, P.A. and our qualified corporate formation lawyer in Orlando, Florida, can advise you about your rights and options under the law. There are several types of corporate formation services we provide. We can help you form a limited liability corporation, a corporation, or a not-for-profit. What are the benefits and limitations of each? Here are some things to keep in mind:
- Limited Liability Corporations. The benefits of starting an LLC or limited liability corporation is that the LLC doesn’t need to be taxed directly. The owners of the LLC can structure the company like a sole proprietorship (single owner), or if there are two owners, the LLC can be taxed as a partnership. The LLC can also be taxed directly. When forming your limited liability corporation, you’ll need to outline how you plan to structure or run your business. With a limited liability corporation, the structure protects owners from any debt or liabilities the company takes on. In general, this protects the owner’s personal assets and property from any debts or judgements. If you think forming an LLC might be right for your business, reach out to Legal Counsel, P.A. a corporate formation lawyer in Orlando, Florida today.
- Corporation. Forming a corporation brings with it some tax advantages. For example, shareholders’ and owners’ personal assets and property are protected from liabilities, debts, and judgements. Money can be raised by selling stock in the company, making corporations attractive to startups looking to secure capital and investors. While forming a corporation can sometimes be costly and more involved than forming a limited liability corporation, for some businesses, the benefits outweigh other options. If you are considering starting a corporation or structuring your business as such, consider reaching out to Legal Counsel, P.A. and our corporate formation lawyer in Orlando, Florida can assist you.
- Not-for-profit Corporation. Not-for-profit corporations enjoy tax benefits that go above and beyond those granted to a regular corporation. For example, profits are not taxed because profits go directly to supporting the company’s stated mission. If you plan to run a community organization, social justice cause, environmental cause, church group, or other not-for-profit endeavor, not-for-profit incorporation may be right for you. With incorporation, your company can enjoy tax benefits, and you can also protect yourself and your board from liabilities and debts. Furthermore, donations to your not-for-profit are tax deductible. There are many legal responsibilities that must be met when forming a not-for-profit. Contact Legal Counsel, P.A. and speak to our corporation formation lawyer in Orlando, Florida who can assist you with your corporate formation questions.
With so many corporate formation options, it can sometimes be difficult to know where to start. Our corporation formation lawyer at Legal Counsel, P.A. can help you select the corporate formation strategy that will be best for your business, protect your legal rights, and potentially confer tax benefit. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.