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Are you thinking of starting your own business in Coral Springs, Florida? Do you have an established business and are considering restructuring your business to better protect your assets? Do you have questions about an employment contract, a contractor’s agreement, or another contract regarding a major sale?
Express Law is a business law firm in Coral Springs, Florida that may be able to assist you. Whether you have questions about the best business structure for your small business needs, have questions about business contracts like employment contracts, sales contracts, and more, or have questions about local laws and regulations and steps you’ll need to take to be in compliance, the business lawyers at Express Law in Coral Springs, Florida may be able to help you.
Business Formation and Structure in Coral Springs, Florida
When starting a small business, one of the first questions you’ll need to ask yourself is how you plan to structure your business. There are a range of business formation options and structures available. The structure you choose for your business can have a range of implications about how you do business, your legal liabilities, and your tax responsibilities. Different businesses will have different needs and no single structure is right for all business needs. Express Law is a business law firm in Coral Springs, Florida that can review your goals, take a look at your needs, and help you select the business formation and structure that is right for you. The U.S. Small Business Administration includes a list of the various business formation structures available. Here are some business formation and structure options:
Sole Proprietorship. If you are doing business on your own and haven’t selected a business structure, your business will automatically be considered a sole proprietorship. With a sole proprietorship, your business income will generally be your personal income, and there may not be a clear separation regarding liability when it comes to separating your business assets and debts and your personal assets and debts.
· Partnership. If you and another person are going into business together, a partnership is one business option for you. Partnerships can be structured to protect the personal liability of the partners involved. Debts and liabilities stemming from the partnership may not impact the personal assets of the partners.
· Limited Liability Company. A limited liability company can offer some measure of protection for your personal assets. With a limited liability company, the company’s owners are not responsible for the debts and liabilities of the company. LLCs don’t themselves pay taxes, but rather, profits and losses are passed on to the owners of the companies who then pay taxes on these profits and losses.
· Corporation. A corporation can provide the most robust protection to owners against personal responsibility for debts and liabilities, but there are strict laws and regulations regarding how these entities must be formed, reporting requirements, and more. Establishing and maintaining a corporate structure can also be more costly than the other structures available. There are also several structures available, from C Corp, S Corp, B Corp, and a not-for-profit corporation. Corporations are taxed, and the profits of the corporation can also be taxed when dividends on the company’s stock are paid to shareholders.
What business structure is best for you? It largely depends on your business goals and needs. Whether you are starting a small business, or are a growing business considering restructuring, Express Law is a business law firm in Coral Springs, Florida that may be able to assist you. We can review your situation, guide you on business formation options, and assist you with filing documents needed to properly structure your business. A critical but often overlooked step is an agreement between the owners of the business if there is more than one, whether it is a partnership, an LLC or a corporation. There are many issues that can arise among the owners of a business, even if they are family members or friends, including management decisions, potential retirement or death of an owner, distribution of assets, debts, lawsuits, etc. When forming a business, you may also need to obtain licenses, identification numbers, and follow other formalities. Express Law is a business law firm in Coral Springs, Florida that may be able to assist you.
Contracts for Business
Over the course of doing business, many business owners will, at some point, have a need for contracts. Whether you are hiring employees, making sales, or hiring contractors, having well-worded contracts can protect your interests and make clear each party’s responsibilities. Should a dispute arise, a properly-worded contract can protect your interests. Employment contracts, for example, can include provisions including non-compete clauses and non-disclosure clauses to protect your business interests. Express Law is a business law firm in Coral Springs, Florida that can take a close look at your business needs and draft contracts that will take these needs into account. While it is possible to write contracts on your own or use templates from the web, these contracts may not always take into account all possible disputes or issues that could arise in your particular business situation. Express Law is a Coral Springs, Florida business law firm that can review your current contracts to ensure that they protect you to the fullest extent of the law, or help you draft contracts that will protect your business. Have you been asked to sign an employment contract or contractor agreement? Does it include non-compete agreements or non-disclosure agreements. Signing a contract with these clauses could limit your ability to work in your field, limit your ability to take certain jobs, and limit your rights for a period of time and for a specific geographic region. A business lawyer like Express Law in Coral Springs, Florida can review your contracts and help you understand your rights and responsibilities before you sign.