New Business Formation and Florida Incorporations

New Business Formation & FL Incorporations

You’ve dreamed of owning your own business in the industry you love, and you’re finally ready to get started. However, opening a business involves much more than finding the right space and setting up your product or services. If you are unsure of what type of entity you should be building, you could be limiting your business’ growth potential down the line.

Siegerman & Company helps prospective business owners in Palm Beach Gardens and the surrounding South Florida communities to assemble and refine their business plan, determine what their best fit is, and make their dream business a reality. For expert help in getting your business off the ground and prepped for success, contact our firm today.

Establishing Your Business Type

Your entity type serves as far more than what title you put on your business cards. It will have a major impact on the way your business functions and what trajectory it will take. When you’re just getting started, it can be easy to assume your business is one type, only to discover later on that it would operate much more successfully in a different structure.

There are numerous choices for business entities, and they vary widely in what they can do. The most common types are:

  • C Corporation: The most common entity in the US. Offers unlimited growth in stocks and has no shareholder limit. Has many regulations and is expensive to launch.
  • S Corporation: Similar to a C Corp, but shareholders must be US citizens and are limited to 100. Certain tax qualifications must also be met to maintain S Corp status.
  • Limited Liability Company (LLC): The least complex business structure. Requires no business tax return, as earnings are reported in personal returns. Limits personal liability for debts and obligations. Does not allow for stock sharing.
  • General Partnership: You and your partners are jointly responsible for the business. No double taxation. All partners are responsible for debts and obligations.
  • Sole Proprietorship: You are the business. No state filing is required, and formation is simple. You are solely responsible for any and all debts and obligations.

At Siegerman & Company, we help you avoid the costly errors that come with a learning curve by putting our experience and expertise to work for you. We evaluate your plans for your business, pinpoint key details about where and how your company will run, and provide the information and insight you need to select the entity type that will allow your new business to flourish.

Drafting the Plan

Unless you’ve been involved in building a business in the past, chances are good that there are elements to business formation you may not be familiar with. Siegerman & Company has worked with FL businesses in a variety of markets, which gives us the experience to know what a business like yours needs to operate effectively and competitively. We’ll work with you to organize your ideas into a viable business plan that ensures your efforts are in sync with your customers, suppliers, partners, and employees.

Building a Compliant Business

Florida has specific regulations on a number of businesses that must be met either before or in the early stages of operation. Siegerman & Company will help you determine what sort of licensing you or your company may need. We’ll work with you to fill and file all required paperwork, and make sure you’re in compliance at every step.

Start Your FL Business Right with Siegerman & Company

Starting your new business is an exciting time, but it comes with its own challenges. Siegerman & Company will strive to see that having to rebrand and relaunch your business isn’t one of them. Team up with our Palm Beach Gardens firm today, and give your company the edge it needs to reach for real success.

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