Corporations have been in existence for over 100 years, and Limited Liability Companies have been in existence since 1982. Your specific situation will determine whether a Florida LLC or a Florida corporation is right for you.
One of the most important aspects when deciding whether to form a Florida LLC or Florida Corporation are the tax aspects associated with the two types of entities. Hiring a Florida business law attorney will aide you in this process, as he or she will be able to distinguish the tax benefits for your specific situation.
One of the benefits of forming a Florida LLC is that a LLC is easier to use and can always be transformed into a corporation. The reverse is not true, as transforming an entity from a Florida corporation to a Florida LLC creates huge tax liabilities.
Although there are always exception, some examples of when an LLC is best to use include when the business is owned by a sole individual, or when the revenue of the business is not significant.
Alternatively, a Corporation should usually be formed if the revenue of the business is significant or if the company has plans to “go public,” i.e., be listed on the stock market for public trading.
If you are planning to start a Florida LLC or Florida Corporation, then contact Boyer Law Firm’s Business Law Attorneys today.