The most common incorporation entities are:

Limited Liability Company (LLC)

LLCs are hybrid entities that offer you the flexibility of a partnership but with the benefit of the limited liability protection of a corporation. These are the most popular option if you own a small business in Florida.

Corporation

Corporations are owned by shareholders and exist as separate legal entities. They offer limited liability protection to the shareholders and are an excellent option if you plan on taking your company public. If you have a large number of shareholders in your business, then it’s also a good option to consider.

Sole Proprietorship

Sole proprietorships provide the simplest form of business organization and have a single owner who operates as an individual. The downside is that you are personally liable for all debts and obligations incurred by the business in your personal capacity. There’s little protection for you and your family if something should go wrong.

Partnership

If there are two or more people who own and operate your business, then a partnership is an option if you want to keep everything simple. However, the downside is that, as in a sole proprietorship, the partners are personally liable for the debts and obligations of the business.

Limited Partnership (LP)

This entity offers partners who manage the business and are personally liable for the debts, the option of bringing in investors who are protected by limited liability.

Limited Liability Partnership (LLP)

LLPs offer all partners limited liability for business debts and obligations and are the preferred entity used by professional service firms like lawyers, accountants, and engineers. Our experienced staff has been consulting investors and owners on the ideal business legal structure.

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