Is one of your new year’s resolutions to start a new business? Are you looking to scratch that entrepreneurial itch? Do you think that setting up your new business is as simple as filling out a few forms on-line or calling an 800 number? Think again. There are many aspects that you should examine when considering how to start a new business to make sure you get started on the right foot.
Sound business planning is critical to creating a solid foundation for your company. You and your attorney need to discuss and determine:
a. Proper Business Entity: Is your business gong to be a corporation, limited liability company, limited partnership, or another type of entity?
b. Tax Election: Is your business going to be taxed as an S-corporation, C-corporation, general partnership, or a disregarded entity?
c. Ownership of Shares or Units: What will be the percentage interests of the respective business owners?
d. Death or Disability of an Owner: What happens if a shareholder or unit owner is unable to work in the business or dies?
e. Occupational License; Sales Tax Number: Do I need an occupational license and, if so, how do I get it? Do I need a Florida sales tax number and, if so, how do I get it and when do I use it?
f. Other Professionals: Who can help me compute and file my payroll and income tax returns? Who can help me with business interruption, liability, and health insurance?
A good business attorney will work through these and other questions, and come up with a plan that works best for you. We have helped your friends and neighbors with their businesses. If we can be of service to you, please contact either Matt. You may also want to visit our website for further information.