Business Formation Attorney in Orlando, Florida

The American Dream encompasses independence, and a big part of independence is to be your own boss. The major way to achieve this, of course, is to start your own business.  

The path to doing that, however, can be strewn with several obstacles and challenges. There are countless considerations in starting and operating a business. If not enough attention is paid to all the components, there can be ramifications down the road. That’s why it’s important to secure solid legal counsel when launching your business. 

If you’re looking to start a business in or around Orlando, Florida, contact us at Keough Law, PLLC. We will guide you through every step of the process and make sure you understand your rights and obligations and that you have in place all the necessary permits, licenses, and tax identification numbers. We proudly serve clients throughout the counties of Orange, Osceola, Hillsboro, and Pinellas. 

Choosing a Business Structure 

Liability is a huge consideration in choosing your business structure. If you opt to go it alone as a sole proprietor, you assume all liability for debts and legal actions. If a customer or employee sues you, you will be the one on the hook for any judgment or settlement. Likewise, if you run up debts stocking your shelves and your customers stop buying from you, you will be responsible for those obligations as well. 

If you decide to go into business with others in a partnership, then each partner will generally be jointly liable for any debts or legal actions. However, a limited partnership (LP) assigns power to a general partner, who then assumes liability for the company. The other partners are basically silent partners with little or no control over operations. A limited liability partnership (LLP) is similar in that it protects each partner from any liability incurred by another partner. 

A limited liability company (LLC) is similar to a corporation in that the owners are protected against liability should the business go bankrupt or face lawsuits. The owners’ personal assets will not be at risk. Profits and losses will pass to the owners, who will then have to pay personal taxes. 

A corporation can be a traditional one, which is run by a board of directors and appointed officials, or a Subchapter S corporation. A traditional corporation will assume all liabilities and pay taxes as a separate entity. An S corporation will pass profits onto the founders, who will then be responsible for paying taxes. In either type of corporation, the entity assumes all liability unless a litigant can “pierce the corporate shield” by showing it is a sham structure. 

Requirements for Starting Your Business 

In a sole proprietorship, you don’t really need to file any legal paperwork. You will need licenses, permits, and maybe a filing for a DBA (doing business as) name, but you’re really on your own. For partnerships, LLCs, and corporations, you will need to create documents outlining the structure and the agreement between the founders, as well as obtaining all the necessary permits and licenses.  

Even a partnership should have an agreement in place so that everyone knows their role and responsibilities. The same holds true for an LLC. A corporation must not only have articles of incorporation but also bylaws to direct how the board of directors will function. 

Whatever structure you choose, you will also need to obtain a federal tax identification number. You should also consider the types of insurance you need to cover your operations. Liability insurance is a necessity to protect against accidents or other events on your premises. If you have employees, you will need workers’ compensation insurance. If you do business online, then you’ll need cyber security insurance. And remember, anything you need—we can help. 

Contracts and Employment Law 

Most businesses depend on alliances with other persons or entities to be successful. If you run a retail store, you will have to rely on vendors to supply the products you sell. Most businesses will also need professional help in accounting and tax matters. If you have employees, they won’t necessarily have contracts, but federal and state laws provide them with rights against discrimination and retaliation, which they can use in legal actions.  

Everything you agree to—business structure, employee hiring, contracts with other entities—should be carefully reviewed by an experienced business law attorney. Again, it all gets back to liability. You want to make sure you’re protected to the fullest extent. 

Business Formation Attorney in Orlando, Florida 

If you’re looking to pursue the American Dream of owning your own business in or around Orlando, Florida, contact Keough Law, PLLC. We have helped countless others like you for more than a decade in navigating the requirements of owning and operating a business and its many challenges. Reach out to us with all your questions and concerns, and we will help you to create the business of your dreams.