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Florida Business Structures
Florida C Corporation
The Internal Revenue Service (IRS) refers to general Florida corporations as C Corporations. Forming a C Corporation allows a business owner to create a separate legal structure that can shield their personal assets from judgments against the business. Unless a corporation applies for S Corporation status, the IRS taxes corporate profits as well as dividends paid to shareholders. Many tax professionals refer to this scenario as double taxation.
Florida Limited Liability Company (LLC)
A Limited Liability Company (LLC) combines the tax flexibility of a partnership with the personal liability protection of a Florida corporation. Florida LLC owners report their share of business profit and loss on their personal tax returns, similar to tax reporting for a general partnership. Forming an LLC in Florida can help you separate yourself from your business, protecting your personal assets in the event of a judgment against the company. All 50 states and the District of Columbia now recognize this popular business type.
Florida Limited Partnership Today
If you need to form a Limited Partnership for your business, We can help. A Limited Partnership provides some protection from liability for certain partners. Limited partners contribute capital to the business but cannot participate in its management. These limited partners have limited liability for business debts and obligations. General partners manage the company and have unlimited personal liability for judgments against the business.
Florida S Corporations
S Corporations get their name from a unique section of the Internal Revenue Service (IRS) code. A corporation can eliminate the disadvantage of double taxation of corporate income and shareholder dividends by applying for S Corporation status. Owners report profit and loss on their individual tax returns. They still have the opportunity to separate and protect their personal assets from judgments against the business.
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