Some groups start a company for a specific purpose other than profits such as charities, political organizations, or groups that focus on education and community service.
Orlando, FL – When a person or group wants to start a business, there are certain steps that must be followed to formally incorporate the company. All businesses need to make this decision regardless of whether it is one individual starting a small company or a much larger operation with multiple investors and employees. The people starting the company also need to choose which type of incorporation matches the type of business that they will do and the needs of investors and shareholders if applicable. This is a crucial decision, as things like taxation, liabilities, and company responsibilities can be affected in the future by the specific corporation in use.
It is always best to speak with attorneys near me who have experience in business law and corporate formation before committing to any important decisions.
What is a limited liability company?
Many businesses will find that incorporating as a limited liability company matches their needs. This is a type of corporation that offers protections for a person’s individual assets if the company has large amounts of debt or faces financial losses from a lawsuit. However, not all businesses may be able to incorporate as an LLC, so it is best to review the business goals with a lawyer.
Not for profit companies
Some groups start a company for a specific purpose other than profits such as charities, political organizations, or groups that focus on education and community service. These are usually incorporated as a not for profit company. Although these organizations can function much like any other company, there are good reasons to incorporate as a not for profit such as tax breaks from the government. Restrictions on not for profits also exist, as the company’s profits should be used to support their mission and objectives rather than pay out shareholders. Other regulations exist related to how people are paid within a not for profit and how donors can receive tax benefits by giving money to the not for profit and supporting the cause. Because there are a fairly complex set of rules and regulations that govern not for profit corporations, legal advice is crucial throughout the process of forming the company and initial operations.
Corporate formation lawyers in Florida
Legal Counsel P.A. is a firm that assists with various business matters in the Orlando area. Anyone who needs to speak with their lawyers can schedule a meeting.
USAttorneys.com is a service that lists lawyers in every state around the country. People who are searching for an attorney can call 800-672-3103 to get assistance.