Incorporation and LLC Formation in Miami

Entrepreneurship and business ownership involve risk. Incorporating your business can protect you from many of these risks and, in many cases, provide tax benefits.

Contact an experienced business attorney at Jacqueline A. Salcines, P.A., about incorporation and LLC formation in Miami. They can learn about your needs and goals, recommend a business structure, and carry out all the tasks needed to establish your corporation.

How Corporations Mitigate Risk

Operating a business as a sole proprietorship or partnership carries risk. The business is not legally distinguishable from the owners, which means that the owners can be personally responsible for the business’s liabilities.

Corporations are distinct from their owners. Whether a business operates as a limited liability company (LLC), a C corporation, or an S corporation, the owner’s personal assets are protected from the corporation’s creditors. In cases of regulatory or other legal violations, punishment is typically in the form of corporate fines or restrictions on its activities; individuals are rarely held legally responsible for corporate misconduct.

The price of protection from liability is diminished control. Depending on the form of corporation a business owner chooses, they may retain some control over the operation of the business, or operational decisions may be made by a board of directors. An incorporation and LLC formation attorney in Miami can address any questions or concerns a business owner may have about how incorporating can affect the management of their operations.

Considering Taxation Issues

Tax implications are a critical factor that a business owner in Miami must consider when pursuing incorporation and LLC formation. Jacqueline A. Salcines is also an accountant, so she can explain the tax consequences of the various forms of corporations.

An LLC may be an appropriate choice for a business with a limited number of owners or just one owner. An LLC’s profits and losses pass to the individual owner, who then reports them on their personal income tax form and pays taxes at their individual rate. Similarly, S corporations can also benefit from pass-through taxation.

Most corporations are C corporations, and they are subject to what is often called double taxation. Corporations, employees, and shareholders must pay personal income tax on their salaries and the dividends they receive from their shares. The corporation’s profits and losses are taxed separately at the corporate tax rate.

Establishing the Business Entity

The business formation process requires knowledge of local legal requirements and strong attention to detail. Working with an incorporation and LLC formation attorney in Miami could ensure legal compliance and prevent unnecessary delays.

One of the first steps is to choose a business name, ensure it meets the legal requirements, and conduct a search to ensure it is available. LLCs must register the business and file their Articles of Organization with the Florida Department of State, while C corporations must file their Articles of Incorporation. All corporations must obtain an Employer Identification Number.

Depending on the nature of the business, certain licenses and other organizing documents may be required. Our firm can draft and file all the necessary documents to ensure both legal compliance and operational effectiveness.

Speak With an Attorney in Miami About Incorporation and LLC Formation

Careful planning in the initial stages of business formation can set you up for long-term success. Don’t go it alone – work with an attorney who will take the time to review every detail meticulously.

Call Jacqueline A. Salcines, P.A. when you are considering incorporation and LLC formation in Miami.