Small Business Attorney in St. Petersburg, FL
There are a number of different business structures that can be advantageous for your business. Many small businesses in America are operated as sole proprietorships. This type of structure is the simplest structure, and it is typically used when there is one owner and a minimal number of employees. Often two or more individuals will form a partnership when they decide to go into business together. There are no specific formalities to create a partnership.
Limited Liability Company
A Limited Liability Company or LLC is a type of business that insulates the business owners from liability. The way the business is structured and operates depends on the terms of the Operating Agreement.
A corporation also limits liability for the owners. In some instances, a corporation may have better access to funding and more advantageous tax rates. Corporations are governed by the By-Laws and the Board of Directors.