More than half of all U.S. businesses are family-owned, from behemoth corporations to tiny mom-and-pop spots. That’s according to data from the Harvard Business School, which defines “family-owned” as any business wherein multiple family members are involved as major owners or managers.
Family business attorneys know these start-ups can have great potential because they tend to involve a tight-knit group with shared core values, goals and work ethic, each personally invested in seeing the company thrive.
One of the first – and most critical – steps to launching a successful family business in Central Florida is choosing the right business structure. The importance of this step can’t be understated because it defines who are you and how you operate. As noted by the Florida Division of Corporations, there are four basic business structure options
- Sole proprietorship
- Partnership (general or limited)
Family members involved in a new business will need to weigh several criteria in making a determination, including personal exposure to legal liability, tax implications, flexibility, costs of formation and ongoing administration and future needs. An experienced small business lawyer can help you navigate the process effectively.