Category Archives: Uncategorized

Choosing the Best Business Structure for Your Small Family Business in Lake Mary

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)
  • Corporation
  • LLC

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.

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Tips for Selecting a Business Bank Account

  When you start a small business, one decision you need to make early on is selecting a business bank account. Business accounts often provide benefits and incentives that can help with a small business’s day-to-day operations.  Different Accounts for Different Types of Businesses There are many business bank accounts that differ based on the… Continue Reading

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