Form LLC in Florida – Why Form Your Own LLC Orlando
You must have heard many people venturing into this relatively new form of business, known as the LLC. Short for Limited Liability Corporation, LLC gives you the best of both corporation and sole/partnership business. To form LLC in Orlando, Florida is not as difficult, time consuming or expensive as you think. Rather in comparison to owning the corporation fully, LLC give you a lot more advantages. Here are a few tips to help you make up your mind.
Form LLC in Florida – Flexibility in Taxes
When it comes to taxes, LLCs are granted a lot of flexibility. As in the case of a partnership or sole ownership, LLCs too can avail the option of a ‘pass-through’ enterprise. This means that all the deductions, income, tax credits, gains and losses are passed through to you to deal on your terms. You get to pay taxes on your individual tax rate. Similarly, if you are one of the major hands behind who form LLC in Orlando, Florida, then you can even deduct operating losses from the salary you earn.
Of course you would have to pay the self-employment tax on your income.
Form LLC in Florida – Asset Protection
The best part about having LLC is that it is has limited liability. You would not be responsible for any debts or liabilities that your business faces. Protection is also gained on personal assets, like a house or savings account. This is unlike the sole proprietorship or some other partnership, because there is no security of personal assets and creditors can demand them as a return for payment. That is why it is safer to form LLC in Orlando, Florida.
Form LLC in Florida – Relatively Hassle Free
Unlike owning your own corporation, there is a lot less hassle in LLC. There is not too much detailed paperwork and filing for the authorization to start LLC is only required once. Even though there are fees and reports that have to be submitted on a yearly basis, there are no obligatory meetings or presentations. Form LLC in Orlando, Florida and save yourself from extensive paperwork.
Form LLC in Florida – Sharing Profits Your Way
Corporations distribute profits depending on the share you hold in a business. While sole proprietorship or partnerships share all the profit equally among everyone. But if you form LLC in Orlando, Florida, you get to decide how much profit gets shared. This is written down in the operating agreement at the start of the business venture. The members of LLC have the option of reducing their share of the profit by say, asking the other member to put in more work. This way, members have the power to decide among themselves what they want to do without any legal problem.
Form LLC in Florida – Flexible Management
This too is something not possible in any other business form. The members of LLCs can decide how they want to manage and run their business. If the owners don’t want to be too active or have some other organization to look after, they can easily hire managers to do the task. They can come and go as they like, finding out about the workings of their business.
If you need more information about our business development services, please contact us at 407-344-1228. FreedomSBS is a marketing, graphic & web design, accounting, internet marketing, business development, and corporate law resource firm all in one! FreedomSBS is your one stop shop to start, grow and mature your business. Our services include: incorporation services, graphic design, logo design, web design, web development, internet marketing, search engine optimization (SEO), marketing consultations and corporate law resources. Our services are provided nationwide, but since our main office is located in Kissimmee, FL, we mainly help businesses in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL.