Whether you’re just starting a business or thinking of changing your business structure, a common first step is deciding which type of entity is best. As Jacksonville business planning attorneys, we see many clients comparing limited liability companies (LLCs) with S Corporations.

How LLCs and S Corporations Work

Both are business organizational structures that can offer a simplified tax structure while limiting the risks of the people involved. There can be one owner or multiple owners. Each kind can have different organizational, tax, and asset protection benefits. Our experienced Jacksonville business lawyers can create and maintain the Florida business entity that works best for your situation.

During a consultation, we explain how LLCs and S Corporations differ.

• How they are taxed
• How they are owned
• How dividends and shares work

Both LLCs and S Corporations are considered “pass-through entities” for all income and business expenses reported on the owner’s personal income tax return. Both protect personal assets from business debts and legal liabilities. The main difference between the two is that owners take a salary and receive dividends from profits in S Corporations.

Our experienced Jacksonville business attorneys can help determine which entity makes the most sense and structure your LLC or S Corporation correctly for your business. It will largely depend on your concerns and goals for the future of the company.

Florida Business Succession Planning

You may also want to learn more about business succession planning with our Florida business succession planning attorneys. Prepare for the day you want to move on to new ventures or retire. Also, consider what would happen if you or a key employee experience a temporary or permanent medical emergency. You may choose to leave the business operations to a partner or spouse, another family member, or sell the company.

It’s important to know how management and ownership transitions will occur and who will be involved. Succession planning is part of estate planning and uses many of the same tools to organize assets and assign individuals to specific roles. Our business planning attorneys may recommend trusts to manage and distribute assets correctly between owners and shareholders, key employees, spouses, and children.

Get Help Making Critical Business Decisions

Before starting or restructuring a business, contact our experienced Florida business planning and business succession planning attorneys for more advice and guidance. We can discuss various risks and how to avoid them from the very beginning as well resolving legal issues that may come up in the future.

Legacy Planning Law Group is here to help you and your loved ones understand estate planning, elder law, post-death administration, and business planning in Duval County, Florida. If you’re interested in learning more about our legal services from our experienced Jacksonville, Florida, business planning attorneys, please don’t hesitate to contact our Jacksonville law firm by booking a call today. Our business planning legal services include:

• Business Succession Planning
• Florida Business Transactions and Formations