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Tampa Business Formation Attorney

It is very exciting when you realize you can turn your passion, skills, and expertise into a successful business. Making the decision to start your own company is just the beginning, though. You will have many more important decisions to make, including the business structure you will use to form the company. You may also have to draft a number of different legal documents to ensure that the rights of all interested parties are protected. Below, our Tampa business formation attorney explains more.

Types of Business Structures in Florida

There are many different types of business structures in Florida, and they all have their own advantages and drawbacks. You can structure your business as any of the following:

  • Sole proprietorships: The simplest and most common business structure, a sole proprietorship is owned by one person and there is no distinction made between the business and the company owner.
  • General partnerships: In a general partnership, all responsibilities and rights are divided equally among the partners. All partners are responsible for the obligations and debts of the company, and partners can act on behalf of each other.
  • Limited partnerships: A limited partnership comprises both limited and general partners. Each partner can limit their own personal liability and they are not responsible for the actions of the other partners.
  • Limited liability companies: Limited liability companies also offer limited personal liability. LLCs do not have to hold regular management or stockholder meetings the same way corporations do.
  • Corporations: Corporations are independent legal entities that exist separately from the individuals who own, control, and manage the business.

Business Contracts to Draft During Formation

Before your business even opens its doors, you may need to have several different contracts and agreements in place. These may include:

  • Partnership agreements: A dispute between business partners can arise at any time. These conflicts can also be very damaging to the business. A properly drafted and well-executed partnership agreement can prevent these disputes from occurring and stipulate how to resolve them.
  • Operating agreements: At a high level, an operating agreement can set for the structure, management, operating procedures, and decision-making process for a company.
  • Employment contracts: If you are going to hire employees, you may need to draft several different types of contracts. These can include employment contracts, non-disclosure agreements, and non-compete clauses. It is critical that you speak to an attorney who can draft these contracts for you. This will ensure that you do not forfeit your rights and that you and your business are protected.

Call Our Business Formation Attorney in Tampa Today

Starting a business is a very exciting endeavor. While it is easy to get swept up in the excitement, it is just as important to ensure that you obtain legal advice throughout the process. At BBDG Law, our Tampa business formation attorney can help you determine which structure is best for your company, draft the contracts you require, and make sure your company gets off to the best start possible. Call us today at (813) 221-3759 or fill out our online form to schedule a consultation and to learn more.

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