What’s the Purpose of a Florida LLC?

What’s the Purpose of a Florida LLC?

Liability protection is important in any business. However, sole proprietorships and general partnerships are particularly vulnerable to lawsuits. One solution, particularly popular among small business owners, is to set themselves up as a Florida LLC.

Liability Protection

An “LLC,” or “limited liability company,” is a Florida business entity that provides additional protection against personal liability. It legally separates the owner from the company itself. In the unfortunate case of a lawsuit, this means that while your businesses’ assets are fair game, your own money remains off-limits. However, it’s important to know that an LLC won’t protect you in every situation. Read more here.

Flexibility

While other business entities may enjoy some form of limited liability protection, few have the same flexibility and freedom afforded by LLCs. Corporations, for example, all follow the same cookie-cutter template. They are shareholder-owned with predetermined structures. LLCs don’t have these restrictions. Their owners decide their own titles and how to divide the company’s profits.

Structure/Ease of Management

An LLC’s structure is set up by an operating agreement, which is a document that serves as the framework for running your business. You can customize the business to match your specific needs. The same goes for individual responsibilities and organizational rules, too. Florida Revised Limited Liability Company Act governs Florida LLCs without operating agreements. More information on LLC management can be found here.

Before signing off on anything, however, it is important to consult with a business attorney. Don’t settle for DIY alternatives. Only they can guarantee that you have the most liability protection available.

Looking to start a business, or need assistance starting a new one? Our business attorney can help. Click on over to our contact page or call us at (727) 279-5037 today.