“PLEASE SUE ME!”
If you own a small business, you may as well wear a sign that says “Please Sue Me.” The general belief of the public is that all businesses are highly insured, which can lead to an easy payday if they can make a claim that they were injured in some way and you are at fault for that injury.
Protecting your business and your assets is a must.
The first step in the protection of your business is to choose the right form of business entity. Your individual goals will determine this, but as a general rule of thumb you should always choose an entity that limits your personal exposure while also increasing tax benefits as much as possible.
What are the advantages of forming a corporation?
- Limited Liability: A corporation is a separate legal entity. The shareholders have limited legal liability which means that they have no personal liability for the corporation’s actions.
- Corporate Tax Advantages: A corporation is taxed separately from its shareholders/owners. The corporation pays taxes at a favorable corporate rate.
- Incentives: A corporation is composed of shares of stock. The shares of stock can be used as an incentive to attract investors and employees.
- Owner Benefits: There are many tax benefits and personal income tax deductions that you can take advantage of as an owner and an employee of your corporation.
Is it difficult to set up a corporation? Not for an experienced attorney.
At Wild, Felice & Partners, PA, we are able to assess your situation and, along with your goals, determine the proper entity to help you achieve those goals while concurrently protecting yourself. Our lawyers will examine all aspects of your business and see to it that possible issues are addressed. We pride ourselves on providing accurate advice for your specific business needs.
For more information on how to set up the proper business entity and shield your business from risk and liability, contact our South Florida law firm for a free consultation at (954) 944-2855. It’s a Wild world. Are you protected?