Business Planning in Florida

It depends on how your business makes money, how many owners there are, and your tax strategy. A single-member LLC taxed as a sole proprietor is simple but may not be optimal. An S-Corp election can reduce self-employment tax for profitable businesses. We analyze your specific situation before making a recommendation.

Yes. Even if you are the only owner, an operating agreement establishes your LLC as a legitimate entity separate from you personally. Without one, courts are more likely to disregard the entity in a lawsuit. It also specifies what happens to the business if you become incapacitated or die.

A buy-sell agreement should address: how the business is valued, who can buy the departing owner's interest, what triggers a buyout (death, disability, divorce, disagreement, departure, or retirement), how and when payment is made, and how the agreement is funded (often through life or disability insurance).

Your business interest is likely your largest asset. Without planning, it can get stuck in probate, be forced into a sale at the wrong time, or transfer to someone who is not prepared to run it. We coordinate your business plan with your estate plan so there are no gaps.

CPAs handle tax compliance and financial reporting. A business attorney handles legal structure, contracts, ownership agreements, and liability protection. These roles overlap in areas like entity selection, where both tax and legal implications must be considered. The best approach is for your attorney and CPA to work together. We coordinate directly with your CPA during any planning engagement that has both legal and tax dimensions.

Before any money changes hands or any work begins, you should have a signed operating agreement or partnership agreement that covers: ownership percentages, capital contributions, decision-making authority, compensation, what happens if one partner wants to leave, and what triggers a mandatory buyout. Verbal agreements between partners are unenforceable and the source of the most costly business disputes we see. The time to get the paperwork right is before the partnership starts.

Florida law recognizes LLCs, corporations, and limited partnerships as entities separate from their owners, which means the entity's debts and legal obligations do not automatically flow through to the owners personally. However, this protection can be lost if owners commingle personal and business funds, fail to maintain proper records, use the entity for fraudulent purposes, or personally guarantee the entity's obligations. We help business owners maintain the legal separation that keeps the protection intact.