Are you considering starting a business? Have you decided on a business structure? This will be one of the first decisions you will need to make. It’s certainly among the least exciting, least creative decisions you will make as you dive into the world of entrepreneurship, but it’s an important step. Here’s a brief rundown of the different types of business entities or business structures that exist. It’s highly suggested that you make this decision after seeking counsel from an attorney though. There’s a lot to consider and you can save yourself time and money in the long run by choosing the business structure that will best suit your needs and goals.

Types of Business Structures

Corporation

A corporation exists separately from you. It exists separately from the owners, managers and controllers completely. It’s actually an independent legal entity. When you eventually pass away, it doesn’t dissolve. It’s literally considered a separate entity. You might have heard that corporations are virtually legally classified as a separate “person.”
Corporations can enter into contracts, do business, and pay taxes, separate from all owners and shareholders. Owners have limited liability. You will absolutely need to consult with a lawyer if you want to form a corporation.

Limited Liability Company

A limited liability company (LLC) is kind of like a corporation in that the owners have limited liability. It’s a little more simple though. Corporations are required to hold regular stockholder/management meetings. They also have other formalities. LLCs are not required to participate in these formalities.
Most advisors suggest that you consult with a lawyer even to form an LLC as well. From what we’ve witnessed from dealings in our commercial real estate firm, we also suggest taking the time and shelling out the expense to meet with a lawyer before forming an LLC.

Partnership

When two or more persons co-own a business and share the business’s profits and losses, the business structure is called a partnership. To form a partnership, each co-owner contributes something. Sometimes, one partner supplies the funding and another partner supplies the skills. Sometimes, both partners fund the business. Sometimes, one partner will supply the real estate while another supplies the capital investment.

General Partnership

In a general partnership, each partner is allowed to act on behalf of all other partners and each partner is also responsible for the business’s obligations and debts.

Limited Partnership

With a limited partnership, partners determine each individual’s personal liability. With limited partnerships, partners aren’t responsible for the partnership’s debts. Limited partners don’t have the right to manage the business, whereas general partners do.

Sole Proprietorship

In a sole proprietorship, you are the only owner of the business. There’s no real distinction between you or the business legally. If you aren’t operating under your own legal name, you will need to actually register the business name as a fictitious name with the Division of Corporations.

RE/MAX Keys Connection

$21,000,000

101600 Overseas Highway KEY LARGO, Florida

3 Beds 3 Baths 3,717 SqFt

$9,750,000

200 Treasure Harbor Drive ISLAMORADA, Florida

4 Baths 1,069 SqFt

$7,900,000

90311 Old Highway Tavernier, Florida

2 Beds 2 Baths 10,714 SqFt

$6,500,000

517 Duval & 518 Bahama Street KEY WEST, Florida

4 Baths 7,854 SqFt

$6,500,000

38 Coco Plum Drive MARATHON, Florida

1 Baths 5,439 SqFt

$6,290,000

243 61St Street Gulf Street MARATHON, Florida

13 Beds 14 Baths 4,461 SqFt

$5,454,400

3300 Riviera Drive KEY WEST, Florida

4 Beds 5 Baths 3,577 SqFt 0.27 Acres

$5,000,000

199 Morris Avenue KEY LARGO, Florida

2 Baths 224 SqFt

$4,900,000

58000 Card Sound Road KEY LARGO, Florida

1 Beds 3 Baths 2,297 SqFt

$4,577,700

1812 Flagler Avenue KEY WEST, Florida

9 Beds 11 Baths 8,004 SqFt 0.31 Acres

$4,577,700

1812 Flagler Avenue KEY WEST, Florida

9 Beds 11 Baths 8,004 SqFt

$4,500,000

1000-1006 Truman Avenue KEY WEST, Florida

2 Baths 2,756 SqFt

$4,500,000

1114 Duval Street KEY WEST, Florida

2 Baths 2,760 SqFt

$3,500,000

101350 Overseas Highway KEY LARGO, Florida

2 Baths 6,674 SqFt

$3,500,000

830 50Th Court MARATHON, Florida

4 Beds 3 Baths 2,469 SqFt 0.63 Acres

Upscale, Comfortable Commercial Real Estate Office

The RE/MAX Keys Connection office is located in the Historic Heritage House in the heart of Old Town, conveniently located immediately nearby major downtown hotels. Our unique, cafe-style real estate office offers our valued clients a welcoming, upscale, professional environment. Enjoy complimentary beverages, free wi-fi, and a private conference room or expansive front porch, depending on the level of privacy you’re most comfortable with.

Experienced Commercial Real Estate Brokerage Company

RE/MAX Keys Connection’s owner and broker Curtis Skomp is one of South Florida’s top commercial real estate brokers. With over two decades of experience and a CCIM (Certified Commercial Investment Member) designation, Curtis has brokered commercial real estate including industrial properties, shopping centers, strip malls, trailer parks, bars, restaurants, hotels and multi-unit apartment buildings. Unlike many brokers, Curtis isn’t intimidated by bank foreclosures either.
RE/MAX Keys Connection offers clients international exposure with local service. Our service area includes Key West, Big Pine Key, Marathon, Islamorada, Key Largo, and all of unincorporated Monroe County. Our office is fluent in Spanish, which is highly important when doing business in Southern Florida.