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Starting A Business: Types of Business Entities

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

6440 Maloney Avenue $12,000,000

6440 Maloney Avenue Stock Island, Florida

9,418 SqFt

1622 Overseas Highway $9,900,000

1622 Overseas Highway MARATHON, Florida

3,400 SqFt

59073 Overseas Highway $7,990,000

59073 Overseas Highway MARATHON, Florida

2 Beds 22,069 SqFt

919 - 921 Duval Street $3,995,000

919 - 921 Duval Street KEY WEST, Florida

9 Beds 6 Baths 4,173 SqFt

3574 Overseas Highway 1-7 $3,750,000

3574 Overseas Highway 1-7 MARATHON, Florida

5 Beds 5 Baths 8,413 SqFt

99304 Overseas Highway $3,700,000

99304 Overseas Highway KEY LARGO, Florida

7,651 SqFt

100150 Overseas Highway $2,900,000

100150 Overseas Highway KEY LARGO, Florida

2,436 SqFt

1124 Labat Lane $2,450,000

1124 Labat Lane Cudjoe, Florida

4 Beds 4 Baths 2,693 SqFt 0.160 Acres

217 La Paloma Road $2,445,000

217 La Paloma Road KEY LARGO, Florida

4 Beds 3 Baths 2,784 SqFt 0.210 Acres

909 Frances Street $2,150,000

909 Frances Street KEY WEST, Florida

3 Beds 3 Baths 1,728 SqFt 0.040 Acres

19269 Bad George Road $1,650,000

19269 Bad George Road Sugarloaf, Florida

6,205 SqFt

8349 Overseas Highway $1,499,000

8349 Overseas Highway MARATHON, Florida

2,179 SqFt

188 La Paloma Road $1,400,000

188 La Paloma Road KEY LARGO, Florida

3 Beds 2 Baths 1,392 SqFt 0.150 Acres

372 Mahogany Drive $1,350,000

372 Mahogany Drive KEY LARGO, Florida

4 Beds 3 Baths 1,661 SqFt

916 Red Bird Road $1,250,000

916 Red Bird Road KEY LARGO, Florida

5 Beds 3 Baths 2,556 SqFt 0.110 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.

  • Florida Keys Bars & Restaurants For Sale
  • Business Opportunities in the Florida Keys
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  • Multi-Unit Commercial Properties For Sale in the Keys

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.

Contact RE/MAX Keys Connection Today!

Posted in: Buyers, Buying Commercial Real Estate, Marinas, Microbreweries, Owning a Business, Renting Commercial Real Estate Tagged: corporation, DBA, Division of Corporations, fictitious name, Florida Division of Corporations, general partnership, limited partnership, LLA Limited liability Corporation, Partnership, Start a business in Florida

About Curtis A. Skomp, CCIM

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Starting A Business In The Florida Keys: Florida Fictitious Name Online Registration »

Key West Office

RE/MAX ALL KEYS REAL ESTATE
305-296-1400 Office

Business Address:
517 Duval St Suite 200, Key West, FL 33040

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Key Largo Office

RE/MAX ALL KEYS REAL ESTATE
305-451-0060 Office

Business Address:
98880 Overseas Hwy, Key Largo, FL 33037

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Miami Office

RE/MAX Advance Realty
305-444-7111 Office

Business Address:
7220 Red Rd., South Miami, FL 33143

View RE/MAX Advance Realty South Miami location on Google

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Licensed in Florida | Key West FL Commercial Real Estate

AREAS WE COVER:

33040, 33043, 33042, 33050, 33036, 33037
Key West, Stock Island, Big Pine Keys, Marathon, Islamorada, Key Largo

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