Startup Ventures in Florida
A startup is an entrepreneurial business venture designed to be a new, innovative, and fast-growing business. Most startup projects begin by identifying a gap in a marketplace need for efficiency or services, and the startup project creates a product to meet that need.
According to the Kauffman Foundation's 2017 Index of Startup Activity, the Miami-Fort Lauderdale area, ranked number one among the forty (40) largest metro areas in the U.S. for business creation.
South Florida ranked number one on the Kauffman Index, despite the most recent U.S. Census Data showing that new business creation in the U.S. is at a forty (40) year low. Part of the reason for the low is the increase in government regulation and oversight.
Opening a business, even a small one, requires licenses, permits, zoning etc… In addition, companies have stricter non-compete clauses and larger companies are branching out to cover more markets.
Having a creative and innovative attorney can help with dealing with the issues new startups face in the initial stages of starting a new business venture.
Attorney for Corporate Startups in Ft. Lauderdale, FL
If you or someone you know is seeking an attorney to aid in starting a business venture, or you need help deciding what type of Florida business entity will fit your needs, then contact the experienced business lawyers at The Bacchus Law Firm.
Our attorneys handle corporate startup and new business ventures, and corporate litigation throughout the South Florida, Miami-metropolitan area. We take clients interested in hiring an attorney for a startup venture in Fort Lauderdale, Miami, West Palm Beach, LaBelle, and East Naples, Florida.
Contact our office at (954) 500-5555 for more information about how an attorney can help you start your business.
Overview of Startup Ventures in Broward County
- What are the different kinds of businesses in Florida?
- How do lawyers help companies?
- Where can I learn more about startup ventures in Fort Lauderdale?
There are six (6) different types of businesses that an individual or entity may create under Florida law. Each entity provides different benefits and has different pitfalls based on the needs of the organization. Whether you should start a corporation, an LLC, or a partnership will be based on the goals and circumstances of the startup.
The different kinds of Florida business entities include the following:
- Corporation – a corporation is an independent legal entity that exists completely separate from the people who own, manage, and control it;
- Limited Liability Company – also known as an LLC. An LLC is similar to a corporation, but it does not require stock or many other corporate formalities. An LLC offers limited personal liability;
- Limited Partnership – a limit partnership consists of general and limited partners, which allows each partner to determine their level of personal liability based on their level of desired responsibility. Both general and limited partners benefit from business profits;
- Sole Proprietorship – a solo company. It is an unincorporated business, owned and operated by one person with no distinctions between the individual and the company for tax or liability purposes;
- General Partnership – an equal partnership where the rights and responsibilities of the company are equally divided among the partners; and
- Partnership – an organization where two or more people co-own a business, share in both the profits and the losses and each of the parties contributes some equity to the business.
Since each of these business structures offers something unique to the business for tax, liability, and other business purposes, it is important to speak with an attorney to find out which type of setup would be better for your venture.
Hiring an attorney when starting a business is critical in the initial stages of starting. New businesses, especially first-time business owners, should consider hiring an attorney. An experienced attorney can help with the following matters:
- Government Regulation – the Florida and Federal governments regulate products, commerce, trade and labor in the United States, based on jurisdiction. Understanding how to comply with the business tax code, the labor codes, and other governmental regulations is essential to any business venture.
- Lawsuits – whether the suit is brought by an employee or a third party, having an attorney in the event of a lawsuit will be invaluable when it comes fighting for the rights of your company or being able to determine the validity of a lawsuit and hiring outside counsel.
- Contracts –an attorney will not only create contracts between the company and third parties (such as customers, governments, and other companies), but they will also establish the rights and expectations that the founders and shareholders (or member) have with one another.
Other reasons to hire an attorney include the following:
- Hiring employees
- Forming the business
- Obtaining patents or copyrights
- Raising capital
Florida Department of State – visit the Division of Corporation of the State of Florida for more information on the various business entities and structures in Florida and additional information on the functions of each type of entity. Also, find the forms and fees required for starting a company.
Chapter 607 Fla. Stats. – Visit Online Sunshine, the official website of the Florida Legislature to find the full statutory chapter on the provisions of a Florida corporation, the requirements, filing fees, and certifications for the various Florida business entities. Also, find information on Florida benefit corporations.
Find a Lawyer to Start a Business in Broward County, FL
If you or someone you know is interested in a startup venture or a small business and you need guidance from an experienced business attorney, call our office at The Bacchus Law Firm.
We represent clients starting new business ventures across South Florida in areas like Broward County, Miami-Dade County, Palm Beach County, Collier County, and Hendry County, Florida.
Our office is centrally located at 401 E. Las Olas Blvd. in Ft. Lauderdale, FL, just minutes from the Broward County Central Courthouse.
Call (954) 500-5555 to schedule a one-on-one consultation with one of our attorneys.
This article was last updated on Monday, June 26, 2017.