The Essential Guide to Business Formation in Brandon: Choosing the Right Business Entity

When you form a business, you have many details to consider. One of your first and most important tasks during business formation in Brandon, Tampa, or Riverview, will be to choose a business entity.

What is a business entity?

Basically, a business entity is an organization created by one or more people in order to conduct business. This organization is created by the filing of documents with the state. The most common types of business entities include:

  • Sole proprietorship
  • Limited liability company (LLC)
  • Partnership
  • Non-profit organization
  • C Corporation
  • S Corporation

Each business entity has benefits, purposes, and drawbacks, primarily related to how you pay taxes, your legal liability, and your goals for future business growth. Choosing a business entity can have consequences for years to come.

Why you need help choosing a business entity

Businesses must conform to many legal regulations, so it’s easy to make costly mistakes when starting a business. You’ll need to consider your plans for your business and how you will run it. Some things to think about include:

Will you be the sole owner and operator of the business, or will you work with a partner or partners? Will you want to attract investors? Will you need a business loan? Will you want to sell the business one day? Is one of your primary goals to minimize taxation?

Sound complicated? Choosing a business entity in Tampa doesn’t have to be confusing. The best way to decide is to consult a business attorney. He or she can help you clarify your goals and expectations for your business, explain the pros and cons of each type of business entity, and help you choose the option that is right for you.

Starting a business in Brandon, Riverview, or Tampa?

If you’re starting a business in Riverview, Brandon, or Tampa, turn to attorney Jeffrey Dowd of Dowd Law in Brandon for help. For more than 25 years, Mr. Dowd has been helping business owners just like you. Dowd Law offers in-person or consultations, as well as a video chat option. Click here to schedule an appointment, or call us at 813-773-3529.