Corporate/ Business Entities , dissolution, buying and selling businesses
Business Formation Overview
Whether you are planning to start your first business
, are a serial entrepreneur or an executive of a successful corporation, experienced and practical legal advice can mean the difference between thriving and failing.
We assist counsel and help our clients formalize their legal and business strategies related to Business entity formations, continuing member ,partner and shareholder relations, issues and agreements. Drafting of on going transactional Contracts and Agreements.
Business Formations
The form of entity you choose for your business can be crucial to its success and will have definite consequences in terms of personal liability and tax ramifications. Some of the common types of formations include:
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Limited Liability Partnerships (LLP)
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Limited Liability Companies (LLC)
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Corporations
A proper structure will facilitate :
We will help you identify the right form for your business and generate the proper agreements and required paperwork needed to execute the specific form.
LIMITED LIABILITY COMPANIES (LLC)
At the heart of an LLC is the “Operating Agreement,” a term that many entrepreneurs have heard but rarely appreciate the importance of. LLC’s are a hybrid combination of a partnership and a corporation. They are a creature of contract that allows for the unique circumstances that they were created to serve. Simply put, it is an agreement that can be structured to reflect the unique negotiations of “the deal”. The Operating Agreement provides flexibility to translate those deal terms into a business framework.
In most jurisdictions, the Operating Agreements is one of the few statutorily imposed requirements that a LLC must observe (Section 608.407 of the Florida LLC Act), (Section 417 of the New York LLC Act). And while an LLC Act provides some default terms on how the LLC should operate, it is a limited generic baseline and in many instances may run contrary to the understanding of the partners. It is imperative for the members to take the time to have a properly crafted Operating Agreement to reflect their unique relationship.
Unlike a corporation, the equity a member has in the LLC and the amount of profits or losses that member is entitled to receive can be different. In contrast, in a corporation, a 50% shareholder would usually receive 50% of the profits of the corporation automatically. However, in an LLC, a member with a 50% Membership Interest could be configured to receive only 10% of the LLC’s profits/losses, which is something that can be specified in the Operating Agreement
Why Sidney Turner LLC
- We have more than 30 years experience in counseling startup and established businesses alike. We’ve helped hundreds of companies achieve their success and can leverage this knowledge to help you attain your success and minimize the pitfalls you might otherwise experience.
- We take the time to learn about your business and personalize our advice to your particular situation, goals and objectives. We use our prior experience as appropriate but not as a one-size-fits-all solution.
We will gladly discuss your situation and options with you. We are often able to identify solutions not yet considered.
You’ve worked hard building your business. Seek pragmatic advice to keep your business and protect yourself. Call Sidney Turner, LLC at 561.208.6368.
Sidney Turner – Legal Insight, Business Strategy
Sidney Turner LLC is Business and Corporate Lawyer who specializes in Structuring the Setting up or Restructuring of Companies, Buying and Selling of LLC Companies as well as creating Contracts and Agreements for Companies. He also offers legal services for Chapter 11 Bankruptcy, Business Restructuring, and Debt Workouts to corporations, small businesses and startups across South Florida including the Boca Raton, Coral Springs, Deerfield Beach, Ft. Lauderdale, Margate, Tamarac, Davie, Hollywood, Port St Lucie, Palm Beach County , Broward County and New York State.