Incorporate - Need To Know

  • A corporation's life is not dependent upon its members. A corporation possesses the feature of unlimited life. If an owner dies or wishes to sell their interest the corporation will continue to exist and do business.

  • Retirement funds and qualified retirement plans (like 401k) may be set up more easily with a corporation.

  • Ownership of a corporation is easily transferable.

  • Capital can be raised more easily through the sale of stock.

LLC - Need To Know

  • Owners have limited liability from business debts and obligations.

  • Owners can report their share of profit and loss on their individual tax returns without filing a separate corporate tax return.

  • LLCs can be owned by individuals or other companies.

  • LLCs do not have the same corporate formailities as a corporation.

Latest News

Olmstead v. FTC
In Shaun Olmstead, et. al., v. The Federal Trade Commission [Supreme Court of Florida. Case No. SC08‑1009. (June 24, 2010)], the Florida Supreme Court ruled that a creditor of an owner of a single-member Limited Liability Company (“LLC”) may take possession and control of the single-member LLC to satisfy the claim.  For many, this aspect of the ruling is not surprising, even though it is the first decision in Florida indicating that single-member LLCs offer little creditor protection.

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