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• Florida Gulf Coast University
• Small Business Development Center (SBDC)
• Procurement Technical Assistance Center (PTAC)
Who are we?
Where are we located?
SBDC/PTACFt Myers Florida
(239)225-4220www.floridasbdc.com
www.fptac.org
Business Organizations
Sole Proprietor
General Partnership
Corporation
S Corporation
Limited Liability Company LLC
Sole Proprietor
Advantages Easy to FormNo Legal DocumentsFederal Income Tax Schedule CProfits/Losses Pass directly to the OwnerYou are the Boss
Sole Proprietor
DisadvantagesUnlimited LiabilityDeath-the Business DiesLimited Ability-Raise Funds
Limited Fed Tax Deductions
General Partnership
Advantages Easy to FormFictitious NameDirect Pass Through of
Profit/LossesMaintain Equal ControlShared Responsibilities
General PartnershipDisadvantages
Unlimited Liability Death-Termination of
BusinessDecision Making Process Lacks Formal StructureLimits on Ability to Raise Funds
CorporationsAdvantages
Limited LiabilityCreates StockAbility to Raise CapitalCreate Retained EarningContinual ExistenceEasier to SellEasier to Deduct Business
Expenses
CorporationsDisadvantages
Double TaxationCorporate Formation FeesGovernmental RegulationsCorporate Formation and
Paperwork
S CorporationAdvantages
Limited LiabilityAvoids Double TaxationSame Basic Advantages of
a Corporation---Stocks/CapitalExistenceTransferableDeductions
S CorporationDisadvantages
Corporate Formation FeesGovernmental RegulationsLimited to Individuals
US Citizen or Resident75 Shareholders – Limited
Primary Purpose- Restrictions
Limited Liability CompanyAdvantages
Limited Liability for General Manager and Members
Various Entity OwnershipPass Through Tax
RamificationsUnlimited Number of
Owners
Limited Liability CompanyDisadvantages
Formation CostsLack of Jurisprudence in FL
Professional Assistance is Needed to Set Up
Tax Implications- Depending on Size
Five Critical Factors Legal Liability
Tax Implications
Costs of Formulation Flexibility Future Needs
Thank you!
Contact
SBDC/PTAC at
239-745-3708
