An LLC, or limited liability company, is a business structure that combines the liability protection of a corporation with the tax benefits and flexibility of a partnership. Owners of an LLC, known as members, are protected from personal liability for business debts and claims, meaning their personal assets are typically not at risk if the LLC faces bankruptcy or lawsuits.
This structure allows for pass-through taxation, where business profits and losses are reported on the members’ individual tax returns, avoiding the double taxation often associated with corporations.
What Is the Difference Between an LLC and S Corp? The difference between a Florida LLC and a Florida S corporation is that an LLC offers flexible management, fewer compliance requirements, and pass-through taxation without…
What Is the Corporate Transparency Act? The Corporate Transparency Act (“CTA”) is a new federal law that requires LLCs and corporations in Florida and other states to file certain personal information about the beneficial owners…
Suppose a person is moving to Florida from New York and asks how he can protect his successful business as part of an asset protection plan. The business grosses over $3 million in annual revenue….
What Happens to an LLC When a Member Dies? Upon the death of a member of an LLC in Florida, the handling of the deceased member’s interest will largely depend on the terms set out…
Landlords who lease residential or commercial property to tenants should be concerned about liability stemming from the tenant or guests of the tenant. For example, a tenant or a guest of the tenant could become…
Florida is not a community property state. Instead, all property held by either spouse alone is considered to be separate property. This type of ownership makes Florida an equitable distribution state. This means that upon…
A creditor’s collection against a debtor’s membership interest in a limited liability company is limited to a charging lien against the debtor’s “transferable interest.” A transferable interest makes the member eligible to receive LLC distributions….
Florida has enacted a statute specifically dealing with single member limited liability companies. The statute authorizes single member LLCs. The statute includes creditor remedies to collect a judgment from a debtor’s membership interest in the…
I have been getting a lot of questions about what the minimum percent a second member needs to have in order for an LLC to qualify as a multi-member LLC. The purpose of forming a…
Florida debtors often form LLCs in other states because they believe the laws of the foreign state provide better asset protection in the manner of protection of single-member LLCs or more privacy for multi-member LLC…
