Learn about all there is to Business Ownership Structures.
Here is a short list of all the ways in which you can organize your business, before you decide to structure your business:
● Sole proprietorship
● Limited partnership
● Limited Liability Company (LLC)
● Corporation (for profit)
● Nonprofit corporation (not for profit), and
The business you do for yourself is called a sole proprietorship. Paperwork is not required if you want to open it, as it is a one-person business.
In sole proprietorship, the business and the owner are same. This means that the owner is always held responsible for profits and losses. He is personally responsible for all the debts or court matters.
A partnership is similar to sole proprietors, when it comes to no paperwork, but it is made up of two or more than two owners. The owners get equal shares, from which they pay debts and claims. They also use their personal assets in order to make payments. Sole proprietors and partnerships, both come handy when the business is small and does not require huge amounts of loan.
The general partner is personally liable for business debts and controls the limited partnership's day-to-day operations. Limited partners are not personally liable for business debts or claims and, in return, they have minimal control over daily business decisions or operations.
Corporations and LLCs
A corporation is an independent legal entity, it is separate from the people who own, control and manage it. Owners only pay taxes on the money they spend on salaries and other expenses.
The owners of an LLC pay taxes on their shares of the business income and it is similar to partnerships when it comes to taxes.
NPOs are mostly run on donations and charity as they are made for the society’s benefit. The government does not charge taxes on the NPOs.
Cooperatives are organizations owned and operated democratically by its members. Everybody has an equal right in it. They have informal environments.
Yoel “Mo” Molina, I am a lifelong resident of Miami, Fl. I am a graduate of Miami Senior High, Class of 1992, Georgia Institute of Technology, B.S. 1997 and University of Maine School of Law, J.D. 2001. I have been practicing law in Miami Since 2001. I am a former training prosecutor in the Miami-Dade State Attorney’s Office. I have experience in jury trials, appeals, and administrative hearings. I have appeared before judges across the State. My experience ranges from civil litigation matters, collection matters, foreclosure, business and corporate, contracts, real estate, leases and employment matters..
"Mr. Molina has always been there for us with timely, reliable and competent advice. He is an important and valuable part of our team." Corporate Client Eric Delgado, President of American International Export, Inc., a worldwide importer and exporter of brand name appliance parts.
"Yoel has been responsive and attentive to our company’s best interests and needs. He has been a valuable resource to our company. Any company that enlists his services would be in good hands-- including our own clients.” Corporate Client Gibran Flynn - Co-Owner and Founder of Eleva Solutions, Inc., the South Florida leader of outsourced HR, Staffing, Training, and Loss Prevention.
"My name is Anastasia Yecke Gude and I am the owner of Healing Hands Therapeutic Massage LLC. In the process of my company’s growth and expansion, I suddenly found myself a few weeks ago in need of a 1099 contractor agreement, and I needed it ASAP. As in, the very next day! I contacted the Law Office of Yoel Molina and his assistant put me in touch with Mo. I sent him what I had drafted up and he replied within a few hours with suggested revisions and clarifications, as well as a few insights I had not even considered. I was thoroughly impressed by the quality of work he provided, especially considering the time crunch I put him in (sorry, Mo!). I definitely recommend his services to anyone in need of a good contract attorney, and I will be calling him again for future work…hopefully in less of a rush next time!"