Business Types Doing Business with the Government State
“Business Types ” “Doing Business with the Government” State Designated as Florida’s Principal Provider of Business Assistance [§ 288. 001, Fla. Stat. ] Florida SBDC at FGCU Helping Businesses Grow & Succeed
Mission Statement We are a customer-driven organization of business professionals, dedicated to helping small businesses succeed, by enthusiastically providing creative solutions which exceed customer, employee, and stakeholder’s expectations. Helping Businesses Grow & Succeed
Statewide Infrastructure Our Network Statewide network of 43 centers Locations involving: • • • State Universities Colleges Chambers of Commerce Economic Development Councils Federal, State & Local Government Agencies Additional outreach is provided at more than 50 outreach locations, utilizing resource partners such as chambers of commerce, economic development organizations, business incubators and lending institutions. Helping Businesses Grow & Succeed
Accelerating Florida’s Economy Only statewide provider of entrepreneurial and emerging growth company services, playing a vital role in Florida’s economic development: • Assisting entrepreneurs in every stage of the business cycle, from prospective entrepreneurs to mature businesses looking for growth opportunities and more; • Working with firms in all industry sectors; • Utilizing the expertise and resources of some of the best universities in Florida (Florida Gulf Coast University)and a professional staff of eleven business consultants; • Accessing the resources of a national network of more than 5, 000 SBDC professionals; and The FSBDCN is nationally accredited through the Association of SBDCs by Congressional mandate. Helping Businesses Grow & Succeed
FSBDC Services Consulting Personalized, confidential and provided at no cost Training Value-added from the basics to advanced topics Business Data & Information Current and expansive information for better decision-making Helping Businesses Grow & Succeed
Objectives Proprietor Sole General Partnership ü ü ü Corporation S Corporation Limited Liability Company LLC Helping Businesses Grow & Succeed
Sole Proprietor ü Advantages ü Easy to Form ü No Legal Documents ü Federal Income Tax Schedule C ü Profits/Losses Pass directly to the Owner ü You are the Boss Helping Businesses Grow & Succeed
Sole Proprietor ü Disadvantages ü Unlimited Liability ü Death-the Business Dies ü Limited Ability-Raise Funds ü Limited Fed Tax Deductions Helping Businesses Grow & Succeed
General Partnership ü Advantages ü Easy to Form ü Fictitious Name ü Direct Pass Through of Profit/Losses ü Maintain Equal Control ü Shared Responsibilities Helping Businesses Grow & Succeed
General Partnership ü Disadvantages ü Unlimited Liability ü Death-Termination of Business ü Decision Making Process ü Lacks Formal Structure ü Limited on Ability to Raise Funds Helping Businesses Grow & Succeed
Corporation ü Advantages ü Limited Liability ü Creates Stock ü Ability to Raise Capital ü Create Retained Earnings ü Continual Existence ü Easier to Sell ü Easier to Deduct Business Expenses Helping Businesses Grow & Succeed
Corporation ü Disadvantages ü Double Taxation ü Corporate Formation Fees ü Governmental Regulations ü Corporate Formation and Paperwork Helping Businesses Grow & Succeed
S Corporation ü Advantages ü Limited Liability ü Avoids Double Taxation ü Same Basic Advantages of a Corporation ü Stocks/Capital ü Existence ü Transferable ü Deductions Helping Businesses Grow & Succeed
S Corporation ü Disadvantages ü Corporate Formation Fees ü Governmental Regulations ü Limited to Individuals ü US Citizen or Resident ü 75 Shareholders-Limited ü Primary Purpose-Restrictions Helping Businesses Grow & Succeed
Limited Liability Company ü Advantages ü Limited Liability for General Managers and Members ü Various Entity Ownership ü Pass Though Tax Ramifications ü Unlimited Number of Owners Helping Businesses Grow & Succeed
Limited Liability Company ü Disadvantages ü Formation Costs ü Lack of Jurisprudence in FL ü Professional Assistance is needed to set up the organization ü Tax Implications-Depending on Size Helping Businesses Grow & Succeed
Five Critical Factors ü ü ü Legal Liability Tax Implications Costs of Formulation Flexibility Future Needs Helping Businesses Grow & Succeed
Summary Proprietor Sole General Partnership ü ü ü Corporation S Corporation Limited Liability Company LLC Helping Businesses Grow & Succeed
Q&A “Daniel Telep Jr. ” Florida Gulf Coast University FSBDC 239. 745. 3708 or 239. 745. 3700 “dtelep@FGCU. edu www. fsbdcswfl. org Helping Businesses Grow & Succeed
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