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