You must also ensure that you register the business name of your partnership (or „Doing Business as”) with the appropriate public authorities. In Florida, there are four types of partnerships: General Partnerships, Limited Partnership (LP), Florida Limited Liability Partnership (LLP) and Limited Liability Limited Partnership (LLLP). A limited partnership offers the same level as a business, but combines them with the benefits of passport taxation. A limited partnership will also have fewer reporting obligations and rules than a company. It will be cheaper to start compared to a business and this will avoid the problem of double taxation. In the absence of an agreement clearly indicating each partner`s share of profits and losses, a partner who brought a sofa to the office could ultimately make the same profit as a partner who made most of the money to the partnership. The sofa contributor could end up with an unexpected gale and a big tax bill to go with him. It is important to choose a name that is memorable and easy to use in a marketing campaign. In Florida, the name of a partnership must be a unique name and should not be used.
You can use the Florida Department of State, Division of Corporations website to check if a particular company name is available. When you start a new business, one of the first decisions you make is to choose a suitable business unit for the business. Businesses in Florida can register as a company, limited liability company (Limited Liability Company, LLC), partnership or individual company. Each entity has different advantages and disadvantages, so it`s important to choose the right one for your new business. The partnership agreement also defines the roles and limits that a single partner can assume in the name of partnership. For example, the managing partner may be in charge of the day-to-day operation of the partnership, but there are measures that that partner cannot implement – and the same applies to the tax representative. Many entrepreneurs decide to start their own business as a partnership. They are easy to set up, benefit from passport taxation and have no complex reporting obligations. In Florida, the Revised Uniforme Limited Partnership Act (RULPA) provides absolute liability protection for sponsors. This means that they cannot be legally held liable if legal action is taken against the company. Complesses in a limited partnership remain legally responsible for the company`s actions and any debts that accumulate.
