Latest News & Blog Posts

Pros and Cons of Starting an S-Corp in Florida

Owning and operating a business in Florida requires you to make complex decisions and judgments about a number of topics, not the smallest of which is the basic structure of your business entity. This is something that both new business owners and seasoned entrepreneurs must consider – should you incorporate? More specifically, is an S-corporation the best option? As with almost any choice you must make for your business, there are advantages and disadvantages to becoming an S-Corp in Florida. Understanding those variables will help you make an informed decision that is ultimately in the best interests of your company.

Understanding The New FinCen BOI Reporting Rule

On January 1, 2024, new rules will go into effect for corporations, LLCs, and other US entities about the reporting of beneficial ownership interests to the US Financial Crimes Enforcement Network (FinCEN).  The application of a new rule or regulation, especially by a Federal unit with the word “Crime” in its name, can naturally be a source of stress. Let’s demystify the rule by breaking down what it means, and what you need to know for your business.

Stop Putting Off Business Exit Planning

Every business owner knows they will eventually exit their current business. However, they usually only have a vague idea of what that exit will look like. Some owners want to extract value from the business; so, they can retire or simply move onto something new and different. Other owners want to leave a legacy and have a family member or key employee succeed them. Most have the sentiment that they’ll sell, or turnover, their business when the time is right. Unfortunately, successful transitions aren’t guaranteed. Over 70% of businesses fail to sell. Only 30% closely held and family businesses survive the second generation, with only 12% lasting through the third generation. The number one reason a business fails to successfully transition is because the owner failed to plan their exit.

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