Florida LLC or S Corporation
by Anonymously Searching from Florida
What is the appropriate legal business structure? I found this website while searching for answers.
So here is my question, I'm trying to open an LLC or S corporation depending on what is the better option.
Question: I want to register an entity where me and my partner from another country (with only a tourist visa) could be owners and invest here in Florida.
We have been planning in purchasing a franchise, but under a name that entitle both as owners.
Answer to Florida Business Question
Dear Anonymously Searching,
Both business entities will allow you and your partner to be co-owners. However, the pass-through tax advantages found in a Limited Liability Company or Partnership (LLC or LLP) will probably not be as attractive to your foreign partner as he or she would not be liable for US personal income tax.
Because of this, an S Corp business structure would probably be the best option. Have a look at US Legal's Incorporation Package for more information on how to form an S Corporation in Florida.
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