Considering the process and the necessary papers to incorporate it as an LLC, starting a business is a complex process. In Florida, a Limited liability company (LLC) is a legally recognized business structure that combines the protection of liability of a corporation with the tax treatments that ease the administration of partnership (Mancuso, 2021). I have learned that any business owner who is after reducing their personal and business liability should consider forming an LLC. I have also learned that there are steps needed to form an LLC in Florida, with the first step being identifying a name that is recognizable and different from other business names. The other steps entail filing the necessary papers in the formation of the LLC.
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In the state of Florida, filing for bankruptcy is a lifeline for many people. Under Chapters 7 and 13 about bankruptcy cases are most common for individuals. Chapter 13 about bankruptcy involves a plan for repayment before the unsecured debt is eliminated. If a person makes less than the medium-level income for a household in Florida, Chapter 7 will apply better among the two policy options as neither of them eliminates alimony or student loans, among others (Milione, 2020). However, chapter 13 regarding bankruptcy can be useful in paying off domestic support obligations that are due. Therefore, I have learned that chapter 7 bankruptcy can help people get a fresh start and not worry about losing their debt.
There are seven steps in filing bankruptcy in the state of Florida. They include preparing the petition, automatic stay, relief from stay, assignment to a Chapter 7 Trustee, objection to exemptions, adversary claim, and bankruptcy discharge (Alper, 2021). Although most of the processes have been simplified and can be done online, the process can be summarized as getting and filling the bankruptcy forms, filling the forms in court, and attending the 341 meetings.
Alper, G. (2021). How to File Chapter 7 Bankruptcy in Florida | Alper Law. Alper Law. Retrieved 19 January 2022, from https://www.alperlaw.com/bankruptcy/chapter-7-bankruptcy/.
Mancuso, A. (2021). Form your own limited liability company: create an LLC in any state. Nolo. Milione, V. (2020). Student Loan Debt in Bankruptcy: Central Florida’s Program Leading in the Right Direction. Bar