Types of Business Entities

When a broker decides to start their own real estate company, they have to choose a legal structure. Not every type of business can be a real estate brokerage. The Florida statutes are very specific about which entities get the green light and which ones are forbidden.Here are the legal structures you can use to open a real estate office.Sole Proprietorship - The simplest form. It is owned by one individual. The owner is personally responsible for everything. If the business gets sued, the owner’s personal car and house are at risk.General Partnership. Two or more people join forces to run the business together. Every partner is personally liable for the debts of the company. If Partner A makes a mistake, Partner B can be sued for it.