Imagine this: You are a first-time business owner and have the idea to start your company as an LLC. You go to your accountant for tax advice and you are told that your LLC needs to be a S-Corp. Your accountant explains the details, but the only thing that matters is that you are told this set up saves you money. An LLC and a S-Corp are two different types of business entities, each with its own set of rules. An Read More
Can I Remove a Member from an LLC?
There are several ways that you can remove a member of an LLC from the company. Whether it’s through the operating agreement of the company or by following Florida’s Revised Limited Liability Act, rest assured that you have options. LOOKING FOR TIPS ON REMOVING A BUSINESS PARTNER FROM AN ENTITY THAT’S NOT AN LLC? CLICK HERE. VOLUNTARY WITHDRAWAL The easiest way to remove is a member from an LLC is to have Read More
Which is Better: A Single-Member LLC or a DBA?
At least once a week, a business owner who has been operating under a DBA (aka fictitious name or “Doing business as”) comes to us because someone told them they should set up an LLC for their business. They are skeptical of forming an LLC and inevitably ask, “If it’s just me in my business, is a LLC better than a DBA?” In case you aren’t familiar, a DBA is a name that a business markets to the public that is Read More
Common Shareholder Disputes in Florida
Despite all your good-faith efforts to avoid a dispute between yourself and other shareholders, disputes still pop up from time-to-time. Shareholder disputes often stem from the power imbalance between majority and minority shareholders (those who collectively hold less than 50 percent of the company), violations of the shareholder agreement, and general clashes between shareholders over the direction of the Read More
An Overview of the Florida Revised Limited Liability Company Act
Limited liability corporations (LLCs) were and remain an attractive option for those with entrepreneurial ideas who want to start a business. The process of starting an LLC is not as time- and money-intensive as corporations, and it features pass-through taxation. In 2014, the Florida Revised Limited Liability Company Act (FRLLCA) went into effect, and on Jan. 1, 2015, all LLCs in Florida became subject to its Read More
Is a single member LLC a good idea?
A single member Limited liability company (LLC) is a business entity that offers both liability protection and tax benefits. However, a LLC involves a cost to properly establish and paperwork that is not required with a sole proprietorship. This may lead one to ask—is the single member LLC a good idea? From a business lawyer’s prospective, the answer is yes. If you are a business owner with no partners, the Read More
How to Prevent (and resolve) a Partnership Dispute
Three simple tips can help you prevent (and resolve) a partnership dispute, which translates to money saved in your pocket. Going into business with a partner has a lot of benefits, but can also have cons. Typically, things start out great with your partner but inevitably a disagreement will arise. How you handle the disagreement is what's most important. Just like in your personal relationships, great Read More
Forming a Limited Liability Company (LLC) in Florida
Forming a Limited Liability Company ("LLC") is fairly straightforward in Florida, and only requires a few steps to get you up and running. Before deciding on an LLC, you should know that this is a type of business entity that offers liability protection for its owners. Although an LLC is a relatively new type of business entity, it has become very popular in Florida. This is mainly because of the flexibility in how Read More
Sam Bryant selected for Black Enterprise’s Black Men XCEL
Bryant Taylor Law’s Sam Bryant participated in Black Men XCEL as an Executive Leadership Coach. Black Men XCEL is a four-day summit that recognizes and empowers men of color. The event was held at the JW Turnberry Miami Resort and Spa in Aventura, Florida. Read More
Basic Elements of a Business Contract
A business contract is a written agreement that explains a transaction between one or more parties. Business contracts vary widely depending on the nature of the transaction and businesses involved. Unfortunately, business owners often underestimate the importance of the contracts they sign until something goes wrong. As a result, every business owner should be familiar with the basic elements of a business contract Read More
