Many first-time and seasoned entrepreneurs alike often choose to structure their companies as a limited liability company (LLC). This legal structure combines many of the favorable characteristics from sole proprietorships (one end of the spectrum) and C-corporations (the other end). Owners are referred to as members in the context of LLCs; depending on your particular situation, you might prefer to be the sole Read More
2020 Changes to Florida’s Corporations Act
The Florida legislature has been busy updating state laws governing various businesses the past few years; recently, the Florida Revised Limited Liability Company Act (FRLLCA) was passed. In January, the New Chapter 607 went into effect. This update is more commonly known as the Florida Revised Corporations Act, which amended parts of nearly every section of Chapter 607. This blog will give an overview of just a few Read More
Manager-Managed LLC vs. Member-Managed LLC
The limited liability company (LLC) structure remains a popular choice among entrepreneurs looking to start their own business. This type of business combines desirable elements of corporations with sole proprietorships. Differing from corporations, though, LLCs are not required to have Board of Directors making and voting on important decisions related to the direction of the company. Instead, the owners (called Read More
What Are Your Options For Your Commercial Leases During COVID-19?
The economic fallout from COVID-19 has many people worried about how they’re going to keep their business’s lights on. While the federal and state governments have attempted a patchwork of relief programs to help consumers stay afloat, entrepreneurs are still looking for every way possible to cut costs. One focus for business owners has been their commercial leases. To that end, this blog will outline some general Read More
Should You Structure Your Florida Business as an LLC or S Corp?
Many entrepreneurs are advised to file articles of incorporation as an S corporation in Florida. A major selling point, they are told, is that it receives pass-through taxation but still enjoys many of the benefits of corporations. There are many factors that go into determining the optimal business structure for Florida companies, but it is worth comparing and contrasting S corps and limited liability companies Read More
Business Contracts in the Time of Coronavirus
As everyone’s lives are upended due to the coronavirus pandemic sweeping every corner of the world, business as usual seems almost impossible. For example, what about that seemingly rock-solid business contract you signed last fall? Performing as specified under it seems almost impossible now. So, what are business owners and managers like you supposed to do? To provide a bit of guidance in these uncertain times, we Read More
Do I Need a Buy-Sell Agreement for My Business?
Do I really need a buy-sell agreement for my business? We get asked this all the time. Technically, no, you do not need a buy-sell agreement to operate your business; but you should certainly consider it. Without a thorough buy-sell agreement, your business is at risk. What is a Buy-Sell Agreement? A buy-sell agreement is a legal document between the company and its owners that specifies how a significant Read More
How to Start a Corporation in Florida?
To get a business idea off the ground in Fort Lauderdale, you must follow the designated steps for forming a company or corporation. There are some distinct advantages to incorporating – such as liability protection - but what is the process for conducting business as a corporation? The following are the steps you need to take to start a corporation in Florida. 1. Select the name of your Read More
What Does it Mean to Have A LLC Taxed as a S-Corp?
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
