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
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
How to Remove a Business Partner
A business partnership is often formed because the combination of skillsets amongst multiple people makes the business better. Sometimes, the relationship of the partners worsens to the point of no return. Some businesses choose to close operations so the partners all go their separate ways. But what happens when one or more partners want to remove another partner from the business? How do they do it without Read More
How to (Properly) Dissolve a Florida LLC
No one forms a business with the intention to close, but it happens. When it does, Florida law creates specific rules for properly closing (aka "dissolving") a LLC. If you have an operating agreement, you can simply follow those steps outlined in your agreement. Just another reason why your LLC needs an operating agreement as we discussed before. If you do not have an operating agreement, you must follow Florida's Read More
How to Form a Non-Profit Corporation in Florida
A non-profit corporation is a business entity that provides a benefit to the public. In exchange for the public benefit, the corporation is exempted from paying taxes on the money the corporation receives. We previously discussed how to form a business in Florida, but here are the steps to forming a non-profit corporation in Florida. 1. Choose a business name First, make sure the name is not the same or similar to Read More
Change is Coming to Florida’s Corporation Laws
Florida recently passed legislation that will result in a re-write of Chapter 607 of the Florida Statutes otherwise known as Florida's corporate statutes. This is the first re-write of the corporate statutes in more than 30 years. The new changes are expected to address several topics such as corporate document filings, proxies, service of process, remote participation in shareholder meetings, Read More
Why Your LLC Needs An Operating Agreement
What is an Operating Agreement? The LLC's most important yet overlooked document is the operating agreement. An operating agreement is a formal document that describes how a Limited Liability Company ("LLC") will operate. It typically describes how the LLC adds new members, the voting powers of the individual members, tax treatment, or how the members manage the LLC. Florida law does not require LLCs to have an Read More
Common Business Mistakes Made Every Day
At Bryant Taylor Law, we have a healthy mix of experienced and novice business owners. Here is a list of the 4 most common business mistakes we have observed with our business-owner clients. Business Mistake #1 Not understanding their financials Business owners do not need to be an accounting expert, but they must have a basic understanding of their business financials. Hiring an accountant helps, but it is not Read More
