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
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
