Two Big Risks of Not Choosing a Business Entity

While we all would love to start a business and immediately start making money, there are a few legal items to address before you begin working with your first customer. Though not necessarily required, selecting an entity structure for your new business is a strongly recommended initial step. We’ve published several blogs in the past about the benefits of forming as an S-Corp or LLC, but this month we’re talking Read More

Business Succession Plan vs. Business Continuity Plan

Last month, we wrote about Business Succession Planning and the role that an attorney plays in it. One of the questions we received from the article asked about the difference between a Business Succession Plan and a Business Continuity Plan. Do they achieve the same thing? Is one easier to create than the other? How concerned should a business owner be about having either? To help answer those questions, let’s first Read More

What is the Lawyer’s Role in Business Succession Planning?

As an entrepreneur, you’re writing your legacy every day. Working hard day in and day out is an immense source of pride for you, as you continually strive to make sure heirs have it better than you did. Without developing effective succession and continuity plans for your business, though, you’re in danger of having your heirs miss out on your hard-earned success.  One of the most important components of developing Read More

The Importance of Appraisal Rights For Minority Shareholders

Shareholders of publicly traded corporations are generally free to divest their shares at any point. Floridians who own stock in closely held corporations, however, can occasionally feel handcuffed when they are not allowed to sell shares they would otherwise have already dumped. This problem is typically more acute for shareholders who do not own a majority in a closely held corporation.  The reason for minority Read More

What Is Shareholder Oppression, Exactly?

Shareholders of large, publicly-traded corporations have a fair amount of flexibility if they feel they are being mistreated. Some shareholders may vote out an incompetent or negligent board member. If all else fails, shareholders may simply sell the stock.  Minority shareholders—shareholders who own less than 50 percent of a corporation—are much more vulnerable in privately held companies. For example, they aren’t Read More

Requesting Records as a Minority Member of a Florida LLC

As an owner (member) of a limited liability company (LLC), there are still plenty of external factors affecting your company that you can’t control. For members who have a minority stake in the business, this feeling might be even more amplified. Thankfully for minority members of LLCs, the Florida Revised LLC Act provides a number of statutory protections. These protections are codified in Chapter 605.0410 in the Read More

Circumventing a Non-Compete Agreement in Florida and Starting Your Own Business

Starting your own business is one of the most exhilarating and rewarding experiences one can experience. It takes a lot of planning and courage to start an enterprise. Unfortunately, too many would-be entrepreneurs have their dreams dashed before things get going because the aspiring business owner is under a non-compete agreement from his or her former (or current) employer.  Last month’s blog laid out the general Read More

What Makes a Valid Non-Compete Agreement in Florida?

No longer reserved for C-suite employees and other key executives, non-compete agreements are increasingly used by many small and mid-sized businesses. A non-compete agreement is a type of restrictive covenant that limits certain employment and commerce opportunities for employees who sign them. Companies that use non-competes argue that they promote healthy and fair competition.  Many states are much less Read More

Is Your Florida Business Struggling to Pay Rent?

The dramatic increase in COVID-19 vaccinations cannot mask the fact that many small and mid-sized businesses are still struggling. Even if your business has started making money again, you might be behind on plenty of expenses. Paying your commercial landlord might be one thing you’re worried about.  There are no more rent deferrals or eviction moratoriums imposed by the state or federal government. At this point, Read More

EIN Process Delays Affecting Florida and U.S. Businesses

If you’ve been following the news on COVID-19 and its myriad effects, you’re probably aware of the large-scale vaccine distributions and debates over relief packages in Congress. What’s not been as well-publicized or, simply, has been forgotten about, is the enormous backlog of correspondence the IRS is having to sort through. There was a good reason the federal agency postponed the filing deadline a full quarter Read More