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
Should Your Business Be A S-Corp?
The LLC may be the popular choice for many… Have you heard of the S-Corporation (or "S-Corp" for short)? One of the first decisions many new business owners make is the type of entity to form for their business. Will it be a partnership, a corporation or a limited liability company (aka LLC)? In our experience, clients are aware of the LLC, but rarely mention the S-Corp. There is nothing wrong with the LLC. The LLC Read More
