Many business owners have converted their business form to a limited liability company or corporation. This is because partnerships retain traditional liability. As such, those attempting to collect funds from a partnership, including creditors and plaintiffs, can go after the partners’ personal assets in order to satisfy outstanding debts or collections. Therefore, partners in a...
Trembly Law
In the ordinary course of business, debts become due. This is especially true when a company goes out of business, and has to pay out whatever assets it has left to the creditors that remain. There are general rules for how these are due, including situations whereby the creditors are paid on a pro rata...
Piercing the corporate veil is an extreme step courts will take only when a corporation is a sham. Courts undertake a delicate balancing act to not disturb the corporate structure while simultaneously impressing upon business owners the importance of abiding by corporate formalities. Piercing the corporate veil refers to the act of a court piercing...
Foreign, or out-of-state, corporations face a different set of laws in Florida than in-state corporations. Because they often times do not conduct as much business in Florida as those businesses incorporated in Florida, special rules are set aside so that they are incentivized to transact in Florida. However, foreign corporations are not given a free...
As discussed in other posts, self-dealing is an intricate area of corporate law that poses a lot of problems for directors and officers. As a refresher, self-dealing occurs when a director or officer engages in a transaction as an interested party with the corporation. This usually is accommodated by a lack of disclosure. In most...
Understanding Commercial Facility Obligations Under Title III of the Americans With Disabilities Act
The Americans With Disabilities Act (ADA) was passed in 1990 to provide disabled people with access to routine activities, protections, and benefits which most Americans take for granted, such as: Equal access to employment, public transit, shopping opportunities, restaurants, and other businesses; Protection against discrimination on the basis of disability; Accessible workplaces. Commercial facilities are...
Indemnity agreements are a legal agreement, or contract, that is used to identify which party will be responsible for any loss, liability, damage, or expenses that occur as part of the activities identified in the agreement. One of the simplest examples of this is a common insurance policy. The insured party is indemnified (not responsible)...
Tortious interference is a common law tort that allows a plaintiff to sue a defendant who has wrongfully interfered with his or her contractual or business relationships. The purpose of tortious interference laws are to enable two or more parties to enter into a contract or business relationship and fulfill their respective obligations without third-party...