During the course of a partnership, many unforeseen events may transpire. Some of these events may ultimately lead to the dissociation of a partner or dissolution of the partnership. The dissociation of a partner or dissolution of a partnership has huge ramifications. Even more importantly is whether such actions were done rightfully, wrongfully, or neither,...
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If you are an owner in a limited liability company, or LLC, you must have an operating agreement. Although the Florida statute governing LLCs does specifically require an LLC to have an operating agreement, for the sake of your company, you must have an operating agreement. Many business owners, when forming their company, are too...
The duty of good faith is often subject to interpretation in courts. There is no set jurisprudence nor a widely-adopted view of what constitutes good faith. However, the duty of good faith is universally adopted as being owed by directors and officers in their corporate capacities. There are, however, some instances universally recognized by courts...
If you are incorporating in Florida, you must, by law, choose a registered agent for your corporation. The name of this person must be included in your corporation’s articles of incorporation. The importance of an agent cannot be understated. The purpose of the agent is to receive legal documents on your corporation’s behalf. If your...
The first thing to keep in mind regarding the valuation of a business is that there are many different methodologies for valuation. Some methods may weigh income more heavily as a factor, while others may look more closely at “market value” based on other similar assets that have been sold recently. A company’s valuation could...
Incorporation is one of the most important and beneficial steps your company can take. It entitles you to special tax treatment, as well as the desired limited liability whereby your personal assets are not subject to any suit. However, incorporation is a tricky procedure. It requires strict compliance with state statutes. In Florida, for example,...
As owner, director, or officer in a company, you undertake many transactions to further your business. In doing so, you often enter into contracts with outside parties. These parties may be from anywhere—whether they be international, national, or local. When contracting with a company, whether it be the first time or for the hundredth time,...
Hiring an agent has exponential benefits, including efficiency and expertise. However, with hiring an agent comes added liability. Courts often treat agents as an extension of the principal company that hired them and therefore impose liability on the principal as though it were the party acting itself. In these scenarios, however, third parties may be...