Posts Tagged ‘llc’
Three Bad Contract Habits Your Business Needs to Break
Over time, we can all build bad habits and not be as diligent as we should be to protect our largest assets. Having well-drafted contracts is an area where both new and established businesses need the guidance of experienced business counsel. Contracts are important documents that can protect your business interests and help…
Read MoreBusiness Owner Disputes Can Lead to Messy Litigation, If You’re Missing this Key Document
When it comes to running a business with multiple owners, there are many decisions to be made. These decisions should not just be vocalized, but written down so they can become legally binding. A Florida LLC Operating Agreement is the necessary governing document that provides for all of the agreed-upon roles, rights, and duties of…
Read MoreCourt-Appointed Receivership: Is it Better Than Bankruptcy?
If you’re facing bankruptcy for your financially distressed business, receivership may be a better option for you. A receivership is designed to protect a lender’s assets for an interim period, such as during a pending foreclosure or other litigation involving the business. Today, we will cover court-appointed receiverships, and why they may be favorable to…
Read MoreThe Process of Expelling a “Bad LLC Member” in Florida
Multi-member LLCs always have to grapple with the issue of dealing with an unruly, unlawful or otherwise dysfunctional partner. Unfortunately, LLC members sometimes fail to address the procedure for removing or expelling an unruly LLC member in their operating agreement. That being said, although establishing a removal procedure through an operating statement is ideal, LLC…
Read MoreUnderstanding the Distinction between Direct and Derivative Shareholder Actions
Whether a shareholder or member of a company can bring a derivative action or direct action against another shareholder or member is a critical matter when corporate wrongdoing or misconduct has occurred. A derivative action involves claims asserted on behalf of the company itself against the bad actor – the company itself is the actual…
Read MoreIt’s Time to Breakup: A Guide to Expelling an LLC Member
Breaking up is hard. It’s usually not pretty. What started out as a seemingly perfect business partnership has now grown toxic and trust has been lost. If you start a business with others, it is necessary to be prepared for the relationship to sour at some point. In some ways, this is simply because the nature of business…
Read MoreWhat Happens When It’s Time to Close My Business?
General Overview Entity selection – the process of determining which entity to use when establishing a business – is one of the critical areas when starting a business. If a business owner chooses the “wrong” entity, it can have significant ramifications in the future. Similarly, there are also important considerations when closing – or dissolving…
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