The Hidden Costs of Doing Business in Florida
Forming your corporation or LLC in another state doesn’t exempt you from Florida laws and regulations; rather, it often adds an additional layer of compliance and extra yearly fees. Florida business owners may have good reasons to incorporate in another state, but the choice should be based on a sober cost-benefit analysis.
Can You Afford to NOT Get a Partnership Agreement?
A partnership agreement is an investment in the future of your company. Its main job is to help you avoid losing money to disputes, arbitration, and litigation. In order to see how truly valuable a partnership agreement can be, let’s compare the relative costs of arbitration or litigation to the cost of a well-drafted partnership agreement.
3 Reasons to Update Your Partnership Agreement
The worst thing you can do with your partnership agreement is “set it and forget it.” Businesses grow and evolve. Tax laws and business statutes change. If you don’t update and revise your partnership agreement to match your current business needs, all the hard work and effort you put into ensuring your original partnership agreement would protect your multi-owner business might get washed away like a house built on sand.
3 Reasons You Should Tell Your Employees You’re Planning to Sell Your Law Firm
Attorneys often fear that their employees will find out that they’re planning to sell their law firm. But, by and large, the fear and anxiety stem from a fundamental misunderstanding of what the sale process is and how an exit strategy works. By far the better option is to tell them at the appropriate time, to frame the sale correctly, and to bring them on board.
“Wrap” Your Head Around Online Terms of Service Agreements
Online terms of service (TOS) agreements establish the legal relationship between a business and its digital customers or users, covering a wide range of topics from intellectual property issues to privacy matters to dispute resolution. But, if they are poorly drafted or improperly presented to the user, businesses risk losing the legal protections that are written into the agreement.
Don’t Close Down Your Law Firm When You Can Cash Out
If you are one of the thousands of attorneys nearing retirement age, think carefully about how you want to exit your law practice. Before you decide to “close down” and walk away with nothing, you should consider all the benefits of “cashing out.” With just a few extra steps, the right help, and the right advisors, you can scale and sell your law practice with about the same mental and emotional hassle as just closing the doors.
3 Legal Tips for Naming Your Florida Corporation or LLC
Because of its importance to the marketing and advertising of your business, give some serious consideration to your company’s name up front. Things like length, spelling, connotation, and phonetics will be key considerations from a market perspective. But business owners often overlook the fact that there are also legal constraints on business names. What you can name a Florida corporation or limited liability company (LLC) is dependent on the Florida statutes governing those entities.
How to Apply for Business-Saving SBA Loans
A lot of big legislation has passed in response to the COVID-19 pandemic. The packages include billions of dollars in relief funds to help small businesses through the economic disaster. Businesses need to act fast, though. The money allocated to these programs is finite, and once the funds are gone, you’re out of luck. Below is a breakdown of two SBA-backed loan programs: Economic Injury Disaster Loans (EIDLs) and Paycheck Protection loans. The loan terms and rates, maximum loan amounts, and application processes are laid out, and links are provided to the relevant applications.
