Starting a new business is an exciting journey, marked by milestones like registering your business, securing a location, and organizing your inventory and equipment. However, many business owners overlook important supplemental contracts that can prevent future...
Business Consulting & Advice
How to Handle a Demand Letter
Receiving a demand letter can be a daunting experience, especially if it comes on a law firm’s letterhead. These letters are often drafted by attorneys with the intent to prompt action by threatening potential legal action. Whether the letter claims that you owe money...
Family-Owned & Operated Businesses: The Benefits and Challenges
In the United States, around one-third of small businesses (https://www.thebalancemoney.com/should-you-start-a-business-with-family-4091927) are family-owned and operated. Family-owned businesses often thrive due to shared values, trust, and mutual goals among family...
Liability of the owner of a single-person-owned business entity
Business ownership is often shared, but this isn’t always the case -- especially when an entrepreneur has a distinctly unique vision. There are occasions when a formal business structure, such as a Limited Liability Company (LLC), is owned by one individual. Simply...
What does Florida’s new judgment lien rule mean?
If someone owes you or your business money, one of your options is to file a civil lawsuit against them. If you are successful, then the court will order them to pay the outstanding amount and possibly damages. Nonetheless, winning a civil suit is only one part of...
What is the difference between a member-managed and a manager-managed LLC?
When forming a new company, choosing the right structure is a key decision. One popular choice is a Limited Liability Company (LLC). Nonetheless, there are also variations within the LLC structure. For example, it can be member-managed or manager-managed. A...
Do I need an operating agreement for my Florida LLC?
There are many different structures that a business can take. For business owners across Florida, a Limited Liability Company (LLC) is a popular choice. This structure shields owners from personal liability should legal disputes occur. One question that often crops...
Should my business have a joint bank account?
A business partnership can be a highly beneficial arrangement. Partners can share responsibilities, obligations and pool resources. Many business partners opt to open a shared bank account, accordingly, which may result in numerous benefits. However, there are also...
The difference between simple contracts and formal contracts
Contracts are the foundation of all business relationships. A contract can be tailored toward serving specific purposes and protecting parties involved in transactions. There are numerous different contract types and potential terms. Some contracts may be simple,...
What is the difference between a joint venture and co-ownership?
When entering into a brand new business project, there are numerous options at your disposal. All business projects are risky, and you may want to share this risk with another party. Two possible routes to go down include a joint venture and co-ownership. What is the...