Archive for the ‘ Business ’ Category
Converting a Delaware LLC to a Florida LLC
It is possible to convert a limited liability company (LLC) formed in Delaware into a Florida LLC. The effect of conversion is to change the LLC’s home state, the laws of which govern the organization of the LLC and the relationship among LLC members. Conversion to a Florida LLC should not impact the federal income [...]
10 Things About Crowdfunding Under the 2012 JOBS Act
Come Together. Republicans and Democrats in Congress came together to pass the Jumpstart our Business Startups (JOBS) Act of 2012, and President Obama signed it into law on April 5, 2012. The stated purpose of the JOBS Act is to ease the burden on smaller companies looking to obtain capital from public and private sources. [...]
New Business Questions to Ask
A client who is considering launching a new business with two partners asked what it is he should consider on the front end. What I gave him were just a few questions that should be asked and answered by each business partner involved. Here they are: Is everyone putting the same money into the venture? [...]
Can Small Businesses Raise Money on the Internet? Not Yet.
Given the excitement surrounding all things social networking (see FaceBook’s IPO), it’s not surprising that many are looking for ways to raise capital funding through small investments from the masses of internet users. It’s even got a name: crowdfunding. While most agree that crowdfunding is a worthy and inevitable extension of the internet economy, there [...]
How Good is Your Contract’s Attorneys’ Fee Provision?
A big deterrent to business owners’ enforcing their contractual rights is the potential cost of litigation. Including an attorneys’ fees provision in your contacts can help. Typically, an attorneys’ fee provision will state that, in the event of litigation related to the contract, the prevailing party should be awarded his or her attorneys’ fees and [...]
Olmstead Bill Signed Into Law
The Olmstead Bill, which I discussed here and here, was signed into law by Governor Scott on May 31, 2011. The bill substantially amended Florida Statutes Section 608.433, confirming, retroactively, that the charging order is the exclusive remedy for judgment creditors with respect to a debtor’s interest in a multiple-member Florida LLC and setting out [...]
10 Things About Personal Guaranties
1. This Time, It’s Personal. A personal guaranty is a promise to be personally responsible for the obligation of another person or company. The person or company to whom the obligation is owed—usually a lender—can enforce the obligation against the guarantor just like the original obligor. 2. Would You Loan Money to a Teenager? No, [...]
Florida Senate’s Olmstead Bill Analysis
As I blogged about previously (here), a bill addressing the Florida Supreme Court’s ruling in Olmstead v. Federal Trade Commission, 44 So. 3d 76 (Fla. 2010)–I’m calling it the Olmstead Bill– is winding its way through the Florida Legislature. The Florida Senate’s Bill Analysis and Fiscal Statement was released on Monday and can be viewed [...]
Legislative Answer to Olmstead Uncertainty is Coming
A bill addressing the uncertainty created by the Florida Supreme Court’s Olmstead decision is working its way through both houses of the Florida Legislature. The Olmstead decision (which I blogged about previously) held that judgment creditors can foreclose against and take ownership of the owner’s interest in a single-member Florida LLC. This result was disappointing [...]
Dropbox Endorsement
Occasionally, I like to endorse programs and websites that I think would be particularly helpful for business owners. Dropbox fits the bill perfectly. Dropbox is an easy-to-use file-transfer website and program. Drop a file into the Dropbox folder on your work computer, and it is automatically available in the Dropbox folder on your home computer [...]