Archive for the ‘ Business ’ Category
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 [...]
Commenting on Gas Station Owners’ Rights on Fox 35 News
Michael Long was asked to appear on Fox 35 News to comment on the City of Orlando’s proposed ordinance to limit the rights of gas station owner. Here’s the clip: Michael Long on Fox 35 News
Change to Accredited Investor Net Worth Requirement
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2009 was passed by Congress and signed into law by President Obama on July 21, 2010. The Act includes a change to the accredited investor net worth requirement that will immediately affect most private placement offerings of stock or other equity investments. Recap: Regulation D [...]
What Should LLCs in Florida do in Light of the Florida Supreme Court’s Ruling in Olmstead v. FTC?
It’s important that business owners know about the Florida Supreme Court’s recent decision in Olmstead v. FTC and its impact on LLCs organized, operating, or owning property in Florida. The Olmstead decision eliminates part of the asset protection feature of all single-member LLCs and calls into question the asset protection afforded by multiple-member LLCs. “[This] [...]