Archive for the ‘ Business ’ Category
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] [...]
The Cost of Business Liability Protection
For operating businesses that own real estate–office space, warehouses, etc.–common advice is to put ownership of the property in a separate company. The goal is to shield the property from judgment creditors of the operating business. This isn’t bad advice, but as with everything in life, there are costs. Obviously, there are the costs of [...]
Comparing Nevada, Delaware and Florida LLCs on Privacy
For some, it is important that their relationship with an LLC–either as member or manager–is kept private. This post takes a quick look at how three popular states for the formation of LLCs–Nevada, Delaware and Florida–stack up on issue of privacy. Nevada: Premium Privacy, Premium Cost. Nevada promotes itself as offering strong privacy protection, but [...]
Shareholders’ Agreement for Married Couple? Makes Sense.
A growing law firm recently asked me to prepare a Shareholders’ Agreement for its two shareholders. Making this request unusual is the fact that the shareholders are married to one another. Do married shareholders need a Shareholders’ Agreement? I think it’s a good idea. The prospect of divorce is one reason married shareholders might want [...]
10 Things About Joint Ventures
“Synergy.” “Joint venture” is a generic buzz term referring to any business activity carried on with the active involvement of more than one company or person who share the profits or losses. Importantly, the term “joint venture” means something different to everyone. Proposing a joint venture is the beginning of the negotiation, not the end. [...]
Are You Compliant with the Red Flags Rule?
Beginning June 1, 2010, a number of businesses will have to comply with the Federal Trade Commission’s Red Flags Rule. The Red Flags Rule requires certain businesses to develop and implement policies and procedures to protect consumers from identity theft. The Red Flags Rule will apply to any business that extends credit to consumers, which [...]
LLC Operating Agreement Information Guide
This questionnaire will assist with the preparation of your LLC Operating Agreement. You may not have a strong opinion on every item described below, but all of them should be adequately addressed in your Operating Agreement. I. GENERAL INFORMATION ABOUT THE LLC 1. Name 2. Mailing Address 3. Physical Address 4. Registered Agent 5. Registered Address 6. Business Purpose [...]
Who is the “Prevailing Party”?
Litigants are generally responsible to pay their own attorneys’ fees and costs (this is called the “American Rule,” as opposed to the “British Rule”). But many contracts include a provision like the following: Attorneys’ Fees. In the event of a dispute between the parties with respect to this Agreement, the prevailing party shall be entitled to recover [...]