As a business owner, you have established a corporate shield in an effort to separate your personal assets from your business matters. However, one of the potential pitfalls that you should be aware of – personal guarantees. Understanding Personal Guarantees In certain situations, businesses may encounter difficulties when trying to secure a loan, negotiate a […]
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Observing Formalities In our prior post, we shared a tip that can help business owners try to protect themselves personally from potential liabilities in business matters, signing for the entity. Here, we share another tip with the same goal in mind – observe formalities. Whether you’re dealing with a corporation or an LLC, following the
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Shielding Business Owners: The Key to Personal Liability Protection Running a successful venture involves safeguarding personal assets. This post explores a pro tip that may make a difference – signing contracts and obligations exclusively on behalf of the entity. Doing so can help business owners protect themselves personally from potential business liabilities. The Power of
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Have you Filed your Business Annual Report with the Secretary of State yet? Time is Running Out Don’t miss the May 1st deadline – Any profit corporation, limited liability company, limited partnership, or limited liability limited partnership annual report filing will have until 11:59 PM EST on Monday May 1, 2023, before a $400 late
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Drafting Effective Contracts for Artificial Intelligence Artificial intelligence (AI) is a hotly discussed tool lately and businesses in Florida are looking to use AI to increase efficiency and gain a competitive edge. It’s important that the contracts governing the use of AI are carefully drafted, whether a business develops its own AI or licenses it
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What Business Entity Should a Startup Choose? The legal entity that you pick for your startup can affect your liability protection, taxes, management structure and other things. Here we will briefly review the common types of legal entities, considerations when selecting a legal entity, some comparisons between legal entities, and give a quick checklist about
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The Limited Liability Limited Partnership in Florida A Limited Liability Limited Partnership (LLLP) is a business entity choice in Florida, particularly for businesses that want to limit the liability of certain partners while still allowing them to participate in the business’s management and decision-making. But what exactly is a LLLP, and how can it benefit
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Understanding Limited Liability Partnerships in Florida A limited liability partnership (LLP) is one way of operating a business that is available in Florida. Limited liability partnerships in Florida are created under Sections 620.9001–620.9003, Florida Statutes, which is part of the Revised Uniform Partnership Act of 1995 (RUPA). In short, a limited liability partnership works like
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Florida Limited Partnerships If you are starting a business in Florida, you may have considered forming a limited partnership. A limited partnership is a type of business entity that allows for both general partners and limited partners. In this post, we’ll briefly discuss the basics of limited partnerships in Florida, including what they are, how
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Understanding Florida Professional Service Corporations and Professional Limited Liability Companies Choosing the right business structure is an important decision for any professional in Florida. Your business structure can impact your tax liability, personal liability, and overall image as a professional. Two options to consider are a Professional Service Corporation (PSC) and Professional Limited Liability Company