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Recent Blog Posts
Common Reasons for Business Partnership Disputes
Business partnership disputes can arise from various factors, leading to conflicts that can jeopardize the success and stability of a company. Understanding the common causes of these disputes is crucial for partners to identify potential issues and take preventive measures. The following are some of the most prevalent causes of business partnership disputes. For more detailed information regarding your circumstances, contact The Elliot Legal Group, P.A..
Misaligned Expectations
Partnerships can run into trouble when there are conflicting expectations regarding the company's vision, goals, and individual roles and responsibilities. Differences in work ethic, commitment, and long-term objectives can create tension and disputes among partners.
Financial Matters
Disputes over financial matters are a common cause of partnership conflicts. Issues such as unequal financial contributions, profit distribution, compensation, and management of company funds can lead to disagreements and mistrust among partners.
Why Do I Need a Florida Business Attorney for My Small Business?
Many people starting out small businesses often assume that because their business is small, they do not need a business attorney. A business attorney is an essential component of any company's success, no matter what the size. There are several reasons why a company needs a business attorney, ranging from regulatory compliance to contract negotiations to dispute resolution. This article will explore some of the main reasons why a business attorney is vital for any company.
Regulatory Compliance
First and foremost, a business attorney is essential for regulatory compliance. Businesses are subject to a vast array of federal, state, and local laws and regulations. These laws cover everything from employment practices to environmental standards to tax requirements. A business attorney can help ensure that a company is in compliance with all applicable laws and regulations, reducing the risk of costly fines and legal action.
What Is Falsified Accounting in a Business?
When you enter into a business with partners, there is an implied trust that each one involved in the company will operate with honesty and integrity. Unfortunately, that is not always the case and there are situations where a partner will engage in falsified accounting.
Falsified accounting, also known as creative accounting or accounting fraud, refers to the deliberate manipulation or misrepresentation of financial information to make a company's financial performance appear better than it actually is. The practice is unethical and illegal and has resulted in severe consequences for the company and any investors.
What Are Some Examples of Falsified Accounting?
One of the most common ways that companies engage in falsified accounting is by inflating their revenues or understating their expenses. For example, a company might record revenue from a sale that has not yet been completed or inflate the value of its inventory to make its financial statements look more robust. On the other hand, a company might understate its expenses by failing to record all of its liabilities, such as unpaid bills or accrued wages.
Dealing with Breach of Contract Issues
One of the most common legal tools that businesses use is contracts. A contract is a legally binding agreement that can be made between the company’s partners, between the company and employees, the company and clients, and the company and suppliers. If one party fails to fulfill its obligations as stipulated in the contract, this is referred to as a breach of contract. A breach of contract can occur if one party fails to pay for services or goods, failed to meet a deadline, or delivers substandard work. A breach of contract can cause significant financial loss for a company and often leads to lawsuits.
Types of Contract Breaches
There are two types of breaches of contract: material and immaterial. A material breach is a significant violation of the terms of the contract and one that goes to its core. This can include failing to deliver goods or services in their entirety or delivering goods or services that are significantly different from what was agreed upon.
Can a Florida HOA Foreclose on a Home For Unpaid Fees?
Many Florida homeowners live in residences that have oversight by homeowner associations (HOA). These organizations create and enforce rules that all the residents are required to follow, as well as oversee the maintenance and repair of all common areas of the community. Incurred expenses are paid through fees residents are required to pay. Under Florida law, if a resident fails or refuses to pay these fees, the HOA has the power to foreclose on the resident’s property – even if they are current in their mortgage or own their home outright.
What Is an HOA?
HOAs are usually found in condominium complexes, subdivisions, mobile home communities, and other types of communities where there are common areas shared by all residents. When an individual purchases a home, they are required to become a member of the HOA and abide by all the rules it has in place. These rules are decided on by a board of directors. The board is comprised of residents who are elected by other residents. In addition to setting the rules, the board can also penalize residents who fail to abide by the rules. These penalties can include fines, restriction of privileges, or even lawsuits.
What Should Be Included in an LLC Agreement?
One of the most popular types of business formation is a limited liability corporation, often referred to as an LLC. When you are establishing an LLC, it is important to consider also establishing an operating agreement, especially if you have other members in your company. While these agreements are mandatory in some states, they are not mandatory in Florida.
What Should Be in the LLC Agreement?
This agreement will outline the specific duties and needs of each member, as well as specify what the decision-making process will be when it comes to both how the company operates and decisions regarding finances. In addition to the identifying information of the LLC, the following are important terms to be aware of when you are entering into the agreement.
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Business purpose – One of the first things that should be addressed in your LLC agreement is the purpose of the business.
Are There Defenses to Breaching Business Contracts?
Every business – whether a small family-owned business or large corporation – will have situations where it will be entering into a contract with another entity. In a perfect world, the two parties sign the contract and everyone lives up to their agreement. Unfortunately, it is not a perfect world and everyday issues come up and contracts are breached, requiring the injured party to pursue legal action against the other. Sometimes the injured party is the one that breaches the contract, while in other cases, it is the other party. Regardless of which side your company is on, understanding what type of breach you are dealing with and having a skilled business attorney representing you is critical to the outcome of the case.
What Are the Types of Contract Breaches?
There are three types of ways a contract can be breached. The first type is referred to as a material breach. In this type, the issue is serious enough that the law excuses the party that was injured to breach their part of the agreement.
Types of Business Disputes You May Need a Florida Contract Attorney For
Owning your own business can be rewarding, but it can also be stressful when you find yourself facing a business dispute. And there is good reason for this stress since any business dispute can escalate into an issue that can have a serious impact on your company. This includes both internal disputes and external disputes. The following are some of the most common business disputes that our Florida business law firm handles.
Internal Business Disputes
Some of the most common internal business disputes involve employment issues. These types of disputes include salary disagreements, family leave disputes, discrimination allegations, and wrongful termination claims.
Internal business disputes can also involve partners or shareholders. These are also fairly common disputes in the business world. Some of the issues that are typically involved in these types of disagreements are:
Factors to Consider When You Are Entering into a Commercial Lease
When you are starting your own business, there are a number of issues that you need to make decisions on. One of the most critical of those decisions is where your business will be located. Many businesses prefer to lease property instead of purchasing a property. This usually involves entering into a commercial lease with the property owner. There are certain factors that should be addressed in the lease. Having a qualified business real estate attorney representing you will ensure you are protected.
Entering Into a Commercial Lease
A commercial lease is one that is entered into between a property owner and a business owner. The difference between a commercial and residential lease is exactly as it sounds – a commercial lease is for a property that is zoned by the municipality it is located in to be used for commercial uses, while a residential lease is for residential property.
Does Your Company Have a Business Transition Plan in Place?
At some point, just about every business arrives at a point where a transition is about to take place, but this is often something many business owners do not think about until the moment has arrived. A business transition may come about for a variety of reasons. The owner has decided that it is time to start thinking about retirement or maybe they want to be ready in case the right offer to purchase comes along. Some business owners realize that if something happened to them, no one else is currently available to take over and keep the business running smoothly. Whatever the reason for a business transition, it is important that a business owner takes the steps to make sure that everything is in order for a smooth and successful process.
Organize the Company’s Financial Statements
Regardless of the reason for the transition, whoever will be running the company will need to know the financial position the company is in. If you only have company-prepared statements, consider obtaining reviewed or audited documentation, especially if you are looking to sell the company. Buyers will not accept company-reviewed financials as proof of the company’s financial health.
