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Recent Blog Posts
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.
What Should a Severance Agreement Include?
According to recent media reports, approximately 20 percent of executives in the finance, insurance, real estate, software, and tech industries are anticipating layoffs and workforce reduction within the next few months. Although not a requirement under Florida law, it is likely that many of these layoffs will involve severance packages. In order to take advantage of a severance package, most employers will require employees to sign a severance agreement.
What Are Severance Agreements?
A severance agreement can be beneficial to both an employer and an employee. They provide protection for the employer in preventing the employee from filing a lawsuit against them in the future. They provide protection for the employee because they stipulate exactly the amount and type of payment and benefits they will receive. There can also be other stipulations added, such as not disclosing the reason for termination to any future prospective employers.
Reasons to Work with a Florida Employment Lawyer
There are many aspects of a business that company owners need to stay on top of. One of these areas is employment law. As an employer, you need to make sure you are adhering to all federal, state, and even municipal rules and regulations. Even a minor oversight can end up mushrooming into a very expensive legal problem for a company. The following are some of the more common issues that an employment attorney can assist you with. For more detailed information about your company, contact The Elliot Legal Group, P.A..
Drafting and Evaluating Legal Documentation
Federal and Florida statutes require employers to have many different types of policies in place – and those policies need to be in written form. Subjects that should be addressed include operational procedures, company policies, safety policies, and more. These are all considered legally binding documents. In order to make sure all of these policies are within government requirements, it is important to have an employment attorney create and/or evaluate any policies or other documents that will be put in place for employees.
Factors to Consider When Purchasing a Franchise in Florida
Many people who decide to start their own business consider purchasing a franchise instead of just striking out entirely solo. Franchises offer the benefits of owning your own business, but with the resources and the support of a large organization behind you. If you are considering purchasing a franchise, the following are some factors that you should consider.
Franchise Financial Stability
One of the most critical factors that should be evaluated in a franchise purchase is the financial health of the company you are considering working with. The financial stability of the company will play a big role in just how successful your actual business will be. Make sure you have all the facts when it comes to the organization’s profitability, debt, cash flow, and other areas of finances. Does the company have the financial resources to handle both the issues that may come up, as well as the resources to handle future growth?
Is an LLC the Right Business Structure for My Florida Business?
If you have decided to start your own business, congratulations! There are a number of important issues you will need to decide. One of the most important decisions you will need to make is what type of corporate structure your company will be. One of the most common structures Florida small business owners choose is a limited liability company, also referred to as an LLC. The following is a brief overview of some of the benefits of choosing an LLC for your business. For more detailed information regarding your company, contact The Elliot Legal Group, P.A..
Benefits of an LLC
There are several benefits to forming an LLC. When it comes to taxes, this structure may provide the same pass-through benefits of a sole proprietorship, meaning that all business income can be reported on individual tax returns and is taxed at individual income tax rates, rather than business tax rates. A business attorney can confirm if your company would qualify for this benefit.
Do I Need a Florida Business Attorney to Help Respond to a Cease and Desist Letter?
One of the most jarring “shots fired” warnings that a business can receive is a cease and desist letter. These communications are usually a demand that a company stops doing something and if the company fails to stop, the sender of the letter threatens legal action.
If you have received a cease and desist letter, it is critical you do not ignore it. Contact a business attorney right away. An attorney may be able to negotiate a resolution before the other party files a lawsuit.
What Is a Cease and Desist Letter?
A cease and desist letter is a warning sent from one party to the other that alleges some type of wrongdoing on the receiver’s part. The letter should detail the alleged wrongdoing and demand the receiver stop. The letter should also alert the receiver that failure to stop the wrongdoing will result in legal action and may even stipulate a deadline.
FTC Proposes New Rule That Would Ban Non-Compete Agreements
The Federal Trade Commission recently announced its proposal for a new rule that would ban employers from obtaining non-compete agreements from their employees, something the commission referred to as “a widespread and often exploitative practice that suppresses wages, hampers innovation, and blocks entrepreneurs from starting new businesses.” According to the announcement, prohibiting these agreements would expand employment opportunities by approximately 30 million people and increase salaries by almost $300 billion annually.
What Is a Non-Compete Agreement?
Non-compete agreements – either via a separate contract or a clause in an employee contract – are legal agreements that prevent employees from entering into competition with the employer once their period of employment has ceased. These agreements also bar employees from revealing any of the company’s proprietary information either during or after their employment. Companies typically also have both consultants and independent contractors sign the agreements.
Steps to Take for Protecting Your Company’s Confidential Information
There are a number of areas of business in which companies may have to take several steps in order to properly protect confidential information. Not only is there customer information to protect, but there is also company information that must be protected. Failure to do so can result in disastrous consequences for your organization, including loss of business and even criminal activity.
The following are some of the steps your organization may be able to utilize.
Non-Disclosure, Non-Compete, and Non-Solicitation Agreements
These types of agreements are contracts that an employee will typically sign upon hiring. Companies also utilize these agreements if they work with independent contractors. The purpose of a non-disclosure agreement and the like are to put restrictions on what workers are able to disclose to any third parties, both during their employment with a company and after their employment has terminated. Breaching a contract can result in serious legal consequences for the employee.
New Federal Employment Laws Every Business Owner Should Be Aware Of
When you own a business, there are many issues that you need to stay on top of in order to avoid any financial or legal problems. One of those critical areas is employment law. Not only are there state laws you need to abide by, but there is also a long list of federal laws and regulations your company needs to be adhering to. This means you also need to be aware of any changes the government makes to these laws. The following is a brief overview of some of the federal employment law changes that took place in 2022. For more details, or if you are having any employment law issues, The Elliot Legal Group, P.A. can help.
The Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act
In March 2022, the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act was signed into law. The Act amended the Federal Arbitration Act, giving anyone alleging sexual harassment or sexual assault claims (under federal, state, or tribal law) the option to litigate their claim in court even if they had previously agreed to arbitration. The Act also allows individuals (or a representative) to bring sexual harassment or sexual assault claims through a collective or class action lawsuit even if they had previously waived that right.
