The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

3101 N. Federal Hwy., Suite 609,
Oakland Park, Florida 33306

Our Lawyers are Licensed and Providing Representation in the Following Locations:

Florida, Washington D.C., England, and Wales

Fort Lauderdale

754-332-2101

Miami

305-399-3832

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Surfside business law attorney

Whether you are starting your first business, revamping your current business, or purchasing someone else’s, selecting the proper business structure that aligns with your mission is an important step. The type of business structure, or business entity, that you decide upon can impact your day-to-day dealings, taxes, your personal asset involvement, and more. It is important to understand the implications of each different business entity before settling upon one that you think fits best. It is always advisable to work with a reputable business lawyer throughout your company’s lifespan, but it is also a good idea to have your own personal understanding of the matter.

Sole Proprietorship

Are you planning on being the sole owner of your business? For those who wish to have complete control over their business, a sole proprietorship is their best and simplest option. In fact, if you do not register your business as any other type of entity, it is automatically considered a sole proprietorship. The risk that sole proprietors take is mixing their business and personal assets and liabilities. If your business accumulates significant debts, you can be held personally liable. Sole proprietorships are a good option for low-risk businesses and owners who wish to test out their business idea prior to establishing a more official business entity.

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Surfside real estate attorney

COVID-19 has been labeled “unprecedented,” “a global pandemic,” and other phrases that designate the impact this contagious virus has had on our nation. With stay-at-home orders being created and extended, restaurants and bars being restricted, and many people losing their jobs as companies cut costs, it can seem impossible to follow through with some of your contractual obligations. Real estate is one of the areas taking the hardest hit—renters are struggling to pay their monthly fees and homeowners are having difficulties with their mortgage dues. Although moratoriums have been put in place, allowing some leeway with payment due dates, they will soon be coming to an end, leaving thousands of Floridians unsure of what to do next.

What Is “Force Majeure”?

The term “force majeure” refers to a clause present in many contracts giving signees a loophole for following the terms of that contract. In general, force majeure clauses require the petitioning party to present a specific and compelling reason why he or she cannot perform the terms of the contract. However, simply saying times are hard is not enough evidence to escape the contract’s terms. In Florida’s legislation, force majeure includes hurricanes, floods, earthquakes, fire, extreme weather conditions, or other acts of God, wars, insurrections, acts of terrorism, or unusual transportation delays of which the non-performing party is unable to overcome. As you can see, the global pandemic is not included in this description, yet one might consider these unusual and unforeseen circumstances “other acts of God.” 

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Sunrise business law attorney third-party-beneficiary

Everyone has experienced a time when a lunch date with a friend has evolved into a group event after bumping into someone while out to eat. This “third wheel” can hang around much longer than expected and change your plans drastically. While this is a boiled-down analogy, third-party beneficiaries within business contracts can be a similar experience. Companies signing contracts may not realize the straggling, unintended parties that may appear later down the road. Whether you are a small start-up or a well-established company seeking new business ventures, it is critical to be detail-oriented when drafting a new contract or considering signing one. The legal jargon used in these contracts as well as the high volume of content can cause some businessmen and businesswomen to sign a contract without recognizing the third parties it may bring along with it.

What Is a Third-Party Beneficiary?

Similar to the analogy used above, a third-party beneficiary is a company or business that benefits from the terms of a contract made between two other parties. These potential beneficiaries are sometimes unforeseen by the signees before putting their pen to paper. Depending on the circumstances, these third-party beneficiaries may have certain rights within the contract if the terms are not fulfilled by both signing parties.

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