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Recent Blog Posts
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.
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?