Monthly Archives: January 2017
I Inherited an IRA Account. Now What?
The answer to that question depends on whether you inherited the IRA account from your spouse or someone other than your spouse, such as your parent, sibling, or close friend. You have more options if you inherited the IRA account from your spouse. If you inherited an IRA from your spouse, you can: Treat… Read More »
When Must an Out-of-State LLC Register to Do Business in Florida?
Under the Florida Revised LLC Act, a foreign limited liability company may not “transact business” in Florida until it gets a “certificate of authority” from the Secretary of State. But what does that mean? If an LLC buys office equipment from a vendor in Florida without a certificate of authority, does it run afoul… Read More »
Are Forum Selection Clauses in a Contract Enforceable?
Yes, but only when they are mandatory forum selection clauses. Parties to a contract have the right to select and agree on a particular venue to have their disputes determined. The key distinction, however, is whether the forum selection clause is mandatory or permissive. Only a mandatory clause is enforceable such that a court… Read More »
How do I blow the whistle on tax fraud?
Every year, people and companies in the United States cheat on their taxes. The IRS has a special term for the amount of taxes that go unpaid each year. It’s called the “Tax Gap,” which means the amount of true tax liability faced by taxpayers that is not paid on time. The IRS estimates… Read More »
SEC Whistleblower Program is Gaining Momentum and Paying Big Bounties
On January 23, the SEC announced that its whistleblower program will pay out to three whistleblowers a combined award of $7 million. The whistleblowers’ awards were for helping the SEC pursue an investment scheme. One whistleblower gave the SEC the initial information that launched the SEC investigation. That whistleblower will receive more than $4… Read More »
What is the Process for a Court to Appoint a Receiver for an LLC?
In any action where a party has asserted a claim to dissolve an LLC, the court has the authority to appoint a receiver to wind up or liquidate the LLC. In order to appoint a receiver, the court must first hold a hearing after providing notice to all parties and interested persons designated by… Read More »
What are the pros and cons of taking a 401K loan?
Many employers provide 401k plans for their employees. A 401k plan is a retirement savings plan where employees can save a portion of their pre-tax earnings. Taxes aren’t paid on the money until it is withdrawn from the account. Some, but not all, 401k plans permit employees to take out a loan against the… Read More »
When Will a Member or Shareholder Be Liable for Company Debts?
We have previously posted about a member’s exposure for the debts of an LLC. We thought it also would be useful to discuss additional situations when a member or a shareholder will be liable for the LLC’s or corporation’s obligations. Florida courts, like many other U.S. jurisdictions, recognize a doctrine often called “piercing the corporate… Read More »
Alternative Investments: Be Careful!!!
As contingency fee lawyers, we evaluate a steady stream of potential securities fraud cases. We meet with investors of all ages and backgrounds who have been cheated, defrauded and tricked into making bogus investments. We evaluate far more cases than we agree to take. One of the most difficult types of cases that we… Read More »
What Types of Misconduct Does FINRA Look For at Brokerage Firms?
FINRA has released its annual examination priorities letter. The letter identifies the specific areas FINRA will be focusing on when it conducts examinations of its member brokerage firms in the coming year. According to FINRA, the list is developed based on trends it has seen in the previous year, as well as concerns expressed… Read More »