Business Litigation Blog
What is a PLLC and How Does it Differ from an LLC?
PLLC stands for professional limited liability company, which is similar to a regular LLC, or limited liability company. The main difference is there are requirements and restrictions that limit the formation of a PLLC to a business that provides a “professional service.” Chapter, 621, Florida Statutes defines the term “professional service” as any personal… Read More »
Common Deadlock-Breaking Mechanisms for LLC Disputes
When preparing an LLC operating agreement, you should include member deadlock-breaking mechanisms. When a deadlock occurs, it can create problems and cause disputes between the LLC’s members. Without any deadlock-breaking mechanisms, the LLC may face a number of avoidable problems, including litigation expenses, loss of productivity, and resentment between members. In extreme situations, a… Read More »
Can an LLC Expel an LLC Member in Florida?
Disputes between LLC members are relatively common, and there are situations where the discussion of expulsion comes up. In Florida, you can only expel an LLC member under certain circumstances, which are outlined in the state’s Revised Limited Liability Company Act, known as the “Revised Act.” The Revised Act took effect on January 1,… Read More »
Is an Operating Agreement Required for an LLC in Florida?
Florida doesn’t require that you have an Operating Agreement for your Limited Liability Company (LLC), but it is recommended that you have one. When setting up your company, it’s beneficial to seek legal advice from a Florida LLC Business litigation attorney. Business attorneys can not only assist with setting up your LLC, but they… Read More »
What to Know about Investing in Municipal Bonds
If you’re considering different investment options, municipal bonds may be a viable option. Municipal bonds can be worthwhile if you’re looking for tax-free income streams while preserving capital. What are Municipal Bonds? Often called “munis” for short, municipal bonds are issued by various government entities and U.S. territories. There are two varieties of municipal… Read More »
Involuntary Dissociation with Florida LLCs
Newly formed LLCs in Florida run the risk of drafting an operating agreement that is missing key elements, like what to do when the LLC members reach a deadlock. Even if your LLC does not have an operating agreement that discusses how to remove a member, Florida’s Revised Limited Liability Company Act (the Act)… Read More »
Instituting a Deadlock-Breaking Mechanism in Your LLC Operating Agreement
Disagreements between LLC members, at some tpoint, are inevitable. When members fail to reach an agreement on certain material matters, or set a dispute resolution procedure to break a tie vote, it is typically referred to a “deadlock.” Deadlocks can break down business processes, cause efficiency problems and loss of revenue, present distractions and… Read More »
Dissolving an LLC in Florida
When starting a new LLC, there is typically optimism that the business will be successful and that the members will get along well. In reality, however, things happen over time and disputes may arise between members in an LLC. In these cases, there is a some chance the LLC will be headed to what… Read More »
Methods Creditors Use to Try and Collect Personal Debts from Multiple Member LLCs
Like many other states, Florida doesn’t necessarily allow creditors to take the money or property of a multi-member LLC to pay off personal debts or liabilities incurred by one of the LLC’s owners. However, there is one method creditors may try to use in order to collect against the LLC for the individual’s debts…. Read More »
Does an LLC Need an Operating Agreement in Florida?
Only a handful of states statutorily require that new LLC’s create an operating agreement. Even if there is no legal requirement to do so in Florida, however, an LLC should have one. When things are going well within an LLC, members often don’t see the necessity for an operating agreement, but when disagreements arise, having one… Read More »
