April 29, 2013 By: Barry E. Haimo, Esq. Beware of the Single-Member Limited Liability Company (LLC) Limited Liability Company (LLC) interests are characterized as personal property under Florida Law. Everyone that forms a business entity to limit their personal liability does so to separate themselves from creditors of...
By: Barry E. Haimo, Esq. February 19, 2018 Failure to Respect Corporate Formalities and Piercing the Corporate Veil When it comes forming your business, you have options: disregarded sole proprietorship, general partnership, limited partnerships, limited liability partnerships, limited liability limited partnerships, corporations and limited liability companies (LLCs) (partnership,...
Online DIY Wills, Trusts and Business Documents Are Bad News By: Barry E. Haimo, Esq. February 2, 2013 Do it yourself anything is commonly referred to as "DIY". When it comes to estate planning, Online DIY wills, trusts, and business documents are an absolutely terrible idea. Obviously I'm referring...
By: Barry E. Haimo, Esq. February 19, 2018 Annual Reports and Meeting Minutes You formed a business to separate your personal assets from your business creditors right? It's called limited liability, and it's the most common reason we find people organize their business with a business entity such...
Isolate Assets - Will a limited partnership (LP) or LLC protect my assets? By: Barry E. Haimo, Esq. January 3, 2014 Simple Answer: The simple answer is yes. In Florida, a limited partnership (LLP) or a multi-member limited liability company (LLC) will protect your assets. However, it's important to...
By: Barry E. Haimo, Esq. April 14, 2016 What’s an Inside Creditor? When you’ve worked hard for something, you will do anything to protect it. You don’t want your assets or your business vulnerable to creditors, but how do you protect them? Well, the first step is to check...
By: Barry E. Haimo, Esq. December 8, 2017 Your 20 Question Business Planning Stress Test If you watch the television show, the Profit, and are a fan of Marcus Lemonis, then you know that "people, process, product" are the keys to creating a successful business. In addition to...
By: Barry E. Haimo, Esq. November 17, 2017 New Partnership Audit Rules: Amend Your Partnership Agreements Now The audit rules relating to partnerships undergo an important change starting January 1, 2018. It does not apply to all partnerships. However, for the partnerships that it does affect, it affects...
By: Barry E. Haimo, Esq. April 20, 2017 Why Are Corporation Governing Documents Important? Part 2 - Shareholder's Agreement (or Buy-Sell Agreement) In a recent blog post, we explained the importance of corporation governing documents outside of what Florida requires. While Florida’s required documents are important, they do not...
By: Barry E. Haimo, Esq. March 23, 2017 Why Choose a C-corporation Versus an S-corporation? While it’s great that you decided to incorporate your business, there are a few different types of corporate structures from which to choose. Below, please find some pros and cons of c-corporations versus...