We’ve all heard the old story of two friends sitting at a bar and one agrees to loan the other money. They write out an agreement on a napkin for the loan and believe it or not, if the writing on the napkin includes the required terms, it can be a binding promissory note and Read More »
What are some of the benefits of having a shell company?
What is a shell company? A shell company is an entity that does not have any active business operations or significant assets. Most people believe that shell companies are illegal. They are legal but are often used illegitimately, such as to disguise ownership or hide assets. The only business practice that shell companies partake in Read More »
What are the new procedures after the “OVDP” was terminated?
On September 28, 2018, the IRS officially terminated the Offshore Voluntary Disclosure Program (“OVDP”). The OVDP has been in existence since 2009, which is a form of the tax amnesty program. It allowed U.S. taxpayers with unreported foreign accounts to avoid criminal charges and pay reduced civil penalties by making a voluntary disclosure to the Read More »
Do I Need a Trust Amendment or a Trust Restatement?
We recommend you review your estate planning documents, including your revocable trust at least once a year, especially if you have had a significant life change, such as: Marriage Divorce Birth or adoption of a child Death of a beneficiary Acquiring new property that you want to add to the trust Moving to another state Read More »
What is Florida Construction Industry Recovery Fund?
Where has all my money gone? If you have ever found yourself asking this question when working with a contractor or construction company, and the project seems to always be going over budget, then you may be entitled to recover from the Florida Construction Industry Recovery Fund. However, there are a few qualifications you must Read More »
¿Cuáles son los riesgos de responsabilidad civil para los funcionarios corporativos al disolver una Corporación FL?
Si usted es un director o funcionario de una corporación que se encuentra en proceso de disolución, debería evaluar si pudiese ser responsable personalmente por obligaciones y deudas de la corporación. Si no se siguen los trámites corporativos y la corporación procede con las distribuciones a los accionistas antes de satisfacer las deudas corporativas pendientes, Read More »
What are the liability risks for corporate officers when dissolving a FL Corporation?
If you are the director or a corporate officer of a corporation in the process of dissolution you might want to evaluate whether you will be personally held liable. If corporate formalities are not followed and the corporation proceeds with distributions to the shareholders before satisfying outstanding corporate debts, the directors might be held personally Read More »
Should an Independent contractor incorporate as an LLC or S-corporation?
Generally, independent contractors, also known as 1099 workers, are considered self-employed and a sole-proprietorship. As such you will be required to pay self-employment taxes. As an independent contractor, you can be sued for your actions or inactions in performing your work. Thus, while a sole proprietorship is the cheapest option, your personal assets may be Read More »
What are Restrictive Covenants in employment?
Restrictive covenants (RC), generally, are clauses in a contract that restrict a person’s actions. They can apply to property, in which case the clause could restrict the use of land. However, for the purposes of this blog, we will discuss RCs in employment. RCs in employment are typically meant to prevent former employees from competing Read More »
How important is an attorney’s fee clause?
When writing a contract people usually think that putting in the basics about what they are agreeing to and some standard legal language will cover everything with the agreement. However, most people don’t like to think of the possibility that something may go wrong with their contract and may end up having to take that Read More »