America is in the midst of a retirement savings crisis. Many people are not saving enough to replace their income in retirement, and some have no money saved for retirement. Employer-sponsored retirement plans enable people to save for retirement, but many private-sector workers do not have acces...

All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, should hold regular meetings in accordance with their governing documents. What Is the Purpose of a Corporation's Annual Meeting?...

Assets, liabilities, and equity, oh my! These are accounting terms that every small business owner should be familiar with. They are included on a business's balance sheet, providing a snapshot of financial health. A balance sheet shows a company's assets and liabilities at a given time and how ...

Over time, your business can undergo significant changes. What may have started as a humble, one-person operation can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your business shift, an accompan...

Due diligence is the process of obtaining and verifying information about a company or person in preparation for a business transaction, such as an acquisition, merger, or potential new business partner. Generally, due diligence provides information about the company being considered for purchas...

I frequently encounter the question, "how much should my estate plan cost?" It's a valid inquiry, and I want to provide a clear answer. However, it's crucial to acknowledge that there is no one-size-fits-all solution for every individual or family. Beware of any lawyer who quotes a plan's cost vi...

Here's why you may not want to “shop around” for an estate plan, and how you can ensure you get the most efficient and affordable plan possible for your family without shopping for an estate planning lawyer the way you may think. First and foremost, getting estimates assumes you understand exact...

What Every Business Owner Should Know Cash flow measures how much cash is flowing in and out of a business. A positive cash flow is one of the strongest determinants of a business's success. It shows that a company can fund its debts and pay for immediate needs such as equipment and staffing, an...

The limited liability company (LLC) is a popular entity structure among small business owners that provides governance and taxation flexibility and shields personal assets from business liabilities. To enjoy the benefits and legal protections of an LLC, however, owners must register their compan...

When you started your limited liability company (LLC), the last thing you probably had on your mind was ending it. Many LLCs are created for specific purposes, however, and when that purpose has been served, its members may think about winding up the company. LLCs may also terminate due to member...

Starting a business involves a certain amount of inherent risk. There are no guarantees that the founders of a company will get along, a product or service will sell, or market conditions or competitors will not create unforeseen problems. While entrepreneurs must be willing to take a leap of fa...

Transitioning from being an employee to being self-employed is a goal of many American workers, and a growing number of workers have realized their goal in the wake of pandemic-related economic disruptions. Individuals often cite taking control of their career as a top motivating factor for bein...

When forming your business, you may choose to structure it as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each type of structure offers different levels of asset protection and affects how much you pay in taxes. But owners can exert further control over th...

The series limited liability company (LLC) is a type of business structure that allows a group of subunits called series to be owned in a tiered structure. At the top level is the “parent” or “umbrella” LLC. Below this are one or more “series.” Florida does not recognize “series” LLCs. pursuant ...

Considerations before Becoming a Minority Owner Becoming a minority owner in a business can give you the opportunity to help a business grow and share in its success without the management responsibilities. Minority owners may be brought in to facilitate growth, perform acquisitions, or achieve ...

Starting a limited liability company (LLC) takes a lot of work. Before you serve your first customer or fulfill your first order, it is important to complete the initial business formation process. Although starting a business is a significant achievement, small business owners must keep your bu...

  The limited liability company (LLC) is a popular business structure that offers liability protection and avoidance of double taxation. Trusts are popular asset transfer vehicles that allow you to avoid probate and keep assets out of the hands of creditors. By placing LLC membership interests i...

Absolutely! Succession planning in Florida is an often overlooked aspect of business ownership. This is a problem because it creates unnecessary risks. When key employees leave the business for whatever reason, the business can be detrimentally affected and go downhill quickly. But with a succes...

  Prenuptial agreements in Florida often have a bad reputation and are frequently misunderstood. They can be important tools to use to protect yourself and your assets going into a marriage. What's more: they offer transparency, and that's a good place to start a marriage. ...

The LLC is a popular way to structure a business because it provides personal liability protection to the members-- like a corporation does to its shareholders--but without as many administrative formalities. But if you're an LLC member, don't let this lull you into complacency.  As a business o...

Starting a new business can seem overwhelming – especially when you're doing it alone.  Creating a business plan will allow you to refine incomplete ideas, address areas you may have not yet considered, create a map so you know what to do next, and increase credibility for bank loans or investor ...

Many different situations can lead to a business sale or purchase. A company's owner or partner may want to transfer ownership through a business succession plan. An entrepreneur may want to purchase a business that is already in full operation rather than start their own business from the ground...

Entrepreneurship has been called the new American dream. Hanging a shingle starts with an idea that develops into a business plan, but not without careful financial and legal considerations. Among the decisions that new business owners grapple with is whether to form a limited liability company t...

Have a great business idea in Florida that you need to put into action? Over the last few decades, startups have taken over, and some of the best are not limited to tech startups. They are in every industry, from health (e.g., Devoted Health) to consumer and retail (e.g., Juul Labs), e-commerce (...

An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. However, in this age of technology, it is important to remember to include your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartpho...