A dilemma that occasionally comes up in talking to LLC owners is: We don’t have an operating agreement and now I’m having serious drama and disagreements with the other LLC members. What can we do? What’s going to happen?
Read MoreWhy Should an LLC Have an Operating Agreement?
Your LLC operating agreement will be one of the most important documents your company creates. An operating agreement is like a prenup for your business.
Read MoreThinking About Starting a Florida LLC?
A limited liability company (“LLC”) combines flexibility and tax benefits of a partnership, with the limited liability feature of a corporation.
Read MoreFlorida Companies Governed by Delaware Law: Duty of Good Faith While Negotiating Term Sheets
This post is devoted to Florida companies that are negotiating term sheets, and that have elected to be governed by Delaware law – either at all times through company organizational documents or for a specific transaction using choice of law election provisions within a term sheet for a specific transaction.
Read MoreWhat to Know About a “Pre-Contractual” Duty to Negotiate in Good Faith in Preliminary Agreements such as Term Sheets and Letters of Intent
As wonderful and as helpful as term sheets and LOIs can be as pre-contractual tools for efficiency, it is important to know whether your preliminary agreements could create legal obligations for you – based on the governing contract law. Even though term sheets and letters of intent are usually non-binding in Florida (in the absence of a specific statement otherwise) another duty may still exist.
Read More