Eric CruzIn the last few years, a number of real estate investors have flooded the Tampa Bay market in attempts to take advantage of a slowly improving real estate market. Although some of the major players in local real estate investments are groups of foreign investors, investing through large corporate investor groups,
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Eric CruzWhile most homeowners understand the importance and the role played by the homeowners’ association governing their neighborhood, many don’t understand the seriousness of the obligation to timely pay all assessments due to the association. These are some of the most common misconceptions:
Myth No. 1: The association can’t foreclose on my property
A homeowner’s failure to make timely payments of his association assessments will likely result in the association placing a lien on the homeowner’s property.
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Eric CruzOne of the most often overlooked situations by business partners is the potential of a co-owner’s eventual separation from the business, whether it is a voluntary or involuntary departure.
These situations can be addressed in the governing documents of a business entity, or in a separate document, commonly known as a Buy-Sell Agreement.
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Eric CruzAn important deadline for all business entities in Florida is fast approaching. All Florida business entities must file an annual report with the Division of Corporations by May 1st of each year. Late filings are subject to a late fee of $400.00 in addition to the regular filing fee, which is currently $150.00 for corporations and $138.75 for limited liability companies.
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Eric CruzApplicable Florida Statutes require business owners to file annual reports with the Florida Department of State, Division of Corporations, which include a summary of information regarding the current status of the business entity. This information includes the mailing and principal business address of the business entity, the name and address of its resident agent,
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Eric CruzUnfortunately for many homeowners in Florida who own property with mortgage balances larger than the property’s value, the Mortgage Forgiveness Debt Relief Act (the “Act”) expired on December 31, 2013. The Act once created an exemption from taxation for discharge of indebtedness income when it related to the sale of a qualified principal residence.
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Eric CruzAfter legally forming a new business entity by filing their articles of incorporation or articles of organization with the Division of Corporations, many small business owners believe that they have completed all the steps necessary to operate under their new business entity, and completely ignore many corporate formalities required by statute or other applicable law.
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Eric CruzSeveral states have implemented minimum wage changes that were announced late in November, 2013, and will take effect on January 1, 2014. As employers prepare to complete their first payroll in 2014, it is important that they understand these changes. Florida has announced an hourly minimum wage increase. Effective January 1,
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Eric CruzMany small business owners take the correct first step – after coming up with their business idea, they form a corporation, limited liability company, or other business entity existing within the laws of their state, which they are then able to operate under. But many business owners stop at this first step and do not understand the concept of their corporation or company existing as a separate legal entity or “person” that exists on its own,
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Eric CruzOne of the most common mistakes made by small business owners is not forming a separate legal entity at all, and operating as a sole proprietor. A sole proprietor is a person who is running a business under their own name or a fictitious name, but without incorporating or forming a separate legal entity to operate the business.
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