Author: mP@

Thinking about buying a business and becoming a first time commercial owner in Florida? Look no further than Reinfeld & Cabrera, P.A. as we have put together a quick guide of basic advice and information that you will need when buying a business and becoming a first time commercial owner in Florida.

The Florida Business Corporation Act (FBCA) is massive legal ‘instruction manual’ that many first time commercial business owners in Florida find confusing at best. Add to this the Sarbanes–Oxley Act (SOX), and buying a business and becoming a first time commercial owner begins to look more than overwhelming.

To put your mind at ease leave the complicated legal jargon to professionals like Reinfeld & Cabrera, P.A. and take a look at the top tips that many first time commercial business owners in Florida wish they had known before buying a business.

1. Select and prioritize: Managing multiple business enterprises at once will inhibit your effectiveness and productivity. Focus on one thing, perfect it, and build on that.
2. Do what you love: A business developed around something that you are personally interested in will stand a greater chance of success. Maximize on your strengths and talents. You will shine.
3. Be concise in your pitch: 
Always be ready to pitch your business. However keep it to the point and remember less is more.
4. Do not be a know-it-all: Know where your knowledge lacks and revert to advisors and mentors who will fill in the gaps and assist you in becoming a better businessman.
5. Be frugal: Learn to manage your cash flow effectively. Consult with mentors and advisors. Make sure you have a handle on your expenses and income.
6. There is no such thing as the perfect plan: Making mistakes are all part of the adventure. The ability to learn from your mistakes is what will mould you into a successful businessman.
7. Know when it’s time to quit: If your business doesn’t work out don’t panic. Reflect on the pitfalls and mistakes and use them to guide you in your next business venture. Just remember failure is to be expected, but a true entrepreneur will overcome hardship.

While this is not a definitive list of advice, these are 7 tips to get you started.

With all the legal protocol surrounding buying a business and becoming a first time commercial owner in Florida, it is essential that you choose attorneys who will look after the best interests of you and your new business while providing your company with outstanding representation in the commercial world. Choosing attorneys, such as Reinfeld & Cabrera, P.A. allows you the peace of mind to focus on the things that have inspired you in buying a business and becoming a first time commercial owner in Florida.

A contract is one of the most frequent legal transactions that you will be involved in at any one point in your adult life. No matter what situation you find yourself in that requires a contract, having a basic understanding of contract law is crucial in building solid agreements that will be legally enforceable should a disagreement crop up.

In a nutshell a contract is an agreement that is legally enforceable between two or more parties. The word party includes an individual person, company, or corporation. Contracts made in Coral Springs are governed and enforced by laws in Florida. With this basic definition in mind here is a run down of the overall benefits of having a contract.

Having a watertight contract leaves you open to get right in and do the job itself without worrying about all the legal issues. A few of many benefits of having a contract include; protection for both parties should a dispute arise; ensuring that the agreement entered into by parties is fair; and that all details of the agreement are explicit – this includes that all definitions are stated and agreed to by all parties to the contract. In other words making sure that everybody is on the same page. Therefore if things do go wrong it is always a good idea to have all your bases covered and to make sure that the relationship between both parties is clearly defined in a contract.

A further benefit to having a contract drawn up is that written agreements are far easier to put into effect and enforce than verbal agreements. A professionally drafted contract will be a physical reference point that you can revert to in moments of need. Moments of need include; disputes between parties; recalling important details; or a means of orientation for newcomers to the agreement.

If all of the above factors have still not convinced you that a contract is nothing but beneficial then perhaps the idea of you being the master and commander of your agreement will grab your attention. If you don’t have a written agreement local and state laws will dictate some of the rules for your agreement. If a dispute arises which has not been covered by a written contract, the issue may be taken to court to be resolved. This could leave you on the short end of a very costly stick.

So, under what circumstances do we recommend that you make use of a contract? From rental agreements, business partnerships, and employment contracts, to contracts of sale, prenuptial agreements, and wills, the list is truly endless.

The laws governing contracts in Coral Springs can become overwhelming however, experienced attorneys, such as Reinfeld & Cabrera P.A. are always here to help you.

The process of business formation can be a highly complex and overwhelming endeavour for a first time business owner as well as for a seasoned business professional. Florida has the fourth largest population in the country which serves a thriving business community made up of some of the largest U.S. corporations as well as a multitude of small businesses. At Reinfeld & Cabrera, P.A. we want to guide you through the steps of business formation as quickly and painlessly as possible in order for you to begin reaping the benefits of being a business owner in Florida.

When considering business formations, here are a few steps to break down the process for you:

1. Naming your business – choosing a name for your business is crucial. When incorporating, the name of your business has to be unique. In other words, no other company can have the exact same name.
2. LLC or Corporation? – deciding whether your business should be a Limited Liability Company or a corporation depends largely on the business owner and their personal preferences for running their business. However, this decision should not be taken lightly as there are many financial and legal implications of both entities. Attorneys, such as the ones at Reinfeld & Cabrera, P.A., can offer sound professional advice and guidance when it comes to making the best choice for you.
3. Articles of Business Formation – once you have completed the first two steps, you will need to file the articles of incorporation with the Florida Department of State to legally create the entity. There are many requirements when filing these forms and the experienced attorneys at Reinfeld & Cabrera, P.A. can be of great assistance when dealing with this.
4. Obtaining your FEIN – next, a request for a Federal Employer Identification Number (FEIN) from the IRS may need to be submitted. The decision whether or not to obtain a FEIN relies on if your business formation is a corporation or a LLC. If it is former, a FEIN will definitely need to be obtained. However, if it is the latter and there is only a single owner of the LLC, the choice is up to the business owner.
5. Licences – there are many licenses which need to be properly acquired before a business can operate legally. These may either be a business license/occupational license or business tax receipt. They need to be registered with county in which your business operates and it is best to check with an attorney or your local tax collector’s office to see what your county requires.
6. Banking – lastly, a bank account will need to be opened up in the businesses name and all monies coming in or going out of the business will have to be through this account.

Consulting an experienced attorney such as Reinfeld & Cabrera, P.A. will simplify this complicated process of business formation, enabling you to enjoy the fruit of your labour and see your business flourish.

If you need to collect on a business debt for your company in Coral Springs, commercial litigation attorneys can help. We understand that an unpaid debt could make a very big difference to a small business…even the difference between making a profit and suffering a loss.

It can be a difficult process to collect on a business debt that has remained unpaid for a long period of time. In some cases, commercial litigation attorneys will need to represent your Coral Springs company in court. But before the situation goes to the litigation stage, there are ways that attorneys can help you try to collect your business debt.

You may instinctively recognize some customers who have unpaid bills as those who want to pay but are having money issues or those who are trying to delay payments. For these type of customers, you may be able to arrange for partial payments until the debt can be paid in full. You may also want a proper contract written to ensure enforcement of those rights as well as a judgment personally against the person who is in debt. If you suspect that a customer, who has the means to pay their bills, is doing all things possible to avoid settling the debt, you may want to contact your commercial litigation attorneys in Coral Springs.

The commercial litigation attorneys at Reinfeld & Cabrera, P.A., in Coral Springs, will represent your company’s interests in situations where accounts receivables are owed. In addition to seeking the amount of the debt owed under contract, we can also help you recover attorney’s fees and interest in some situations.

Don’t hesitate to consult with commercial litigation attorneys in Coral Springs. Don’t let an unpaid debt hurt your small business. Let us help you collect the debt and help you better prepare for handling this type of situation in the future.

You need to have commercial litigation attorneys lined up if you own a business in the Coral Springs area because having experienced commercial litigation attorneys working for you will actually help you to avoid litigation in the future.

The commercial litigation attorneys at Reinfeld & Cabrera, P.A. in Coral Springs recognize that actually taking a commercial matter to court can be very expensive and very time consuming. It is generally best for all parties to find a way to avoid litigation and settle the dispute before going to court. Our commercial litigation attorneys try to find ways to reduce any future litigation risks for our clients by using several means at our disposal. But when disputes arise, we will help you manage these issues.

Resolving legal matters before going to court can be done in different ways. Your commercial litigation attorneys will first try to negotiate on behalf of your business in Coral Springs. If negotiation does not work, we will then try different forms of alternative dispute resolution (ADR).

Our commercial litigation attorneys in Coral Springs will try, when it suits your specific situation, conciliation, mediation or arbitration as forms of Alternative dispute resolution. Conciliation involves both parties meeting separately with a conciliator who tries to resolve issues between the parties, while mediation involves a third party mediator assisting the two parties to try to reach a settlement. Finally, our commercial litigation attorneys may try arbitration to resolve the matter, which involves a third party adjudicating and issuing a binding decision in order to resolve the dispute.

If both negotiation and alternative dispute resolution fail, then your commercial litigation attorneys in Coral Springs will proceed to court, generally over an issue such as contract disagreements regarding the two parties’ obligations. Don’t wait until you have a commercial litigation matter to handle. Have commercial litigation attorneys try to reduce your future risk before the need to go to court arises.