I have been getting a lot of questions about what the minimum percent a second member needs to have in order for an LLC to qualify as a multi-member LLC. The purpose of forming a multi-member LLC, rather than a single-member or solely-owned LLC, is because a creditor’s exclusive remedy with respect to the LLC …
Minimum Percentage to Qualify as Multi-Member LLC Read More »
Some clients are unsure what happens to their Florida homestead if they do not have a will. In some situations, a decedent’s only substantial asset was their homestead. When someone dies without a will they are said to have died intestate. A person’s homestead in Florida generally passes free and clear of any creditor claims. …
People are losing their jobs in Florida from the coronavirus pandemic. The COVID-19 coronavirus has already devastated the Florida economy. The entire tourist and convention industry is effectively shut down, and the restaurant industry is almost shut down too. Because these businesses cannot afford to pay their everyday employees many Florida employees will lose their …
Lost Job from Coronavirus in Florida—What to Do First Read More »
Across Florida, small businesses, business owners, and unemployed individuals will experience financial hardship because of the Covid Virus (COVID-19) . Many individuals are concerned about their ability to pay financial obligations such as credit card bills, mortgage payments, and bank loans. Some people will ask whether the unforseeability of the Colvid virus excuses their inability …
Does Force Majeure Clause Protect Debtor During Covid Epidemic in Florida Read More »
The outbreak of the COVID-19 coronavirus is just beginning, but already it looks like it will substantially damper the Florida economy. Businesses are closing to the public, people are staying home, service and tourist industry employees are being laid off or are having their hours reduced without pay. And health experts warn that the worst …
Coronavirus Effect on Economy Could Increase Need for Asset Protection Read More »
If a judgment creditor obtains a writ of garnishment against a bank all of a judgment debtor’s accounts at the bank will be frozen until a court orders the money to be turned over to the creditor. The judgment debtor may raise objections and defenses to the garnishment based upon the ownership of the account …
A civil judgment rendered in one state is enforceable in any other state under the concept of “full faith and credit.” The U.S. Constitution provides that each state must give full faith and credit to a civil order issued in another state’s court. For example, a money judgment issued in a Georgia court can be …
State Where Collection Takes Place Governs Collection Law and Procedure Read More »
Collection of money judgments is conducted through proceedings supplementary under Florida Statute 56.29. The proceedings supplementary statutes include procedures to remedy the debtor’s fraudulent transfers of personal property. (56.29 (3). Fraudulent transfers are also addressed under a separate statute, Section 726.105. Section 726.110 imposes a four year statute of limitations on fraudulent transfer actions brought …
Fraudulent Transfers Remedy Under Proceedings Supplementary Read More »
Florida law exempts from garnishment earning paid to a debtor who is head of household. Head of household means that the debtor provides most of the support for another person whom the debtor is legally obligated to support. Taxpayers claim as a tax dependent people whom they financially support. Usually, a head of household also …
Head of Household Exemption Does Not Require Dependent Tax Designation Read More »
Technology has made it easier for people to operate a business at or next to their primary residence. Operating a commercial venture on the property where you reside raises issues about Florida’s homestead exemption from creditors. The issue is whether a Florida resident can operate a commercial business on his homestead property without forfeiting homestead …
Florida Homestead Exemption Not Affected By Commercial Operation on Land Read More »
