Many people create a new business with 2 owners each owning 50%. When times are good, usually at the start of the business, the equal ownership is generally not a troublesome issue. However, when times get bad, or even when times are good, the 2 individuals may develop different ideas on how to run the company. Without some ground rules on how to resolve these differences, a management deadlock will result. If such a deadlock exists, in the extreme case, one of the owners can request a court to judicially dissolve the company. If sufficient grounds exist, the court will order a dissolution with the company liquidating its assets, paying off its creditors and distributing the remaining moneys, if any, to the owners.
Such liquidation may not be in the best interest of all parties. In that case, one of the owners may use this circumstance to leverage the other owner to buy him/her out at an above-market price. This situation can be avoided if the owners sign an agreement at the outset of the business, or even thereafter, stating, among other things, the rules for breaking a management deadlock and/or for determining the price to be paid in the case of a buyout of an owner’s interest. Such agreement may also include restrictions regarding the sale of the ownership interest to a third party and procedures for handling the death or disability of an owner.
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Spring time is almost here in Florida! It’s time to wipe down the cobwebs and dust off the barbecue and lounging chairs, spruce up the swimming pool, and invite your friends and family over for some good old fashioned food and southern frivolity. Suddenly, somebody is seriously hurt or, even worse, dies as a result of an injury.
An Ounce of Prevention is Worth a Pound of Cure!
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Pursuant to Florida Statute Section 768.79 (1), the Florida Legislature has allowed both the Plaintiff and Defendant the ability to file in the courts of this state what are called Proposals for Settlement, formerly known as Offers of Judgment, to the opposing party. If a Defendant files a Proposal for Settlement which is not accepted by the Plaintiff within 30 days, the Defendant shall be entitled to recover reasonable costs and attorney’s fees incurred by her or him or on the Defendant’s behalf pursuant to a policy of liability insurance or other contract from the date of filing the offer if the judgment is one of no liability or the judgment obtained by the Plaintiff is at least 25% less than such offer, and the court shall set off such costs and attorney’s fees against the award. If a Plaintiff files a Proposal for Settlement which is not accepted by the Defendant within 30 days and the Plaintiff recovers a judgment in an amount at least 25% greater than the offer, she or he shall be entitled to recover reasonable costs and attorney’s fees incurred from the date of the filing of the Proposal.
Florida Statute Section 768.79 (2) requires a) that the Proposal for Settlement be made in writing and state that is being made pursuant to this section; b) must name the party making it and the party to whom it is being made; c) state with particularity the amount offered to settle a claim for punitive damages, if any; and d) state its total amount. Subsection (3) requires that the offer be served upon the party to whom it is made, and shall not be filed with the civil court unless it is accepted.
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I. What automobile insurance is required by Florida law?
Florida Law requires that a vehicle owner (of four wheels or more) purchase a minimum of $10,000.00 of Personal Injury Protection (PIP) and a minimum of $10,000.00 of Property Damage Liability (PDL) insurance.
II. What basic coverage is available to an insured (or qualifying individual)?
Personal Injury Protection (PIP) –minimum of $10,000.00 (with or without a deductible) – REQUIRED Click here to read more »
Rulon Munns is featured in the January/February issue of Central Florida’s Lifestyle Magazine Executive Living (a supplement to Orlando Business Journal). Click here to learn more about Rulon Munns and his faith, family, and work.
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