In most parts of the world, corporate law is vague and it leaves most entrepreneurs and businessmen or business women confused. Running your business and keeping every shareholder, partner, or beneficiary on the same requires a precise and clear operating agreement. During the entire process of setting up a business or managing it, there is little or no time to deal with legal issues that constantly arise and can sabotage your business efforts.
Understanding corporate law or hiring a competent attorney keeps you free of a wide range of issues related to finances, business partnership and acquisitions disputes, taxes, employment contracts, contract negotiations, and litigation.
Types Of Corporate Law
Under Florida law, it is not required for a limited liability company ("LLC") to have an operating agreement. Members of an LLC are free to run the business of the LLC as they see fit but are bound by the limitations and requirements of Florida Revised Limited Liability Company Act ("FRLLCA").
However, the default provisions of the FFRLLCA are, at times, vague and do not necessarily meet the needs of the members of an LLC. Hiring an attorney to draft an operating agreement that is specific to the purpose and needs of the LLC and its members, will promote and can sustain a successful business.
A contract, in any form, is a legally binding agreement between two parties, to do or not to do a certain action or activity. Corporations sign contracts every day whether it’s a new partnership, new deal, new procurement or hiring a new employee.
For any party, it is equally important to fully understand the terms and clauses mentioned in the contract before signing it. The terms that bind the parties can be confusing or may be written in the language of law which is not comprehensible to many people. Most contract disputes occur because of the misunderstanding and confusion between the parties. if you are in this situation, it is always wise to consult an attorney before signing any contract.