If these company documents, which should include a Florida Operating Agreement or Florida By-Laws, are not properly drafted, it could have serious consequences to the business partners, especially if a business dispute arises.
Legal expenses as a result of litigation and/or divorce between business partners can potentially be prevented or lessened if these Florida company documents are properly drafted because the business contract (in the form of the company documents) should state the procedure in many of these instances.
Additionally, these documents usually have a clause for attorneys’ fees in a litigation matter, which will not be granted by the court unless there is a provision in the contract or in the instance that it is specifically mentioned in the Florida Statute relating to the litigation claim.
Remember, your company documents are a legal Florida contract for a business agreement. It is very important to have these properly drafted to ensure that both parties are aware of their responsibilities and their rights in regards to their ownership or other association with the business.
If you are interested in starting a Florida Corporation or Florida LLC, or if you have already registered your business with the State of Florida and need company documents drafted for your business, contact Boyer Law Firm’s business law attorneys today.