The Florida Business Journals recently published an article about LLCs for married couples entitled “How to Divorce-Proof your Business.”
Here at Boyer Law Firm, we have started many corporations and LLCs for married couples and families, and our policies and procedures protect both the business and its members.
When you are creating a business, whether it be with a family member or not, it is important to protect yourself as an individual.
This can be done in different ways, depending on your specific situation.
The most common way is to have a business law attorney draft an Operating Agreement that outlines how units or shares of the company can be bought, sold, or traded. When your corporate documents are being drafted, it is important to really think about who is going to own what percentage of the company and what roles in the company those parties will play.
Additionally, you should create and maintain a separate corporate bank account, not only in the case of a disagreement, but also for asset protection purposes.
A prenuptial agreement or post-nuptial agreement (after getting married) can also be a form of legally deciding who will maintain ownership of the company in the case of a divorce. These types of agreements are legally binding contracts and should be drafted and reviewed by an attorney before you sign them.
If you would like to create a Florida LLC or Corporation or have questions regarding asset protection in business formation, then contact Boyer Law Firm’s Business Law Attorneys today.