Purchasing a Property from a Foreign Seller? FIRPTA Required!

Don't Get Penalized Red 3D Words Fee Punishment Foul Rule BreakiIf you are purchasing a Florida property, then it is important to know if the seller is a foreign seller. It is also important to remember that all sellers are assumed to be foreign until proven otherwise.

Be careful with the definition of “foreign seller,” as even a single-member Florida LLC may or may not be subject to FIRPTA withholding depending on the tax structure of the entity. An experienced business law attorney should make the determination as to whether or not the seller is subject to a FIRPTA withholding.

If you are purchasing a property from a foreign seller, then a FIRPTA transaction will most likely be involved. There are certain exceptions to the FIRPTA withholding requirement, such as a residency exception and the ability to request a IRS Certificate, but failure to properly adhere to the procedure and timeline could result in large penalties and fines from the IRS.

Although the withholding is taken from the Seller’s funds in order to pay the taxes for the sale of the property, it is the BUYER’s responsibility to ensure the FIRPTA withholding is properly withheld and submitted to the IRS. If this procedure is not done correctly, then the BUYER will be fined and penalized.

Here at Boyer Law Firm, we specialize in conducting closings for foreign buyers and sellers and we have a great deal of experience in conducting real estate closings that include FIRPTA transactions. If you are purchasing a property from a foreign seller, then contact us today!

What Do I Do If My Business Name is Not Available in Florida?

Company LogoIf you conduct business in multiple countries or states inside the United States, then it is important to ensure that your business is properly registered in each of those jurisdictions.

In many cases, the name of your business may be available in one state, but the case may be that your business name is not available in Florida.

If this is the case, then you have the option of registering your business under a different legal name and then applying for a fictitious name, which will allow you to legally market and present your business under the same name you used in the other state. You should hire an attorney to assist you through this process, as there are requirements, such as publishing requirements, that must be met in order to properly register your fictitious name.

If you name is unique and you have a logo for your business, it is a good idea to apply for a trademark or service mark in order to protect the brand of your business.

The same is true for international companies whose business name is not available in Florida.

If you are interested in conducting business in Florida, whether you have an existing business or not, then contact Boyer Law Firm, P.L. today to see how we can assist you.

 

How Can I be Appointed as a Florida Personal Representative?

Florida Personal RepresentativePersonal representatives are required to hire an attorney in Florida.

A Florida personal representative may be appointed in the deceased’s will. If the deceased passed away without a will, then a beneficiary can petition to become the personal representative of the Estate. The Court will appoint a personal representative for the Estate in either instance.

The personal representative is in charge of the administration of the Estate and as such holds a fiduciary responsibility.

A Florida personal representative is required to hire an attorney to guide them through the process, but there are tasks required in the administration of many probates that the personal representative must perform. These may include the obtainment of a safe deposit box inventory, communication with other beneficiaries and heirs if the situation is amicable, and reviewing and signing documents to be submitted to the Court.

If you recently suffered the loss of a loved one and would like to be appointed as the personal representative of the Estate, then contact Boyer Law Firm, P.L.’s probate attorneys today.

Shark Tank Lesson: Your Business Needs a Business Plan

There are many entrepreneurs who think that the purpose of a business plan is to present to a bank to get a loan. However, a business plan has many other functions, including providing you with important information, calculations, and projections for your business.

Dave Alwin, owner of Echo Valley Meats, Inc., found this out the hard way in front of America on the popular television show Shark Tank.

Alwin was not offered a deal the first time he appeared on Shark Tank, even though the investor sharks loved his product. The first time Alwin was on the show, the sharks were concerned that he did not know the numbers of his business, such as customer acquisition costs, profits, and projections.

“You can’t call your business plan bad, because there isn’t one,” said Kevin O’Leary.

“You make a great product,” said Mark Cuban, “but you’re coming in unprepared.”

He was not offered a deal.

However, Alwin took this opportunity to learn. The first “to do” on his list to fix this problem? A business plan!

In the introduction to his second appearance on Shark Tank, Alwin talks about how he dug into his business to discover the true numbers of the business and had the data sent out to be organized into a business plan. When he walked into the tank for the second time, he knew his numbers and was offered a deal.

If you are interested in starting a business or your business is already in existence, then you need to have a business plan in place.

Here at Boyer Law Firm, we assist domestic and international clients with creating business plans for their business, whether it be for an investor’s visa or simply to plan for the next five years of growing their business.

Watch the full episode: