Broward County, Florida, has released a recent update on their new record keeping procedures. Effective January 1, 2015, Broward County will no longer assign Book and Page numbers to the documents being recorded. The new record keeping procedures will be done through an “Instrument Number” which is how the documents will be found if searched in their database. They do make an exception for large format documents. See Broward County’s Memo for further information.
Source: RTT Instrument Number Memo
A Florida company based out of Tallahassee, Florida, has been attempting to convince new business owners who have recently formed a new corporation or LLC, to send money by exaggerating to be involved in a vital step in the business formation process. This “company” has gone by other aliases such as the “Florida Center of Corporation,” and now currently operates under “United Business Services”
In the letter it states: “You have one step left to receive your Florida Certificate of Status”, they are instructed to complete their filing by filling out a stub and to “mail back to the corporations center with your payment of $47.00 (some recent mailings have said $47.99 or a similar amount) to complete your articles of organization certificate.” We urge caution because the correspondence is made deceptively like it is coming from a government agency. And note in the image here, that in very fine print, it states that “This is not a government agency.”
We classify this as an inappropriate deception of the Florida Department of State services because the only service United Business Services is providing is to obtain a Certificate of Status (or good standing) from the Secretary of State of Florida. The state only charges either $8.75 (for an INC) or $5 (for an LLC) for this. Furthermore, when we checked the address for the company, it came up as an empty office space which is available for rent. The company came up in no searches affiliated with that address, or any other.
If you have any questions as to the legitimacy of these letters, do not hesitate to contact your Florida Business Law Attorney as soon as possible.
Regardless of the size of a company, whether a small business or a large one, it should comply with its state law record-keeping requirements.
Here is a list of some of the important corporate documents to maintain:
– A copy of the corporation’s articles of incorporation or organization;
– Corporate bylaws or operating agreement;
– Organizational minutes;
– Annual reports;
-Minutes from any shareholder meetings;
-Maintain an updated list of all executives, employees, etc;
-Accurate accounting records; and
-Important Financial statements.
For a year-end business check-up, contact your Business Law Attorney today!
On Thursday November 14, 2013, our very own Attorney Gulati participated in the North East Indo-US Chamber of Commerce Legal Panel with five other leading attorneys in the area. After a successful panel, she was presented with an Appreciation Award.
If you missed the event, here are a few questions she answered on the panel:
What are some common mistakes immigrant small business owners make?
- Do not plan to protect their assets
- No business plan
- No budget
- Did not get an attorney to review contracts before entering into them
- Such as leases, confidentiality agreements, vendor, phone contracts, etc
- Tax issues- did not seek advice from a CPA
- Not getting the correct or required licenses
- Starting with large amounts of debt
What factors should a home-buyer consider before purchasing a home or investment property in the current real estate market?
- What kind of property are you looking into
- Do your due diligence of the property and make sure it is outlined in the contract so you have ways to get out if there is something not favorable to you. i.e. Make sure you have contract contingencies in place.
- Location- such as attractions, school district, community resources, this also helps resale.
- Have a plan and exit strategy
- How are you financing the property
It was also our distinct pleasure to have Attorney Gulati discuss the FIRPTA requirements for foreign Sellers on November 15, 2013, at the North East Florida Association of Realtor’s- Global Business Council. If you would like more information on this presentation or a copy of the PowerPoint discussed, please contact us.
To join any of these great organizations please e-mail us for more information.
According to the Jacksonville Business Journal, Jacksonville was placed in the top twenty “best markets” for single-family rental investments in RealtyTrac Inc.’s “20 Best Markets for Buying Single Family Rentals” list.
“RealtyTrac came up with the list by analyzing median sales prices and average rental rates for three-bedroom homes and using that data to calculate capitalization “cap” rates and average cash flows.”
That being said, other Florida cities made the list also, including:
- Palm Bay
- Port St. Lucie
Gulati Law can assist you with the purchase or sale of your property, as we have an affiliated Title Company that offers title insurance and many other services for real estate investors, purchasers, or jobbers. If you are a real estate investor, or a first time home buyer, contact us today, our Attorney is not only a licensed Florida Real Estate Agent, but also a Florida Real Estate Attorney.
Source: Jacksonville Business Journal