Over the past two decades, we have witnessed the meteoric growth of tech conglomerates such as Facebook, Google (Alphabet), Apple
With the SBA’s release of the simplified PPP Loan Forgiveness Application, business owners are trying to navigate all the available options for PPP loan forgiveness. Here are some common questions with answers according the SBA’s regulations as of October 13, 2020. Please note that the SBA’s requirements and application process for PPP Loan Forgiveness are constantly evolving, thus you should always double check that this information is consistent with the current guidelines provided by the SBA.
As of October 13, 2020, The Small Business Administration (SBA) recently announced a one-page loan forgiveness application for Paycheck Protection Program (PPP) loans under $50,000. This new application streamlines documentation requirements and does not require any complicated calculations as were required on prior versions of the form.
In Florida, there are various laws which prescribe limitations on payday loans. First and foremost, any company wishing to issue payday loans must be licensed. Notably, the additional restrictions under Florida law include limitations on the number of loans you can have outstanding per customer, the amount of the loan, the fees and costs that can be charged, and the collections process if a customer does not pay their loan back.
The formal transfer of an LLC from one state to another is known as domestication. However, domestication is permitted only if both states allow for it. Domestication would be appropriate if you do no longer wish to conduct business in the original state of formation and would like to avoid dissolution and new company formation in the other jurisdiction. Many business owners choose to domesticate when they completely relocate to another state and wish to move their company with them.
After a long thought process and extensive research, you have finally decided to put on your entrepreneurial hat and create your own side business. But in the scheme of all this excitement, you forgot to inquire about all the legal implications involved in creating a side business. In Florida, employees must often abide by several federal and state laws and regulations that can include restrictions about conflict of interests such as creating your own side business.
A special purpose acquisition company “SPAC” is a publicly traded shell company that has been formed strictly for purposes of raising enough capital to purchase an existing company. Also referred to as a “blank-check company,” these development stage companies have no operations and purely rely on funding through an initial public offering “IPO”.
A limited liability company offers limited liability asset protection. This type of asset protection means that the liability is limited to whatever assets the owner has invested in the LLC, essentially, only all business assets. These business assets can include, but are not limited to, initial, investment, or retained earnings.
A non-resident alien cannot own a S-corporation. Only U.S. citizens and permanent residents can. If a foreigner becomes a shareholder in an S-Corporation, it will lose its S-corporation status.
Investing in your new business is a financial risk that many business owners take in order to grow their company. By taking that risk, individuals are forecasting positive return in the near future. Like anybody in the economic market, business owners want to ensure that their companies reach success in the long run.
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