How to conduct a healthy, happy, and harmonious board meeting
In order to run an effective board meeting the board needs a plan and a clear purpose. Efficiency is key and creating a plan and sticking to it can achieve this. Generally, the requirements for a meeting can be found in the by laws or the articles of incorporation. If the documents are silent, the Florida Statutes provide default procedures. Consider the following elements and you’ll be well on your way to conducting a healthy, happy, and harmonious board meeting. Notice Quor
Tips for collecting delinquent HOA fees
Non-payment of HOA fees can be quite the nightmare. Failure to recover HOA fees is not only detrimental to the HOAs budget but it can scare creditors away. Some creditors won’t make mortgages if too many homeowners are behind on their HOA payment. It is in every homeowners’ interest that fees be paid on time, otherwise the HOA may be forced to impose special assessments, increase fees or fine homeowners who fail to pay. Enforcing payment can be tedious, below are a few tips t
HOAs vs. Condo Associations
The main difference between an HOA and a Condominium Association is ownership. In an HOA the homeowner owns the lot and the HOA owns the common areas. In a Condominium Association each unit is owned by a unit owner and the common areas are owned jointly by all unit owners. In an HOA homeowners are responsible for maintaining their individual homes, this allows for lower fees. In the majority of HOAs each owner pays an equal share for the upkeep of the common areas resulting i
What is a Homeowners' Association?
A Homeowners' Association (HOA) is an organization that makes and enforces rules within its jurisdiction. The HOA is formed by planned communities, usually comprised of single family homes, multi-family homes, mobile homes and condominiums. In Florida, an HOA is a not-for-profit corporation responsible for the operation of the community. Membership in the HOA is generally a requirement when purchasing property within the HOA. The HOA provides the rules and regulations for the
What is an LLC?
An LLC is a relatively new business structure allowed by state statute, it is essentially a partnership that enjoys limited liability similar to a corporation. Members in an LLC may include individuals, corporations, other LLCs and foreign entities. LLCs are easier to maintain than corporations because there is no requirement that decisions be authorized by a formal vote of a "board of directors" or that such authorizations be documented in a "minute book". The members of an
Tech Start-Ups: Choosing a legal entity
Choosing a legal entity for your tech start-up is a tricky decision. S-Corps, C-Corps and LLC’s differ in structure, governance, taxation, fundraising, ownership, and employee compensation. Evaluate your company’s goals, for example, will you have foreign investors? Your goals will determine which legal entity best suits your business. C-Corps are favored by outside investors. This is mainly because C-Corps can issue separate classes of stock allowing for various protections
