Archive for the ‘business’ Category

South Florida Business News: Week Ending March 6

March 6th, 2010

By Mark Schecter | No Comments »

newspaperJackson Health Plan would Slash 4,487 Jobs

A sweeping plan to close two satellite hospitals and trim nearly 4,500 jobs would still leave a $64 million budget gap in fiscal 2010 for the Jackson Health System, according to a plan presented Friday by President and CEO Eneida Roldan.

However, it would narrow the gap by $165.4 million.

The plan, which would whack employment in the system by 37 percent, was presented to the system’s Public Health Trust board. It would undo an ill-fated venture that saw the agency in charge of Jackson Memorial Hospital acquire two satellite locations in north and south Miami-Dade County. Rather than making money as envisioned, the satellite hospitals were a further drain on profitability.

Read more here…

South Florida Fla. Hotel Cccupancy Improves

For the week ended Feb. 27, occupancy in Palm Beach County rose to 82.6 percent from 71.1 percent one year prior. Occupancy in Miami-Dade rose to 83.3 percent from 75.1 percent. Broward occupancy rose to 85.5 percent from 82.4, according to the latest statistics from Smith Travel Research.

Occupancy across the U.S. was 55.3 percent, up from 54 percent.

The average daily room rate rose in Miami-Dade County, but dropped in the other two counties.

The average rate in Miami-Dade rose 0.9 percent, to $176.40 from $174.80. Broward’s average rate fell 4.5 percent, to $146.14 from $139.54. In Palm Beach County the average rate fell 8.2 percent, to $178.76 from $164.10.

Read more here…

Florida to Receive $27M in Stimulus for Mass Transit

Florida is in line to receive $27.6 million in federal stimulus dollars to improve its mass transit operations, the U.S. Department of Transportation said Friday.

The grants, part of the $7.5 billion the Federal Transit Administration has awarded since February 2009 under the American Recovery and Reinvestment Act, will fund seven projects in Florida.

The Miami-Dade Transit Agency will receive a little more than $5.2 million to purchase three 30-foot shuttle buses, two 30-foot mini-buses for circulator bus routes, bus shelters and operating assistance.

Read more here…

Hire a Lawyer to Negotiate and Prepare Business Contracts

March 4th, 2010

By Mark Schecter | No Comments »

torn-contractWhen you enter into an agreement to exchange goods or services, it is always best to do business with a legally binding contract that unambiguously expresses the terms of the agreement.

Whether you are attempting to purchase commercial real estate or use the services of another business, you should rely on a valid contract that sets forth the intentions and obligations of all parties involved.

What is a Contract?

A contract is a legally binding agreement between two or more parties that’s enforceable by law. In order to be considered valid, every contract in Florida must have 3 essential elements, and they are:

  • An offer
  • Acceptance of an offer
  • Consideration / compensation

Without all 3 of these elements present, a contract is not considered “valid and enforceable.”

Why should you hire a lawyer to prepare and review a legal contract? Why can’t a simple handshake and a verbal agreement suffice?

An ironclad business contract represents the parties’ obligations, compensation, penalties, and other pertinent terms and provisions; and can protect your business interests if or when a breach of contract occurs. Thus, most “big” business deals are sealed with a contract.

The strength of any contract is contingent on the effectiveness of the negotiations process. Having a tenacious business lawyer to negotiate contract terms that express and protect your best interests is the safest way to do business.

Regardless of the nature of your business, doing business with an ironclad business contract can prove to be essential to your company’s success. Now may be a good time to re-evaluate the business contracts you’re relying on.

The business lawyers of Schecter Law specialize in business law and have decades of experience negotiating contract terms, drafting ironclad contracts for small and large businesses, as well as defending and enforcing contract terms.

South Florida Business News: Week Ending February 26

February 26th, 2010

By Mark Schecter | No Comments »

newspaper

Great Florida Bank Wins Foreclosure Lawsuit

The Great Florida Bank based in Miami Lake recently won a foreclosure judgment against the Arden Park, formerly known as Coscan Shefaor, residential project in Hollywood. This 33 acre development was completed by Ventura-based Shefaor Development, and Fort Lauderdale-based Coscan Homes.

The foreclosure judgment was over $33 million in favor of the Great Florida Bank for this delayed project.

Read more…

Business Growth in Palm Beach

According to the Business Development Board of Palm Beach County, approximately 136 jobs will be created by four companies that are either moving or expanding in the area. More than $3 million will be invested as well.

The four companies involved are: The Times Microwave System, GeoGlobal Partners, RoboLabs, and ChemPep. Each company has facilities in the area that will need to hire workers in manufacturing and engineering positions. This is great news for the Florida economy statewide.

Read more…

Orlando Developer Takes Over SoBe Office Building

The SoBe Building is a 62,087 square foot office building located at 1680 Meridian Avenue in South Beach. It was recently purchased by an Orlando-based developer, Real Estate Inverlad Development that has a reputation for their residential projects.

The history on the SoBe building hasn’t been very productive, but there are high hopes that this problematic property will turn around for the better. In 2006, the building was purchased by Meridian Center, LLC. However, a foreclosure lawsuit on one of the company’s properties impacted them negatively.

A $16.7 million mortgage was signed by Key Bank with Meridian in 2007 in order to renovate and convert the construction into condos. Unfortunately, the units did not sell. Meridian recently sold the property to the Real Estate Inverlad Development for $15.8 million.

Read more…

South Florida Business News: Week Ending February 20

February 20th, 2010

By Mark Schecter | No Comments »

newspaperTauber faces foreclosures in Bay Harbor Islands

The are two foreclosure lawsuits pending against Florida developer Irwin Tauber. These lawsuits, filed by MUNB Loan Holdings, include commercial and multi-family properties in Bay Harbor Islands.

The largest of the two cases against Tauber involves Island Club Towers and Royal Club Towers. In a previously settled case, Tauber signed off on new terms agreeing to repay the amounts owed on the construction liens.

Read more here

Estate Home in Pinecrest Facing Foreclosure

Jose Boschetti is a co-developer of Stritter Estates, a residential project in Pinecrest. This project is among many properties in that area that are now facing foreclosure. The mortgage in this case is approximately $8 million.

The First Bank of Puerto Rico has filed an action against Boschetti for the Pinecrest property in Miami-Dade County.  This is the third lawsuit filed against him. Aside from First Bank of Puerto Rico, the City National Bank of Florida and Fannie Mae have also filed foreclosure actions against Boschetti.

Read more here

Is Mortgage Fraud on the Rise?

According to the latest Interthinx’s Mortgage Fraud Risk Report, mortgage fraud is on the rise and more and more people are becoming victims. To many, it seems like everywhere you turn there are con artists looking to take advantage of unsuspecting people.

The report indicates Florida is ranked #4 for mortgage fraud risk. Here’s the order of the top five states with the highest mortgage fraud rates:

  1. California
  2. Nevada
  3. Arizona
  4. Florida
  5. Colorado

Understandably, this is alarming news for first time home buyers, and can undoubtedly contribute negatively to the real estate market. There are steps that should be taken in order to protect yourself from being a victim of these scams.

Read more here

South Florida Business News: Week Ending February 13

February 13th, 2010

By Mark Schecter | No Comments »

City of Hallandale Beach Wins Breach of Contract Case

Arbitrator Lawrence Kellogg, Esq of the American Arbitration Association panel recently ruled that Reuter Recycling of Florida, Inc breached its contract with the City of Hallandale Beach by taking actions which destroyed the essence of the parties’ contract which originally provided that the waste stream generated by four cities would be composted by Reuter to accomplish waste reduction goals.

Damages of $525,000 were awarded to the City of Hallandale Beach. In addition, a counter claim against the City of Hallandale Beach for $2 million was involuntarily dismissed by the Arbitrators at the hearing.

The estimated cost savings to the City as a result of having the remaining term of the solid waste contract terminated is estimated to be more than $1 million.

Read more here

Lennar Homes files Breach of Contract Lawsuit Against Several

Lennar Homes, a Miami-based homebuilder, filed a breach of contract lawsuit against 5 drywall installers in Lee County, a couple of Chinese drywall manufacturers, and several other companies on January 30, 2010.

Lennar sued eight drywall suppliers for product liability and breach of implied warranty, as well as 12 installers for breach of contract and breach of express and implied warranty.

Contractors J.D.M. Builders, Florida Style Services, Ocean Construction, B&B Stucco and Harrell’s Drywall, whose primary place of business is in Lee County, according to the suit, were among about 20 companies being sued along with Taishan Gypsum Co. and Knauf Gips KG, a German company whose affiliate is Knauf Plasterboard Tianjin Co., a Chinese manufacturer, the suit said.

The lawsuit alleges the Chinese manufacturers were negligent and liable for damages because they produced drywall for a dozen or so homes in Lee County that may have been corroded by air conditioning coals, wiring and other copper fixtures.

Read more here

Whether you’re a company contemplating filing a breach of contract lawsuit against others or a contractor being sued, the lawyers of Schecter Law may be able to assist you. Contact our law office today to discuss your matter.

Should you Hire a Business Lawyer?

January 26th, 2010

By Mark Schecter | No Comments »

If you are serious about growing, sustaining and protecting your company, it may be a good idea to consider hiring a business lawyer so you can do business in a more effective and less risky manner.  Without a valid contract, the parties are left disputing verbal agreements and unknown intentions.

Whether your company is involved in the exchange of goods or is service-based, it is built on relationships, agreements and contracts you’ve entered into with others. In some cases, the growth and sustainability of a company is contingent on the terms and validity of said agreements.

Benefits of Hiring a Business Lawyer

When you do business with valid contracts, you reduce the likelihood of having to engage in nasty legal disputes. The less your company spends on initiating or defending contracts, the more you will save on your legal expenses.

Business lawyers are equipped with the legal knowledge and expertise that is required to review, interpret and enforce an existing contract, or create a legally binding agreement that clearly expresses the intent of all parties.

On a daily basis, your business lawyer can handle much more than business contracts. He/she can also make sure your company remains in compliance with the law, and provide other legal services that are essential to the operation of your business.

3 Factors to Consider before you Hire a Business Lawyer

An effective business lawyer can provide legal support throughout all phases of your business; from the initial start-up phase to the resolution of litigation matters. Here are a couple of factors to consider when choosing a lawyer:

1.    Length and Type of Experience

Before you hire a lawyer, there are a couple of steps you should take. First, you should evaluate the lawyer’s experience. Inquire about the length of time they have been practicing law, and also determine if they have experience practicing business law. Have they represented companies similar to yours? Do they provide the legal services you need?

If you are in an industry where legal disputes and lawsuits are common, you may want to consider hiring a tenacious lawyer that specializes in litigation. If you are in the beginning stages of your business, you may benefit from the help of a business start-up and organization lawyer.

2.    Communication Skills

The most effective lawyers are great communicators. And in many instances, you can assess a lawyer’s communication skills from the initial point of contact, before you retain their services. While you’re in search of a business lawyer, it is important that you observe his/her behavior during the pre and post consultation stages. Does the lawyer return your telephone calls and respond to your emails in a timely manner? Did he/she follow up with you after the consultation?

3.    State Bar Association and Peer Reviews

Every state has a local bar association that monitors the lawyers practicing law within the state.
You can contact the bar to inquire about complaints and disciplinary actions involving the lawyer.

It is also a good idea to review what peers are saying about him/her before you decide to retain their services. There are websites like Martindale-Hubbell and Lawyers.com that provide peer review ratings for lawyers throughout the US. Take a moment to review what others are saying before you decide which lawyer is the best fit for your business.

Will Florida Unemployment Tax Increase affect Small Business?

January 21st, 2010

By Mark Schecter | No Comments »

man-job-adsFlorida businesses in all industries have sustained a few significant blows in this economy. The commercial and resident housing markets have been hard hit by lending freezes and plummeting property values, while large and small companies have been forced to layoff and halt hiring.

Today, Florida’s unemployment rate sits at 11.5%, and that’s after reaching a 34 year high of 11.2% in October 2009.

As Florida businesses fight to remain viable they are expecting another substantial blow as the unemployment tax rate has increased, and may result in additional job cuts.

Why is the Unemployment Tax Rate Increasing?

Many Florida businesses are baffled by the recent rate increase and are left wondering why a state, riddled by a high unemployment rate, would impose a substantial tax hike that will likely result in more job losses.

The rate increase can be attributed to recent depletion of Florida’s Unemployment Trust Fund. The fund is set to increase automatically when the state’s unemployment rate reaches a certain level. And, when the rate exceeded 11% in October, the tax increase was triggered in hopes of replenishing the trust fund.

What will the Tax Increase Cost Florida Businesses?

The rate increase, which went into effect on January 1, may be felt by some business owners as early as April 2010, when a portion of their taxes will be due. Under the new tax rate, employers can expect to be taxed on the first $8500 of their employees’ earnings, an increase from $7000 last year.

According to David Daniel of the Florida Chamber of Commerce, the rate change will cost employers an additional $1.2 billion in 2010.

Various factors play a role in determining the exact percentage a business will be taxed, including the amount of unemployment claims filed against the employer by former employees, as well as the number of years the company has been in business.

Opponents of the tax increase are asking elected officials to freeze the tax hike for now, and reconsider it at a time when the economy makes it more feasible for business owners.

“The Florida Chamber is asking the Legislature to set the taxable wage back to $7,000 and to suspend the trigger to increase the unemployment tax rate — and is asking it to act quickly.”

To date, Florida Department of Revenue is moving forward with the tax increase, and can expect to collect substantially more tax revenue from businesses in 2010.

Are you a Florida business owner concerned about how the tax increase will affect your business? Do you plan to adjust your business for the increase?

Florida Corporations Outsourcing to Small Firms?

January 4th, 2010

By Mark Schecter | No Comments »

Over the past couple of years, the legal industry has suffered its share from the ailing economy, and is now facing the repercussions of massive layoffs, under-staffing and budget cuts. The same is true for large and small corporations in Florida as they are also feeling the economic crunch, and are forced to cut back or totally dissolve their legal departments.

As we end 2009 and enter a new year, the legal industry is experiencing ongoing changes and shifts in thinking as new trends in outsourcing begin to surface. Many corporations and legal departments are outsourcing various legal services to solo and small firm practitioners within the boundaries of the United States.

Fulbright Study: Corporate Attorneys are Outsourcing

In an earlier post, we discussed the 2009 Fulbright Study in which corporate attorneys in many countries were surveyed on topics affecting legal departments, and the manner in which they provide legal services.

Amongst other things, the survey results revealed that many of the corporate attorneys are relying on outside counsel, often solo and small firm practitioners, to provide the same legal services in-house attorneys would generally handle.

Approximately 76% of the corporate attorneys indicate their companies outsource certain tasks to outside counsel. And, when asked to rate their satisfaction with the outside counsel’s ability to meet their needs, nearly 90% indicate they are satisfied with the services provided by outside counsel.

Reasons Corporations Outsource to Small Firm Practitioners

Outsourcing is an attractive option for corporations that are trying to reduce their costs, control their spending, and continue to stay on top of their massive workloads. There are several reasons corporations turn to outsourcing. I will address a couple of the reasons below:

  • Small firm practitioners tend to have lower overhead costs and can afford to offer their services at competitive rates; while large firms are often forced to set their hourly rates according to their monthly costs, expenses and total overhead.
  • In many instances, solo and small firm practitioners provide higher quality work product and faster turnaround times as they tend to juggle fewer legal matters than typical large firms.
  • A corporation’s legal department can more accurately estimate their budgets and control legal spending when they outsource to small firm practitioners that offer flat rate and other alternative fee arrangements.

Obviously, the above list of reasons corporations choose to outsource is not an exhaustive list. You can expect more discussions on outsourcing and small firm practitioners in the weeks to come.

In the meantime, I’d like to hear from you.

Are you a corporation considering (or currently) outsourcing to a solo or small firm practitioner, or are you a practitioner providing legal services to large corporations? How is it working for your corporation or small firm?

Top Commercial Litigation Posts for 2009

December 31st, 2009

By Mark Schecter | No Comments »

As 2009 comes to an end, we thought it would be a great time for us to share with you our top posts published this year. These posts were chosen because they generate the most traffic, comments or both. In 2010, we plan to provide more thought-provoking, informative and engaging content through our commercial litigation and real estate blog.

Here are our top blog posts for 2009. Enjoy!

3 Essential Must-Haves for Every Florida Business Contract

Do you have a Breach of Contract Case?

Common Defenses to Florida Breach of Contract Claims

Four Reasons Every Corporation Needs a Business Lawyer

The Demise of the Billable Hour: What does it Mean for Corporate Counsel and their Clients?

Four Common Legal Structures for New and Existing Businesses

Five of the Most Common Attorney Fee Arrangements

HAPPY NEW YEAR from Schecter Law!!

Florida Ranks in the Top 10 for Entrepreneurs

December 1st, 2009

By Mark Schecter | No Comments »

The Small Business & Entrepreneurship Council is known for its annual index that ranks the states across the United States on laws and policies that affect small business and entrepreneurs.

The 14th Annual Small Business Survival Index was recently released and revealed some great news for new, old and aspiring small business owners and entrepreneurs in Florida.

When compared to the other 50 states and D.C., Florida ranks 6th most friendly to entrepreneurs. Other states in the top 10 include South Dakota, Nevada, and Texas. The states that are ranked least friendly to entrepreneurs and small business include New York, New Jersey, California and D.C.

What does the Small Business Survival Index take into consideration?

The council considers a broad range of public policies that affect the way entrepreneurs do business, including property rights, health care costs, government spending, and all types of taxes – property, personal and corporate income, health insurance and unemployment taxes. The states are ranked according to how they measure up when compared to other US states on these public policy issues.

If you’re a small business, budding or seasoned entrepreneur in the Florida you may want to review our other posts:

Other resources you may be interested in: