Making sure the commercial contract you get is the one you need involves careful attention to detail where an experienced South Florida commercial attorney can provide invaluable input. One of those things is helping you to understand what is – and what isn’t – required by your agreement, and making sure your final agreement is something that matches what you agreed to in your pre-execution negotiations.
That may all seem very easy, but, in reality, it’s often not. As an example, take a look at this case, litigated in Miami-Dade County, that involved two LLC principals. The two businessmen, J.G. and R.A., had been in business together but decided to go their separate ways professionally in March 2016. One of the key entities impacted by that decision was another LLC, “MM,” that the two principals’ respective LLCs owned equally.
To establish a written plan for this break-up, the principals created and executed a Reorganization Agreement. That contract bound the parties to pursue restructuring or liquidation of MM and to pay off an investor who MM owed $80,000. R.A. paid the full $80,000 to the investor with no input from J.G.