Getting into a new business venture with friends is exciting, but when the relationship heads south, the fallout is only “exciting” for the lawyers. Navigating a separation is stressful enough, but it can be especially so if you do not understand that certain provisions in a shareholder agreement (corporation) or operating agreement (limited liability company) are not enforceable under Florida law or not applied consistently with common sense.

  • The first culprit, that even some attorneys fall for, is the “no oral modifications” clause.

“This agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto.”