Business Ownership

News & Analysis as of

Highly-Protected Secrets: Competitors Try to Keep Legal Secrets in the Quasi-Legal Marijuana Industry

How do you use the law to keep something unlawful a secret? This and related questions arise as more states legalize marijuana for medical use, recreational use, or both. As an illicit industry emerges from the shadows,...more

SAM's New Ownership Disclosure Requirements

The System for Award Management (“SAM”) administrator recently issued a new requirement for identification of your entity’s ownership in order to maintain an active registration in SAM. ...more

3 Reasons Business Owners Could Be Your Best Clients

If you are not currently serving business owners, now might just be the time for you to start. You see, handled the right way, business owners are great clients because…...more

Divorce – Four Business Reasons for a Prenuptial Agreement

With an ongoing Oklahoma divorce case in mind last month Tilting wrote about Tigh A. Knott, his wife Lucy Knott and how a business owner’s divorce can impact his business and affect his partners. The real players were Harold...more

Delaware Court of Chancery Rejects Contemporaneous Ownership Requirement For Creditors Asserting Derivative Claims

In Quadrant Structured Products Co. v. Vertin, C.A. No. 6990-VCL, 2014 Del. Ch. LEXIS 193 (Del. Ch. Oct. 1, 2014), the Delaware Court of Chancery held that when creditors of insolvent firms assert derivative claims, they need...more

Introducing Personal Liability Into Corporate Negligence: An Analysis of the Trek Leather Decision

Are you an owner or officer of a small or midsize business? An import or trade compliance professional? Someone whose job responsibilities include some aspect of the process of importing merchandise into the United States,...more

White-Collar Exemptions: Paying Employees' Wages in Equity, Rather than Cash

The saying goes that “Cash is King.” However, entrepreneurs often quickly learn (sometimes in painful ways) that it is Cash Flow that is really King. Run a quick Google search for “accounts receivable” financing or factoring...more

Personal Responsibility for PA Tax Assessments

Under Pennsylvania law, there are important exceptions to the general rule that officers, employees and owners of a corporation or limited liability company have no personal liability for the business’s unpaid tax...more

‘Transparency and Trust’: Proposed Changes to Company Law in the UK

On 25 June 2014, the Government published the Small Business, Enterprise and Employment Bill. It includes a wide range of measures designed to improve the legislative environment for small businesses and incorporates...more

Michigan Enacts Changes To Administrative Tax Provisions Affecting Audits And Assessments

Michigan has enacted legislation that clarifies and streamlines a number of important tax administrative provisions. The changes affect the Department of Treasury’s ability to pursue and collect unpaid taxes from company...more

The Effects of a Mandatory Register of Beneficial Ownership

Some of the many attractions of the British Virgin Islands (the BVI) for both corporates and lenders are the relatively sophisticated legal system, low operating costs and creditor friendly insolvency regime. In recent times...more

In re Interstate General Media Holdings, LLC, C.A. No. 9221-VCP (Del. Ch. Apr. 25, 2014) (Parsons, V.C.)

In this memorandum opinion regarding the judicial dissolution of a Delaware LLC, the Court of Chancery, ordered the sale of the company in a private, English-style auction, as opposed to a public auction, in order to maximize...more

Deconstructing a Letter of Intent for Business Owners, Part 1

I recently appeared on an episode of the Private Equity FunCast: “The Art (and Science?) of the LOI” to talk deal terms with private equity masters Devin Mathews and Jim Milbery. This well-spent hour got me thinking about...more

The In-House Attorney-Client Privilege

It’s simple—the attorney-client privilege protects from discovery communications between a client and his or her lawyer. It’s challenging—the privilege applies to communications between (some) corporate representatives and...more

UK Government Backs “Transparency & Trust” Paper Recommendations

The UK government has published a response paper largely in agreement with the controversial “Transparency & Trust” discussion paper published by its Business, Innovation and Skills Department in July 2013....more

5 Steps Out of the Entrepreneur’s Inevitable Business Plateau (Part 1)

Like death and taxes, there is one thing about being a legal entrepreneur that is predictable… Your business will plateau....more

Aircraft Transaction Basics - A Business Development Opportunity

This paper will describe the basics of aircraft transactions, including aircraft sale, purchase and ownership issues and how current aviation practitioners can expand their practice area to include aircraft transactions, pull...more

New Lawyers Need to Understand the Business of Law to Succeed in Private Practice

A position in a law firm not only requires performing well for the attorneys you are working for and ultimately the clients, but understanding and embracing the business of law....more

Governor Cuomo Revisits Pilot Program for Private Business Corporations to Own and Operate Hospitals in New York

New York is set to revisit the debate regarding the private ownership of hospitals. On January 21, 2014, Governor Andrew Cuomo released his Executive Budget, which again calls for the implementation of a pilot program ("Pilot...more

3 Things Law Students Can Do Today to Build Their Future Solo Practice

Setting yourself up for a successful virtual law office (VLO) doesn’t have to wait until you graduate from law school. You can begin to build a solid foundation for your future VLO, right now! Here are 3 things you can...more

AG Opines An Owner Operated Business With No Employees Can Be A “Place Of Employment”

One of the California Attorney General’s many responsibilities includes the rendering of legal opinions to state and local officials and government agencies concerning legal questions relating to their offices. Cal. Gov’t...more

Plans for UK Public Register of Company Beneficial Ownership

In June 2013 we provided an update on proposals by the UK Government to establish a more rigorous transparent disclosure regime relating to ownership of UK incorporated companies, including their beneficial ownership. While...more

Despite Ruling Against Business Owner, Ky. Supreme Court Upholds Important Protection for Single-Owner Entities

Most Kentucky business owners know that owning their business through a formal entity, such as a corporation or limited liability company (LLC) has certain advantages. Many also know that to realize those advantages, they...more

Start-Up Raising Capital? Some Common Features of Preferred Shares & Why Some Select Preferred Shares over Convertible Debt

When you start a business and want to attract your first round of financing, Preferred Shares is one product that can be offered to Investors. Many Founders have asked us to explain exactly what Preferred Shares are and...more

California Court of Appeal Makes It Easier to Add Business Owners to a Judgment

Individuals form limited partnerships, limited liability companies and corporations to limit their personal liability. These legal structures encourage entrepreneurs to take risks. The California Court of Appeal, Second...more

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