Although the concept of a limited liability company has been around since 1977 when Wyoming enacted a limited liability company act, the popularity of the limited liability company has primarily grown during the last 15 years. In August 1994, the Uniform Limited Liability Company Act was adopted by the National Conference of Commissioners in an effort to create more uniformity among state limited liability company legislation ...
By way of follow-up to our January 2011 article on the NC Lien Law Legislation and relevant case law, we want to report two recent developments. On July 19, 2011, the North Carolina Court of Appeals again addressed lien priority issues when it reversed the trial court’s entry of judgment on the pleadings in favor of Preserve Holdings, LLC (which purchased property out of foreclosure in January 2008 from the original plaintiff, Wachovia) ...
Contents To Include: i) Engaging in Activities as a Dealer or Adviser: Am I Required to Register? ii) A Corporation’s Unanimous Shareholder A greement Now Available to its Creditors iii) Invoices of Convenience and Accommodation iv) The Importance of Written Contracts Respecting Intellectual Property or the Art of Leaving Traces ENGAGING IN ACTIVITIES AS A DEALER OR ADVISER: AM I REQUIRED TO REGISTER?Josianne Beaudry jbeaudry@lavery ...
You are the general counsel of a public company and your CEO calls to tell you that the board is thinking about putting the company up for sale. He wants to talk. There are many important considerations for the board and management team when selling a company, and one of those is whether to sell to a financial buyer or a strategic buyer ...
In late August, Hurricane/Tropical Storm Irene ripped through much of the East Coast leaving a wake of storm and flood damage. Parts of North Carolina, Maryland, New York, New Jersey, Pennsylvania, New Hampshire, Massachusetts, Connecticut, Vermont and Puerto Rico have been declared federal disaster areas by the president. The specific counties of each state and territory that have been declared federal disaster areas are available here ...
As an international commercial and financial capital, New York law has traditionally been selected to govern commercial contracts and has served as a venue of choice for the resolution of cross-border disputes. The historic prominence of the state’s judiciary and bar, along with its well-developed, fair and predictable body of law have drawn parties from around the world to select New York law to govern their agreements and to choose New York as the venue for resolving their disputes ...
As a result of OSHA’s recently issued directive on workplace violence, the cops may not be alone in investigating incidents of workplace violence. OSHA is now in the business of policing workplace violence. In the directive, entitled Enforcement Procedures for Investigating or Inspecting Workplace Violence Incidents, OSHA provides its inspectors guidance on their new role – conducting inspections and investigations involving on-the-job violence ...
These days the Ministry of Taxation is leading a crusade against Danish companies that have omitted to withhold tax at source in connection with the payment of dividend or interest to intermediary holding companies abroad. It is claimed that the companies are liable for the tax that has not been withheld ...
Because of a recent decision by the Tennessee Court of Appeals, a bank may not rely as heavily on a Power of Attorney (“POA”) as much as it may have relied previously for immunity to claims brought against the bank by the Grantor of the POA. A bank may now be held liable for transactions made by the Agent, even when the POA grants broad and virtually unrestricted authority to the Agent. Until recently, there appeared to be a conflict in the Tennessee Code ...
Six months on from the Davies report, Women on Board’, how much progress has been made towards the diversity at the top of UK plcs? Women are under-represented on the boards of UK companies. In 2010, only 12.5% of members of FTSE 100 companies' corporate boards were female ...
Entity classification refers to a set of rules used in the U.S. tax system to classify entities for the purposes of the Internal Revenue Code. Once classified, the entity will either be subject to the Code rules for corporations or the Code rules for partnerships. The Canadian tax system, on the other hand, does not have entity classification rules. Instead, the Canadian tax system simply categorizes entities for tax purposes based on their classification under commercial law ...
When a bankruptcy occurs, the creditors play a central role in the administrative control of the bankrupt's estate. In this regard, the Bankruptcy and Insolvency Act 1 (The "BIA") provides that, at the first meeting of creditors, the creditors must, among other things, affirm the appointment of the trustee and give such directions to the trustee as they see fit with reference to the administration of the estate ...
Since our last summary, the Obama Board has taken significant steps to further outgoing Chairman Liebman’s stated goal of bringing the Board “back to life after a long period of dormancy ...
At its open meeting on September 8, 2011, the Commodity Futures Trading Commission (the “CFTC”): announced that it would not complete its rulemaking process for rules necessary to implement the Title VII swaps-related provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) until 2012; and outlined a proposed sequence of rules to be considered during the remainder o
While employers oftentimes wish to monitor the behavior of their employees, which generally is a rightful intention, it is also the employees' rightful expectation for the employer to respect their privacy and personal data. In this article, we provide a brief overview of the most important rules employers must observe when monitoring their employees.Under the Hungarian Labour Code, an employer may inspect the work of its employees ...
Last quarter we focused on claims that can be asserted under the debt collection provisions of the West Virginia Consumer Credit and Protection Act, W. Va. Code §§ 46A-1-101 et seq. (the “WVCCPA”). This article will focus on the basic defenses available to creditors under the WVCCPA ...
On September 14, 2011, the Court of Appeal of Quebec rendered a significant decision in the context of the labour dispute which occurred at the Journal de Québec (the “Journal”) in 2007-2008. This decision sheds some light on the scope of the “anti strikebreaker” provisions of the Labour Code (Quebec)1 ...
Back in 1999, a law was adopted renovating an autonomous regulator and putting in place a modern regime to govern securities and capital markets in Panama, placing the local regulatory environment very much in line with legislation in force in more developed markets such as the United States (including, for example, the creation of the indirect holding system) ...
Panama’s current administration began its tax reforms with Law 49 of September 17, 2009 (Law 49/2009), that was followed by Law 69 of November 6, 2009 (Law 69/2009), Law 8 of March 15, 2010 (Law 8/2010), Law 33 of June 30, 2010 (Law 33/2010), and finally Law 31 of April 5, 2011 (Law 31 / 2011). All were implemented through formal laws and complemented with subsequent reforms in related executive decrees ...
Chilean law allows the creation of security interests over almost all kinds of assets and rights held by project companies, except for certain assets listed in the Civil Procedure Code that may not be attached under Chilean law (eg, working tools and assets employed in services that may not be stopped with serious harm to public transportation or health, household assets, salaries and child support up to a certain amount) ...
The IRS has today released proposed amendments to the Code Section 892 regulations. Code Section 892 is the provision within the Internal Revenue Code that exempts foreign sovereigns from taxation in respect of investment income earned in the U.S. The primary amendments are described below. 1 ...
Order in Council no. 292/2011, published on 8 November, updated the list of countries, territories and regions with clearly more favourable privileged tax regimes ( known as ‘tax havens’) appearing in the earlier Order in Council no. 150/2004 of 13 February. It also excluded from the list two countries that are members of the European Union (EU): Cyprus and Luxembourg ...
Haynes and Boone, LLP’s Immigration Practice Group reminds employers with a need for H-1B petitions that are subject to the annual numerical limit (“Cap-Subject”) that the annual cap for Financial Year 2012 is almost exhausted. United States Citizenship and Immigration Services (“USCIS”) has announced that 49,200 H-1B petitions have been received as of October 28, 2011, fast approaching the 65,000 cap. Further, the separate U.S ...
A bill to amend the Workers Compensation Act was given 1st reading on November 3, 2011. One of the proposed amendments could significantly expand the circumstances where a worker may be entitled to compensation for work-related mental stress. Where the present section 5 ...
In a Bulletin released in March of 2011, we outlined important amendments to the Immigration and Refugee Protection Regulations (“IRPR”) concerning temporary foreign workers ...
