International Business Advisory - Consequential Developments Under International Sales Law
The United States is one of 80 countries that have adopted the United Nations Convention on Contracts for the International Sale of Goods (CISG). The CISG governs the formation and interpretation of sales contracts between companies with places of business in separate CISG countries. Although there are many similarities in the legal rules established under the CISG and our homegrown Uniform Commercial Code, there are also some important differences and occasionally some surprises.
By Charles V. McPhillips and International
TILA - RESPA An Overview Presentation - NAFCU Compliance School
Andy Keeney presented TILA - RESPA An Overview to the NAFCU Compliance School on March 13, 2014.
By E. Andrew Keeney and Lender Representation
Private Client Services Update - Good News for Professional Service Providers
Behind every cloud there is a silver lining. The principles behind Treasury Regulation §1.469-2(f)(6) that prevented professionals who owned their offices from using the real estate to either generate passive losses or passive income to offset passive losses now has a new twist. With the addition of the 3.8% Net Investment Income or Obamacare tax on passive income, rental income from many real estate investments is now subject to an additional tax. However self-rental income from a property owned by professionals and leased to themselves for their business is not subject to the tax.
By Ellis H. Pretlow, Robert C. Goodman Jr. and Private Client Services
Transfer on Death Deeds: Additional Probate Avoidance Planning
Effective July 1, 2013, the Virginia legislature adopted Virginia Code Sections 64.2-621, et seq. which authorized the creation of transfer-on-death (TOD) deeds. Under the new law, an owner of real property (identified as a transferor) may execute a TOD deed which will transfer his or her property to one or more beneficiaries effective at the time of the transferors death. The TOD deed does not otherwise affect the tranferors rights to the property during his or her lifetime. Additionally, the transfer at death occurs outside of the probate process.
By Philip L. Hatchett and Private Client Services
Employment Law Update - Winter 2014
It is very important for employers to properly determine whether individuals in their workplace are employees or would more properly be classified as volunteers, independent contractors, or owners. This is because many of the federal laws prohibiting discrimination and otherwise establishing employee rights may not apply if the person in question is not an employee.
By Labor & Employment
Private Client Services Update - What Really is Inherited with a Limited Liability Company Interest?
Limited liability companies (LLCs) quickly have become one of the most effective and frequently utilized ownership vehicles for small business. LLCs are extremely easy and inexpensive to create. Whenever there is more than one member of an LLC, it is vitally important that the parties have a meaningful Operating Agreement in place. Unfortunately, in many instances, there is either no Operating Agreement at all, or there is a form Operating Agreement which does not accurately reflect the parties wishes or intentions at the time they formed the entity together.
By Sarah E. Messersmith and Private Client Services
Credit Union Legal Predictions - 2014
The nationally recognized Kaufman & Canoles Credit Union Team is once again revealing our top predictions or major legal challenges for credit unions in 2014. At Kaufman & Canoles we believe that legal fees for credit unions need to be better managed, controlled and hopefully even reduced.
By E. Andrew Keeney, Brian O. Dolan, Erin Deal, Dustin H. DeVore, Marc E. Darnell, Alfred M. Randolph Jr. and Lender Representation