Business Law

The Corporate Transparency Act (CTA) faces legal challenges as the Fifth Circuit Court reinstates an injunction, putting reporting requirements on hold. Learn about the latest developments, court proceedings, and what businesses should do to prepare for potential enforcement.

A dynasty trust is a long-term, irrevocable trust designed to pass on and manage wealth for multiple generations. It allows individuals to transfer assets, such as money, property, investments, or closely-held business interests into a trust for beneficiaries (typically family members) while minimizing estate tax, gift and generation-skipping transfer (GST) taxes and protecting the assets from creditors and potential squandering.

The U.S. District Court for the Northern District of Texas has struck down the Federal Trade Commission's (FTC) rule banning most non-compete agreements. This groundbreaking decision, effective August 20, 2024, has far-reaching implications for employers and employees across the United States.

Passing on your business to the next generation by creating management (how your business will be managed if you are gone) and business succession plans (how your business will be owned) will help you get the most value for your business and hopefully, avoid hurting family and business partners. (Read more...)

Noncompete agreements are legal contracts that restrict employees from working for competitors or starting competing businesses for a specified period and/or within a certain geographic area after leaving a job. These agreements aim to protect employers by preventing former employees from using proprietary knowledge or trade secrets in competing ventures. However, the Federal Trade Commission (FTC) has recently finalized a rule to ban most noncompete agreements nationwide, effective September 4, 2024. This move is intended to promote competition, increase wages, and foster innovation, though it has sparked controversy regarding its impact on businesses' ability to protect trade secrets and make long-term investments in their workforce.

A Management Succession Plan (MSP) is a vital component of your Business Success(ion)™ plan (Business Exit Strategy). A Management Succession Plan (MSP) determines who will run your business if you face an unexpected exit, either by death or incapacity.

WHO can sign contracts for your company? Who can legally bind a corporation? Who is not allowed to sign a contract? Who can sign a vendor contract? The answer depends on how your business is formed and the founding documents your company has in place.