Deferred compensation plans are used by businesses to compensate and incentivize their employees without offering the employees equity ownership in the business. A deferred compensation plan for an executive allows the business to retain talent by compensating the executive over a longer period of time such as during their retirement. The following are some common …
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Recently, the U.S. Supreme Court ruled that a generic word and .com when used together, such as in the company name “Booking.com”, could be eligible for exclusive U.S. trademark protection. This decision overturned a long standing U.S. Patent and Trademark Office (“USPTO”) prohibition on granting U.S. trademark registration for trademarks that contained a generic word …
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Generally, the majority owners of a closely held (private, non-public) business have certain legal obligations to the minority owners preventing the majority owners from abusing their position and taking certain corporate actions without the approval of the minority owners. For example, in a general partnership where one partner owns 51% of the ownership interests in …
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1. Order of Preference Clauses Many times a contract will reference another contract within its terms and conditions. Examples include Service Agreements which can also include signed Statements of Work, signed Purchase Orders and other documents containing supplemental terms and conditions to a Service Agreement. When reviewing a contract that mentions, includes or incorporates the …
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In general, distributions of property other than cash from an LLC taxed as a partnership are tax-free to the members. This feature of an LLC is one reason why a business operating as an LLC may choose to be taxed as a partnership rather than a corporation. There are five circumstances in which a distribution …
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