Serving on a corporation’s Board of Directors can be rewarding to both the company and the individual serving. It often provides an opportunity for the individual Director to provide wisdom, knowledge and valuable experience to the company in which it serves. Serving on a corporation’s Board also brings responsibilities and duties. Authority of a Board of Director In North Carolina, …
In a lawsuit currently pending in the United States District Court for the Northern District of Georgia, a Federal District Court Judge ruled in April of 2012 that franchisees may use racketeering claims against Moe’s Southwest Grill. The lawsuit was filed by franchisees who alleged that the franchisor had been taking money from the franchisees through a deceptive kickback scheme …
What Fees Can You Recover for a Returned Check?By James R. VannAttorney at Law If you accept a check from your customer that is later returned for insufficient funds, North Carolina law provides a variety of fees and charges which you may recover. The North Carolina General Statutes provides that a creditor who receives a check which is returned for …
Agreeing to a sales price is hardly the final step in the negotiation process in the sale of a business. Even once the discussions have led a preliminary agreement to transfer ownership of a business at a particular price, the parties to the transaction still might not be on the same page as to what exactly entails “the business” that …
In a recent article entitled “When Mark Met Don” from the Wall Street Journal, the author discusses the benefits of a friendship between Washington Post’s Don Graham and Mark Zuckerberg of Facebook. This article brought to mind how many of our business clients (and ourselves) learn from others. Often times, our business clients derive valuable knowledge and wisdom from others …
In previous years, serving as a board member for non-profit and/or charitable organizations was perceived as prestigious and a great way to give back to the community. Sure, you were expected to attend a few galas and a board meeting every now and then, but it was all doable, feasible, and most of all – monetarily sensible. Now however, in …
As a business owner, how do you classify the people who work for you? Are they independent contractors or employees? The classification is important and can be scrutinized by the Internal Revenue Service (IRS) and others. The distinction between an employee and an independent contractor is important for several reasons. The following are a few areas of importance: Impacts tax …
Right of First Refusal; What Does It Mean?By James R. VannAttorney at Law Often times, business owners want to include a provision for a right of first refusal to buy or sale a portion of a business interest or asset. There can be many variables of provisions for the right of first refusal to consider. In the recent North Carolina Court …
Our lives have been irrevocably changed by technology. We use technology every day and rely upon the usefulness of it. The technology which businesses utilize is normally designed to make work easier, more effective and efficient. As technology advances, so do the minds of those who want to use technology dishonestly or for the wrong purpose. An article in the …
We have all heard the phrase “location, location, location”. Well, according to a July 18, 2011 article in the Wall Street Journal the location of your pending lawsuit could make a difference in the outcome of consumer debt collections. http://online.wsj.com/article/SB10001424052702303365804576433763597389214.html Consumer debt is different from commercial debt but many of the same type issues arise. Most of our cases are …
Preferential Transfers in Bankruptcy: How to Minimize the Preference RiskBy James R. VannAttorney at Law For suppliers of goods and services, nothing may be more unsettling than discovering that a customer has filed for bankruptcy. To add insult to injury, there is a risk that any recently received payment or settlement might be recaptured by the bankruptcy trustee as a preferential …
Planning ahead in business generally creates success. Finding the time to plan and think about your business much less be creative in your thinking and planning can be difficult. But this type of planning is normally profitable in the long run. I recently had the opportunity to speak to a group of business owners about planning for success and protecting …
The North Carolina Business Court tugged on the reins of the Department of Revenue (“DOR”) in its recent case, Delhaize America, Inc. v. Lay. In this case, the Court deemed the DOR’s $1 million tax penalty it attempted to impose on Plaintiff Delhaize (“Plaintiff”) unconstitutional since it ran afoul of both Plaintiff’s due process rights as well as the North …
In the recent case of Meineke Car Care Centers, Inc v. RLB Holdings, LLC, (2011) the Fourth Circuit held that a franchisor could recover prospective damages, including lost profits, from a franchisee. Additionally, such recovery by the franchisor is permitted even when it terminated the franchisee due to the franchisee’s breach of the franchise agreement. In attempting to argue against …
Without a doubt, many of you have come across options to purchase in contracts. What you may not know about them however, is courts may not always enforce them. So what do courts examine in determining whether to validate an option to purchase? The recent North Carolina Business Court case, NRC Golf Course, LLC v. JMR Golf, LLC, offers tremendous …
