Dear Clients and Friends, An LOI is often used to provide a memorandum of understanding for a business transaction - but do note the following: Business people who have agreed on the general terms of a deal often sign a “letter of intent” that lays out these terms in writing. … [Read more...] about A “mere” Letter of Intent (LOI) may be a binding contract
Small Business
Employees Are Responsible for Beneficiary Designations
The Federal Employees' Group Life Insurance Act of 1954 (FEGLIA) establishes an $824 billion program providing low-cost life insurance for hundreds of thousands of federal employees. FEGLIA allows an employee to name a beneficiary of life insurance proceeds, and specifies an … [Read more...] about Employees Are Responsible for Beneficiary Designations
Limited Liability Companies-The Best of All Worlds?
A limited liability company (LLC) is a business structure that combines some of the best features of sole proprietorships, partnerships, and corporations. LLC owners, like their counterparts for partnerships or sole proprietorships, report profits or losses on their personal … [Read more...] about Limited Liability Companies-The Best of All Worlds?
Long Arm of the Law
Long-arm statutes permit a court in a particular state to bring within its jurisdictional reach nonresident persons who, by their actions, have had at least such "minimum contacts" with the forum state that it is fair and just to subject them to the powers of a court in that … [Read more...] about Long Arm of the Law
Employers Combat FMLA Abuse
The federal Family and Medical Leave Act (FMLA) gives eligible employees the right to up to 12 weeks of leave per year, which may be taken intermittently for certain specified reasons, including the care of designated family members with serious health conditions. The FMLA … [Read more...] about Employers Combat FMLA Abuse
Arbitration Agreements Can Go Too Far
Strong public policies support the appropriate use of arbitration over litigation in settling legal disputes and, in fact, such policies underlie the Federal Arbitration Act. That said, an agreement to arbitrate disputes is subject to well-established principles rooted in the law … [Read more...] about Arbitration Agreements Can Go Too Far
