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There have been a series of changes over the past year in federal regulations that impact your old LLC operating agreement. Since I see on a regular basis operating agreements that do not incorporate the changes in the regulations, I thought I would mention a key change in this post. With the new regulations there is no longer a “tax matters partner” which you will see in most operating agreements. Instead, the LLC (partnership) must…
Last May we announced that we were a part of a pilot program the Iowa Secretary of State’s office launched for fast track filing of limited liability companies (LLCs) and corporations. I am happy to report that the filing system has worked like an absolute gem. Now it is truly more convenient than ever to get your business formed within the State of Iowa. Our turnaround time for preparing and filing LLCs and corporations…
Let’s get down to brass tacks. The main reason Republican lawmakers in Iowa are looking to change the way Iowa judges are selected is because they want protection for social issues like an anti-abortion bill they hope to pass this legislative session and due to the Iowa Supreme Court decision in Varnum from several years ago where the Iowa Supreme Court ruled that non-religious, civil marriage, is available to everyone. Since Varnum, special interests worked…
A major area of our trial and business law practice consists of non-compete and trade secrets law. We hear all the time from people that believe Iowa is a “right to work” state so that means non-competes are not upheld under Iowa law, right? Wrong. Non-competes are upheld in cases where the scope and duration of the restrictive period is reasonably necessary to protect the employer’s interest as compared to the employee’s interest. Whether the…
A major area of our trial practice consists of trade secret and non-compete law. We hear all the time from people that believe Iowa is a “right to work” state so that means non-competes are not upheld under Iowa law, right? Wrong. Non-competes are upheld in cases where the scope and duration of the restrictive period is reasonably necessary to protect the employer’s interest as compared to the employee’s interest. Whether the non-compete will be…
The Eye of Privacy blog from Sheppard Mullin has a very helpful post for small businesses with links to the Federal Trade Commission cyber guide. The purpose of the guide which contains various modules is to help small businesses address data security threats. This is something all small business owners should have in their toolkit. Gone are the days where where the small business owner says “I don’t need to worry about that.” We’re…
I recently had the distinction of reviewing a franchise agreement for the very first prospective franchisee in a franchise. My review revealed there were still many issues to work out in the agreement and with the system in general to make it reasonable for the franchisee. But the potential opportunity was very intriguing to the prospective franchisee due to the financial success of the underlying business. Sometimes it is difficult to balance the legal issues…
If you’re not a risk taker, you should get the hell out of business. – Ray Kroc I read the above quote today, and wondered, is this true? Do you really need to be a risk taker to be in business? And, if you don’t take risks you should actually get the hell out of business. Because as a business lawyer, our whole being is about reducing risks for clients, not advocating for it. I…
I am excited to announce that I have been a part of a pilot project through the Iowa Secretary of State’s office which now enables our law firm to offer online fast track limited liability company (LLC) and incorporation filing services. Now it is more convenient than ever to get the legal assistance you need in setting up your Iowa business. Not only can you get legal advice you deserve from an Iowa…
On our new Brick Gentry Trial Team Blog I write about how the $500,000,000 settlement Michigan State is paying to the young women sexually abused by Larry Nassar sends a strong message to business and organizational leaders. DO THE RIGHT THING! I know it is a really simple message. But organizations consistently minimize, hide or ignore bad behavior. It is incumbent upon organizational leaders to step up and do the right thing when wrongdoing occurs.…