Resources
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From Toothless to Tigers: A Look at State Sales Rep Statutes
“Hey, Adam,” begins many an incoming office call, “the principal who owes me back commissions didn’t remember that our contract says Tennessee law (or Utah, Colorado, New Jersey, Georgia, etc.) applies. I can get triple commissions, right?”
“Well,” begins the formal, technical response to many such calls, while stalling for time. Then, the very first legal phrase taught in law school is invoked: “That depends.”
Many independent reps are familiar with sales rep protection statutes. These state laws are generally intended to help level the playing field with their principals when a commission dispute arises.
Tax Consequences of Terminating Cross-Purchase Buy/Sell Agreement
Question: I am unwinding the cross-purchase buy/sell agreement I have in place with the other 50% owner of my corporation. What are the tax consequences when we receive back from each other the policies of insurance on our lives?
‘Miss-conduct,’ revenge and litigation form a toxic mix at Ole Miss
The University of Mississippi football team will not appear in a bowl game during the upcoming 2017 season.
This punishment, which includes forfeiting millions in Southeastern Conference post-season revenue, was self-imposed in response to a hard-driving and expansive NCAA investigation of the Rebels program.
Protecting Business Real Estate from Creditors and Taxes
Question: I intend to purchase real estate for the business operated by my S corporation. Should I purchase the property in the corporation’s name?
754 Basis Adjustment Upon Purchase of Membership Interest
Question: I am buying a minority interest in a three member limited liability company which owns appreciated real estate. If the property is sold, will I be taxed on the appreciation that occurred prior to my purchase?
A tale of two cases: Prosecutors find nothing beats sufficient proof
Schemes involving lawyers improperly compensating non-lawyer referral sources are all too common and are frequently brought to light in the form of professional disciplinary actions. Far less common are reports of illegal referrals involving physicians and hospitals.
Addressing Estate Plan Needs Upon Divorce
Question: I am recently divorced in Illinois and wondering how my estate plan documents need to be modified as I no longer wish to provide for my spouse.
How to Make the Case for a Smaller Law Firm to Your Board
The list of reasons why small law firms offer big advantages is well known—this is especially true for businesses that are midsized or emerging. But here’s a quick review. With a smaller law firm, seasoned attorneys are the norm, rather than the associates who typically handle day-to-day business for the big law firms.
Salary Continuation Plans For Disabled Shareholders
Question: I own a 50% interest in a corporation and have concerns about what might happen if I become disabled. Can I continue to receive a salary from my corporation if I become disabled?
Determined Sales Rep Recovers Commissions Plus Exemplary Damages from Bullheaded Principal
Most reps hunt for some valuable takeaways when a relationship with a principal ends badly. No hard searching was necessary after a recently completed rep-principal trial in Chicago, where the final count of useful “lessons learned” proved nearly as abundant as the sales rep’s recovery.