Business Transactions & Services

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The Document Retention Policy

Overview It is a simple rule that it takes a lot of documents to run an organization. Governing documents, transaction documents, property documents, tax documents, and many more. What happens when these documents start to pile up? How long should an organization hold on to these documents and what should they do with them when …

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The Conflict of Interest Policy

Overview For organizations exempt from income tax under Section 501(c)(3) of the Internal Revenue Code, the most important governance policy the organization can have is the conflict of interest policy. The policy is not only explicitly asked about for every organization in the Form 990 Informational Return but is also asked about in the Form …

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The Letter of Intent

Overview You’ve just shaken hands to buy or sell a business, now what? What are the next steps? How do you take this broad outline of terms and turn them into a binding contract? Typically, after the hand-shake deal is made, the next step is to enter into a Letter of Intent (sometimes also called …

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Types of Financing for Buying a Business

Overview There are many ways to pay for the purchase price during the sale of a business – all cash, traditional financing with a bank, seller financing with a promissory note, or some combination of the above. When discussing the payment options with the other party you should keep in mind that you are not …

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Washington State Passes New Nonprofit Corporations Act!

Overview Earlier this week, Governor Inslee signed into law Senate Bill 5034. Simply put, this law completely overhauls and replaces the current version of the Washington Nonprofit Corporations Act. The effort to pass this law started in 2008 with the adoption of the Model Nonprofit Corporations Act by the Washington State legislature. From there, a …

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Small Business Reorganization Act

Overview The Small Business Reorganization Act (“SBRA”) is a new bankruptcy law, effective February 2020, aimed at opening new protocols to help small business successfully reorganize under federal bankruptcy. Why is this important? Prior to SBRA, struggling businesses had two options in bankruptcy, Chapter 7 and Chapter 11. In short, Chapter 7 is liquidation, and …

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Consolidated Appropriations Act, 2021 and Intellectual Property Part 1: Copyright Law

On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021. Several pieces within that broad legislation affect intellectual property law, including the Copyright Alternative in Small-Claims Enforcement Act of 2020 (the “CASE Act”) and the Trademark Modernization Act of 2020 (the “TMA”). This post highlights the CASE Act and copyright law. Importantly, the CASE …

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DE LLC Franchise Tax

Have you recently received a notice from Delaware requiring you to file a franchise tax? Each year, many Delaware LLCs are shocked to receive a franchise tax notice for their business. Don’t panic! The below article will help answer some of your questions and help walk you through Delaware’s LLC franchise tax process. What is …

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DE Corporate Franchise Tax

Have you recently received a notice from Delaware requiring you to file a franchise tax? Is the tax amount listed a crazy high amount? Each year, many Delaware incorporated businesses are shocked to receive a franchise tax notice for an amount that seems outrageous for their business. Don’t panic! The below article will help answer …

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A New Type of Nonprofit

Rangeland Fire Protection Agencies (RFPAs) are likely not a type of nonprofit you have heard of before. RFPAs are nonprofit organizations composed of all-volunteer private citizens, typically ranchers and farmers, who respond to fires on private and state lands in remote landscapes where there is little to no existing support from federal, state, or local …

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