Startup & Formation

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Boilerplate considerations: when to have an attorneys’ fees provision in your contracts.

Business Transactions & Services, Flat Rate Fees, Intellectual property, Startup & Formation / By

I walked out of the conference room feeling great.  We had just hammered out a settlement dismissing a breach of contract lawsuit against our client.  The settlement terms were fair, and I was especially pleased because, at the time, I thought the chance that these particular parties would come to an agreement was slim.  Then …

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What is a “Low-Profit Limited Liability Company” (L3C)?

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The L3C (Low-profit Limited Liability Company) is a for-profit business entity that, as required under its organizing documents and state law, must have a primary goal of performing a socially beneficial purpose instead of simply maximizing profit.  In addition, an L3C must avoid engaging in certain lobbying and political activities. Otherwise, an L3C is organized …

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Unsettling – Judge Rakoff asks the SEC for an explanation in Citigroup matte

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Securities case on hold as Judge asks SEC to provide a factual basis for their settlement agreement with Citigroup. On October 19, 2011, the Securities and Exchange Commission (“SEC” or the “Commission”) filed a lawsuit against Citigroup Global Markets Inc. (“Citigroup”) in the United States District Court, Southern District of New York. The Allegations In …

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Dispute Resolution Planning for Social or Hybrid Entities

Business Transactions & Services, Flat Rate Fees, Intellectual property, Social Enterprise, Startup & Formation / By

With the uncertainty surrounding new corporate entities such as the Benefit Corporation, Flexible Purpose Corporation, and Low Profit Limited Liability Company, it is important for these businesses to contractually control the dispute resolution process. Legislation acknowledging new forms of business entities called “Benefit Corporations” (enacted in six states California, Maryland, Virginia, Vermont, Hawaii and New …

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