The year 2010 will go down in the annals of tax history (yes there are those who actually keep track of such things) as a remarkable year. There were lots of changes early in the year, followed by months of the "yo-yo effect" (votes advancing proposed legislation through one house of Congress only to be stalled in the other) capped off with the extension of most of the Bush-era tax changes for two more years and a resolution of the 2010 Estate Tax debacle. [Contact Author]
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Subleasing is a common tool both for tenants who are trying to downsize by becoming sublandlords and for tenants who are seeking temporary space or looking to upgrade the quality of their space or location by becoming subtenants; this is particularly common during a recession. Tenants and prospective subtenants should evaluate the nuances - and potential pitfalls -of these types of arrangements before blindly heading down that path. [Contact Author]
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Since 2001, when Congress changed the federal estate and gift tax law by instituting a system that set the "personal tax credit" at $1 million that amount increased incrementally to $3.5 million by 2009. In 2010 Congress completely repealed the estate tax for the year 2010 but then reverted to the levels in the 2001 law on January 1, 2011. This is a curious statute in need of fixing but in the meantime there are things you should know about how this will impact your estate planning. [Contact Author]
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The terms "record retention policy" and "data destruction policy" are well known, but too few companies have adopted thorough guidelines governing the retention of company data. Most companies would like to have a comprehensive and up-to-date policy, but the task of drafting and maintaining such a policy is often neglected in favor of more pressing day-to-day business concerns. [Contact Authors]
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Developers of software rely on licenses of the software to retain title and impose restrictions on use and further disposition of the software. Some lower courts have held that these software transactions are in fact sales under certain circumstances, thereby permitting resale of the software without the accompanying license restrictions. Recently the Ninth Circuit Court of Appeals issued a significant decision that represents a return to honoring the expectations of software licensors. [Contact Author]
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Businesses choose to form affiliate or subsidiary entities for a broad range of reasons. Frequently, the decision is motivated by a desire to protect a parent company’s assets from the risks associated with venturing into new markets or developing a novel technology or product line. While this is a sound corporate strategy, a parent company must be certain to respect the separateness of its subsidiary or affiliate entities, or the parent risks finding itself liable for the subsidiary’s torts, debts and other misconduct. [Contact Author]
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Acronyms abound in the health care world. You may have recently read about ACOs and the fact that five groups of hospitals, other health care facilities, and major insurance companies in New Hampshire are embarking on a pilot program to form ACOs. The abbreviation “ACOs” stands for “accountable care organizations” and this article introduces the concept. [Contact Authors]
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When a couple announces their engagement, it is a happy time for everyone. After the well-wishing is over, talk inevitably turns to where the couple will live, how they will manage or merge their busy lifestyles and how they will start or merge their pre-existing families. For most, a prenuptial agreement does not cross their minds. However, it is both useful and wise for all couples to consider, discuss and deal with financial styles and issues before marriage. The time when couples are hoping and planning for the best is the best time for them to prepare for the worst. [Contact Author]
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Raising Capital for the Emerging Business, a Sheehan Phinney publication, was recently featured in VCExperts^TM, the ‘go to’ company for expert commentary on best practices by leading professionals in the private equity and venture capital communities. Chapter Three, Seed Offerings, was published in the January e-newsletter VCE Buzz. Raising Capital was written by Sheehan Phinney attorneys, Michael J. Drooff, Alexander H. Pyle and Peter T. Beach. The 3rd edition was published in 2010 to assist start-up and emerging businesses with growth ambitions and the desire to raise capital. [Contact Authors]