» Business Law
Business Succession Planning
February 24th, 2025
Most small business owners are justifiably proud of the business they have built or sustained. And they should be! Small businesses, including family businesses, are the lifeblood of the American economy. Many business owners devote their careers to…
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Beneficial Ownership Information (BOI) Update: January 2, 2025
January 2nd, 2025
Amid ongoing litigation regarding beneficial ownership reporting, the Financial Crimes Enforcement Network (FinCEN) quietly updated their website to state the following: “In light of a recent federal court order, reporting companies are not current…
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Categories: Business Law
Accredited Investors in Michigan
November 11th, 2024
In Michigan, the definition of an accredited investor largely mirrors the federal definition provided by the U.S. Securities and Exchange Commission (SEC). Michigan follows federal guidelines for who qualifies as an accredited investor — especially…
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Categories: Business Law
Managing Delinquent Customers Before Resorting to Litigation
August 19th, 2024
“Creditors have better memories than debtors.” – Benjamin Franklin Generally speaking, consumer debts are those debts that arise out of a contract made primarily for personal, family, or household purposes. While these debts can som…
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Categories: Business Law
LLC Membership Redemption vs Cross Purchase
May 9th, 2024
When an LLC member decides to sell their membership interest, there are generally two methods by which the transaction can occur — redemption of membership interest and cross-purchase. Each method has various pros and cons, depending upon your obje…
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Categories: Business Law
What is the Corporate Transparency Act?
March 11th, 2024
The Corporate Transparency Act was enacted in 2021 and went into effect on January 1, 2024 with the aim of improving business activity transparency. It seeks to combat tax fraud, money laundering, and financing for terrorism by providing FinCEN with…
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Categories: Business Law
Oppression of LLC Member
August 17th, 2020
What rights does a limited liability company member have if they are being treated unfairly by the other members of the company? The answer to this frequent problem is found in Michigan statute and case law. The statute MCL 450.4515 provides: A membe…
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Categories: Business Law
Dissolution of a Corporation - Distributions to Shareholders
December 6th, 2015
One of our customers that owes us money sent me a notice that they are dissolving. Can the shareholders of the dissolving corporation take the assets of the corporation without paying us? A dissolving corporation is required to make adequate provisio…
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Categories: Business Law
Covenant-Not-to-Compete or Non-Compete Agreement
November 22nd, 2015
A Covenant-Not-to-Compete or non-compete agreement is enforceable if it protects the employer’s reasonable competitive business interests and it is reasonable in duration, geographical scope, and line of business. A non-compete agreement protec…
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Categories: Business Law
Stock vs Asset Sales
October 11th, 2015
Asset sales are more common than stock sales. The asset sale typically reduces purchaser expose to liabilities of the seller and increases tax deductions for the purchaser. In an asset sale the known and unknown liabilities of the selling corporation…
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Categories: Business Law