Due Diligence Considerations when Buying a Business
Buyers of businesses generally prefer to arrange for an asset purchase transaction instead of purchasing an ownership interest in the target business entity. Why? The primary reason is to avoid exposure to liabilities — both known and unknown — related to the business...
Plaintiff Fails to Convince the Court That Physical Loss or Physical Damage Has Occurred; Virus Clause Applies and Defendant’s Motion to Dismiss Is Granted
Family Tacos, LLC v. Auto Owners Ins. Co. Summary In this business interruption case resulting from mandatory shutdowns to control COVID-19, the court grants a motion to dismiss the plaintiff’s claims. Plaintiff operates two restaurants in Ohio, which has incurred...
8 New Year’s Resolutions for Small Business Owners
Have you compiled a list of New Year's resolutions for your small business in 2022? Resolutions don't have to be limited to your personal life. Consider how you can improve your role as a small business owner in the upcoming year. Of course, everyone's list will be...
In a New York Business Divorce, a Petition for Dissolution Triggers Buy-Sell Agreements
Collins v. Tabs Motors of Valley Stream Corp. Tabs Motors of Valley Stream Corp. (Tabs), respondent and third-party plaintiff, sought to enforce a shareholders agreement through specific performance. This decision addressed only the counterclaim of Tabs against the...
Court Issues Partial Summary Judgment in Favor of Party Alleging Breach of Contract
Paganelli v. Lovelace Background Parties’ agreement. The defendant, and counterclaimant, Richard Lovelace, was an estimator and project manager for Safe Environmental Corp. (the Company). He eventually became a vice president but was not involved in the finances of...
Husband Dissipates Assets by Placing Them in Trusts for the Children, but the Appellate Court Does Not Allow Unaccrued Interest
Mohen v. Mohen The appellate court (AC) vacated the trial court order (TC) that erroneously charged the husband with $4,360,158 in unaccrued interest on marital assets that the husband fraudulently dissipated from the marital estate. This altered the equitable...
Court Denies Motion to Exclude Rebuttal Testimony of Damages
SL EC, LLC v. Ashley Energy, LLC The matter at hand was a motion to exclude rebuttal testimony of Barton DeLacy regarding a sale transaction of a historic steam power plant in downtown St. Louis. For the reasons described below, the motion was denied. Background...
Staffing Shortages Cause Some Employers to Reconsider Job Qualifications
Should it matter whether the pilot on your next flight has a bachelor's degree? Delta Airlines recently asked that question, and management decided to end the requirement for new hires to have a four-year college degree. Although the company still prefers its pilots...
Why Cost Codes Are Critical to Construction Business Success
No matter the size of your construction business, cost codes are essential for tracking where and how you incur project costs. Although a job's overall cost will tell you what was spent and how much was made, it won't tell you why you spent the money or earned that...
In Buyout Dispute, ‘Downward Bias’ Sinks Expert’s Fair Value Determination
Ryan Trust v. Ryan In a bitter buyout dispute involving a thriving private family business and featuring two veteran appraisers, the Nebraska Supreme Court recently affirmed the district court’s decision to unreservedly credit the valuation testimony of the expert...