General Partnerships, The Way To Go . . . Financially Under

October 30, 2014 on 12:59 pm | In Business Planning, Merger & Acquisition, Neal J. Robinson | No Comments

 

Though the majority of businesses in the United States are sole proprietorships, those of you who read an earlier post know that I recommend, for a myriad of good reasons, that an entity of some kind be placed between a person doing business and the rest of the world. Find an experienced business attorney to help establish your business entity.

In this post, I address briefly the general partnership form of business entity, the only form I consider more dangerous to the financial health of an individual than the sole proprietorship.  Why, you ask?  Because with the sole proprietorship, the sole proprietor is personally liable for the acts of the sole proprietor, the business and the business employees.  In the general partnership, the partners are personally liable for the acts of the business, the employees and each other.  What partners do can be fairly unpredictable, like contracting to purchase or lease things that cannot possibly be paid for out of the profits of the business, or like contracting to do that which cannot possibly be done profitably.

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When Raising Money For Investment Purposes From Any Source, BEWARE

October 30, 2014 on 12:59 pm | In Business Planning, Merger & Acquisition, Neal J. Robinson, State & Federal Litigation | No Comments

Raising money or obtaining other property for investment purposes from whatever source in Virginia, including from family and friends, implicates state and federal law.

Some may have read about the recent action for fraud filed by Andrew Cuomo, the Attorney General of the State of New York, against Ernst & Young, LLP, one of the largest accounting firms in the United States.  Some, noting that this action was not brought under the Securities Exchange Act of 1934, may have wondered from whence the Attorney General’s authority arose.  Authority arose under the Martin Act, a New York law initially passed in 1921, and amended and codified in 1982 in Article 23-A of the New York General Business Law.

What is important for those in the Commonwealth of Virginia attempting to raise money or obtain other property for investment purposes is that Virginia has similar securities laws.  Virginia’s Securities Act is codified in Title 13.1, Chapter 5, of the Code of Virginia.  As with that of the State of New York, the reach of Virginia’s Securities Act differs from, and is more extensive than, that of the federal securities acts.

Ernst & Young

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My Commercial Tenant is gone . . . should I re-enter the Property?

October 30, 2014 on 12:59 pm | In Business Law, Business Planning, John Tarley, Land Use Planning, Real Estate Litigation, Real Estate Strategies, State & Federal Litigation | No Comments

Sometimes commercial tenants, unable to stay current with their lease obligations, decide to close up shop and abandon their leased premises. In those circumstances, commercial landlords need to know their options. This blog post discusses a commercial landlord’s options when a commercial tenant abandons its lease.

MC900185910

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Can an advisor be held liable for the false statements in a prospectus made by another?

October 30, 2014 on 12:59 pm | In Business Planning, Contributors, General Interest, Merger & Acquisition, Neal J. Robinson, State & Federal Litigation | No Comments
Williamsburg Virginia Business Lawyers

United States Supreme Court

Previously we blogged about a pending case before the Supreme Court that had the possibility to significantly increase the liability of persons for assisting in the preparation of a “prospectus.” As of June 13, 2011, the Supreme Court handed down an opinion in that case, styled as Janus Capital Group, Inc. v. First Derivative Traders, No. 09-525 (S. Ct.).

The determination of this case is relevant to accountants and business lawyers who assist in the preparation of documents for the purpose of raising money for investment. The Janus Capital Group, Inc. case presented the question of who may be deemed to have “made” an untrue statement for the purposes of Rule 10b-5, and specifically whether someone who assisted in the preparation of a prospectus could “make” a statement through such assistance. As the result of a 5-4 decision, accountants and business attorneys may breathe a little easier. Continue reading “Can an advisor be held liable for the false statements in a prospectus made by another?”

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Homeowner cannot be forced to join a voluntary HOA

October 30, 2014 on 12:59 pm | In Common Interest Community, HOA, John Tarley, Real Estate Strategies, State & Federal Litigation | No Comments

In a case from the Chesterfield Circuit Court, the circuit court judge determined that a homeowner could not be forced to pay association dues to a voluntary association. This result is not surprising.


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Another Thanks to Construction Law Musings – HOAs and Construction Defects

October 30, 2014 on 12:59 pm | In Common Interest Community, General Interest, HOA, HOA litigation, John Tarley, Real Estate Strategies, Unit Owners Association | 1 Comment

Richmond Construction Law attorney Chris Hill, my friend and colleague, permitted me another opportunity to blog at his award-winning blog Construction Law Musings. Chris is an outstanding Virginia attorney, and his blog is a great source of information on construction law, including the intricacies of mechanic’s liens. You can also follow him on Twitter, @ConstructionLaw.

Chris has a regular feature called “Guest Post Friday” in which he invites other bloggers to contribute to his Musings. For this blog, we wrote a post exploring the statutory warranties, provided in Va. Code § 55-79.79 of the Condominium Act, that require the Declarant to warrant “all of the common elements for two years.”

Here’s a brief excerpt of the post:

When either a commercial or residential condominium development nears the time of automatic transition, the developer and the owners face many challenges. The developer, or “Declarant,” must transfer responsibility for management, enforcement of the Condominium Instruments, and finances, amongst other responsibilities, to the new owner-controlled Board of Directors. With the pending departure of the Declarant, owners can become concerned about possible construction defects with the common elements. This blog post discusses the process and responsibilities under the statutory warranties provided by the Virginia Condominium Act.

Read the complete blog at Construction Law Musings, as well as many other informative posts on Chris’ outstanding blog. Thanks again, Chris!

Thank you

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Get your fence off my property!

October 30, 2014 on 12:59 pm | In Common Interest Community, HOA, HOA litigation, John Tarley, Real Estate Strategies, Susan B. Tarley | No Comments

Clients sometimes come to us with disputes regarding real estate litigation matters involving boundary line and easement encroachments. We provide legal advice and counsel, trying to balance your real estate rights with neighborly harmony, always looking to avoid a lawsuit when possible.

Easements provide a broad range of legal rights and obligations. In a fairly recent Virginia Supreme Court case, Snead v. C&S Properties Holding Company, a landowner blocked access to a validly recorded easement. The easement holder filed a lawsuit, asking the court to order the obstruction removed. The Virginia Supreme Court ordered the fence removed, concluding that “a significant portion of the easement would be rendered unusable for ingress and egress if injunctive relief were denied.”

Common Interest Communities

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Can an HOA prohibit the posting of political signs?

October 30, 2014 on 12:59 pm | In Common Interest Community, HOA, HOA litigation, Land Use Planning, Unit Owners Association | No Comments

Well, it’s that time of year when signs start popping up in neighborhoods as election day draws near. In neighborhoods governed by a homeowner or condominium association, boards of directors are sometimes asked to enforce sign restrictions when one neighbor complains about another’s political sign (and probably, the neighbor’s choice of candidate).

A person’s first response typically is “I have the right to free speech and you can’t stop me from posting my political sign on my property!” However, is that the end of the discussion? This blog post reviews a community association’s rights and responsibilities regarding political signs.

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Update for Limited Liability Companies: What happens to Membership Interest when a Member Dies?

October 30, 2014 on 12:59 pm | In Business Law, Business Planning, John Tarley | No Comments

We blogged about the Virginia Supreme Court case of Ott v. Monroe. In that case, the Court ruled that when a father, in his will, assigned his majority interest in a limited liability company to his daughter, he only assigned a profit interest, not a control interest. Consequently, his daughter did not have the authority to “run” the company, absent the consent of the remaining LLC members.

In its 2013 session, the General Assembly modified the relevant LLC statutes in an attempt to overturn the Virginia Supreme Court’s decision. This blog post examines the new statute, and how it may impact your limited liability company.

Business Deal
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Neighbor Law: Tips for Avoiding Boundary Line Disputes

October 30, 2014 on 12:59 pm | In Construction litigation, General Interest, HOA, HOA litigation, John Tarley, Real Estate Litigation, Real Estate Strategies, State & Federal Litigation | No Comments

Few real estate topics cause more disputes between owners than those involving activities at a common boundary. We have reviewed boundary line disputes involving trees that straddle property lines and fences that encroach upon boundary lines.

A recent Portsmouth case highlights another issue relating to boundary lines.

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