Although the American banking system is hardly a model of straightforward simplicity at best (at least five primary federal regulators, depending upon the type of bank or whether a savings institution is involved, and not forgetting credit unions, let alone the 50 state bank chartering and regulating authorities), one area of almost impenetrable opaqueness has been the issue of when one company “controls” another company under the Bank Holding Company Act or the Home Owners’ Loan Act (sometimes called the Savings and Loan Holding Company Act).» Read More
Norris McLaughlin, P.A., is pleased to present an educational seminar for business owners addressing the legal issues related to expanding your business beyond New Jersey. Now that your company is ready to expand into other territories, it is essential that you focus on legal issues that can impact your business.» Read More
On June 16, 2016, the Financial Accounting Standards Board (“FASB,” the private, non-profit body which sets and revises Generally Accepted Accounting Principles), adopted a new accounting standard applicable to lenders, primarily banks. The new standard, “Current Expected Credit Losses” (CECL), is to take effect at the beginning of 2020.» Read More
Done manually or via automated processes, “web scraping” involves gathering large quantities of data from the internet and storing it in a highly-organized structure that is formatted for efficient analysis and repurposing. Even free automated tools available have the capability to download almost all of a website’s content and save it in a structured format like Excel or HTML, all while automating changes in IP addresses (akin to the virtual version of changing physical location) to avoid detection by companies attempting to block web scraping bots. » Read More
About two years ago, we posted a short series of articles discussing New Jersey’s “Benefit Corporation” statute (N.J.S.A. 14A:18-1, et. seq.). See PART Iand PART II. Although it was enacted in 2011, we still have not seen much interest in Benefit Corporations (or “B‑corps”), particularly in New Jersey.» Read More
Does your small to mid-size enterprise or start-up company handle the personal information of European Union (“EU”) citizens? Do you have plans to expand your business to handle a wider range of customer personal information in the future? Listen up, because missteps in complying with data privacy laws have huge consequences.» Read More
Congress passed the Fair Access to Investment Research Act of 2017 directing the SEC to adopt a rule that would provide a comparable safe harbor for the publication of research reports on “covered investment funds” by unaffiliated broker/dealers so long as certain conditions are met. » Read More
The concept of an earn-out is not new or unusual in the M&A universe. In fact, it is frequently described as a way to create a bridge between a buyer and a seller relative to the agreed value of the seller’s business. » Read More
In 1975, President Gerald Ford, by Executive Order, created an interagency committee, the Committee on Foreign Investments in the United States (“CFIUS”), to review national security implications of investments by foreigners in U.S. businesses. CFIUS is chaired by the Secretary of the Treasury.» Read More
Beginning in 2018, the new section 199A of the Internal Revenue Code (IRC), created by the Tax Cuts and Jobs Act, provides for a potential tax break on qualified business income of non-corporate taxpayers. This new section requires that the qualified business be effectively connected with the conduct of a trade or business within the United States.» Read More
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