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Blog: Opinions & Observations

Protecting Proprietary Assets from Wrongful Disclosure: The Uniform Trade Secrets Act - March 2012

March 08, 2012

            A frequently litigated business dispute is the enforceability of non-compete clauses in employment contracts that seek to prevent a current employee from going to work for a competitor, particularly where that former employee might attempt to solicit your customers or clients, invite your current employees to join him at his subsequent place of employment or uses your confidential and propriety procedures, techniques, or methodologies.  Non-compete clauses are...

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Can Your Partners Give Away Their Interest in Your LLC? - February 2012

February 24, 2012

A limited liability company (“LLC”) is a flexible and relatively simple business entity and as such, has become the heavily favored choice for entrepreneurs. The Virginia Limited Liability Act, enacted in 1991 (the “Act”), created the option of an entity which combines the more attractive characteristics of a corporation and a traditional partnership.  Members of an LLC enjoy the protection of limited liability as well as pass-through treatment of income for tax purposes....

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Church Incorporation - February 2012

February 07, 2012

The creation of corporate entities for the purpose of limited liability has become commonplace. Individuals and groups regularly take advantage of corporations, limited liability companies, or other structures in order to limit exposure to liability, but only within the last decade has this option become available to a particular type of group in Virginia, namely churches. Churches in Virginia have traditionally operated as unincorporated associations of individuals. The...

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Grantor Retained Annuity Trusts (“GRATs”) - January 2012

January 05, 2012

A Grantor Retained Annuity Trust (commonly called a “GRAT”) is a special trust used to pass ownership of assets to children or other family members after a specified number of years.  Potentially, a GRAT can achieve significant gift tax savings for the grantor, as well as remove the assets from the grantor’s gross estate for estate tax purposes.  GRATs can perform particularly well when the valuation rate, known as the 7520 rate, is lower—and those rates have been at...

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