Category: Corporate & Business law
Why my first piano recital in 42 years reminds me of YOUR contract needs!!
May 11, 2016 | Carole Clark IsaksonFriday May 6, 2016. A moment I had (surprisingly!) come to dread. It wasn’t the idea of being in front of large groups of people, I’m an attorney and speaking to large groups is common for me and actually quite enjoyable. I wasn’t speaking though! I was playing the piano… and I hadn’t had a piano recital in 42 years… I have never abandoned my love of the piano, but over the years I found I wasn’t pushing myself to conquer difficult pieces – after a few mistakes I would simply turn the page and move on to the next song. I tended to play the same ones from year to year. It was this realization that prompted me to sign up for piano lessons last fall – when my 12 year old signed up for her 4th year. Even then however, I questioned whether I REALLY needed to take lessons again. I’m an adult! Do I REALLY need someone to look over my shoulder to accomplish what I want to do? Wasn’t it just a question of more time? Couldn’t I do all this myself? Here is where I am reminded of your company, and your contracts. Laws change, people change, technology changes (daily!) and along with those changes you’ll have many…
Read MoreBarna, Guzy & Steffen LTD. Announces Addition of New Attorneys to Firm
May 9, 2016 | Barna, Guzy & Steffen, Ltd.BGS is pleased and excited to announce that it is expanding and welcomes two new attorneys and staff who will bring in opportunities in two new areas of practice; Transportation Law and Computer and Software Law. Attorneys James H. Wills and Carole Clark Isakson from Kalina, Wills, Gisvold & Clark have joined the firm effective May 1, 2016. They bring with them their extensive experience in the areas of Transportation law, Computer and Software law, and Corporate law and will also help expand our practice in existing areas. Also joining the firm will be Jackie J. Campbell who will act as Legal Administrative Assistant for Jim and Carole. James H. Wills was a founding partner of Kalina, Wills, Gisvold & Clark and will come to BGS as Of-Counsel. He will continue to focus his practice extensively in the area of transportation law. Jim is committed to helping BGS with new marketing opportunities that will arise with the introduction of this new area of law and is also the catalyst for a BGS satellite office which will be located in Pequot Lakes, MN. He will maintain an office there, as well as at BGS in Coon Rapids. Office hours in Pequot Lakes will be available by appointment only. Carole Clark Isakson comes to BGS…
Read MoreBusiness Law Information: New Ruling Allowing an LLC to adopt an ESOP
January 27, 2016 | Barna, Guzy & Steffen, Ltd.The IRS released a recent Private Letter Ruling (PLR 201538021) that surprisingly allows a Limited Liability Company (“LLC”) to adopt an ESOP. This is a new development that should be considered with caution since a PLR only applies to the taxpayer that asked for the ruling and there are some pre-requirements that may continue to create a tax problem if implemented. Here’s the story: Background The rules under the Internal Revenue Code have so far limited the use of ESOPs to C- or S-Corporations. One of the requirements for an ESOP is that it invests predominantly in qualifying employer securities. LLCs were not permitted to have ESOPs because the membership units were not considered qualifying employer securities. As a result, an LLC had to be converted to a corporation in order to utilize an ESOP. Although the process may not be all that complicated, it sometimes created adverse tax consequences for a converting owner. New developments In a the recent Private Letter Ruling mentioned above, the IRS ruled that the membership units of an LLC will be considered as qualified employer securities under the Internal Revenue Code. This means that an LLC could establish an ESOP and have it hold LLC units. The ruling is conditioned on the LLC and its units having…
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