Author: Scot Putzig
Client Notice: Updated Regulatory Amendments for Beneficial Ownership Reports under the Corporate Transparency Act
Previously Shinners & Cook issued a client service alert regarding the Beneficial Ownership Information Reports (BOIs) required to be filed with the Financial Crimes Enforcement Network (FinCEN). The U.S. Department of the Treasury announced on March 2, 2025, that it will not take any enforcement action against U.S. citizens and legal entities formed in
Federal Trade Commision Issues Final Rule Limiting Employee Noncompete Agreements
On April 23, 2024, the Federal Trade Commission issued a final rule to take effect in 120 days prohibiting most employee noncompete agreements. The new rule would ban almost all noncompete agreements in effect and require companies to inform current and former employees that their noncompete agreements will no longer be enforced. Exemptions under the
U.S. Department of Labor Issues Final Rule for New Overtime Exemption Salary Levels
On April 23, 2024, the U.S. Department of Labor issued a final rule updating the federal exemptions from minimum wage and overtime pay requirements for executive, administrative, and professional employees, which will partially take effect on July 1, 2024, and January 1, 2025. The first portion of the final rule takes effect July 1, 2024,
What to do When you are Asked to Sign a Non-Competition Agreement?
Non-Competition Agreements are enforceable in Michigan. These contracts, sometimes called Covenants-Not-To-Compete, are designed to protect an employer from unfair competition from a former employee or are also used when buying or selling a business or setting up a distribution network. Some estimates are that over 20% of workers in the United States are covered by
Supreme Court Expands Protections for Federal Trademarks
On June 19, 2017, the Supreme Court ruled in Matal v. Tam, that the anti-disparagement provisions of the federal Lanham Act, which governs federal trademark applications, infringes on free speech rights of trademark applicants. The Supreme Court held that Asian-American members of the rock band “The Slants” have the right to trademark their disparaging name
Michigan Court of Appeals Affirms Corporate Limited Liability Protections
Under Michigan law, corporations and limited liability companies (LLCs) are treated as separate and distinct entities or “persons.” Shareholders, owners, and members are presumably not liable for business obligations as a general rule. This enables business shareholders, owners, and members to be free from personal liability for business obligations, liabilities, and debts. However, there is
Does My Business Need to Protect Its Intellectual Property?
Whether your business is retail, service, industrial, or otherwise, its logos, names, products, customers, and business practices may be worth protecting from competitors and former employees. Whether you have a successful business or are just starting out, every business needs to determine what its intellectual property is and whether it is valuable enough to protect.
New Department of Labor Overtime Pay Rules Put on Hold
On Tuesday, November 22nd, a United States District Judge in Texas issued a preliminary injunction blocking the Department of Labor’s new overtime rules nationwide. This essentially places a hold on the new rules, which were set to take effect on December 1st. The blocked rule, issued by the Department of Labor, would have doubled to
New State of Michigan Corporation Online Filing System
The State of Michigan’s Department of Licensing and Regulatory Affairs recently announced the creation of a new Corporation Online Filing System (Online System) to be completed in the Spring of 2016. The Online System modernizes the State of Michigan’s Business Filing Network for all Michigan corporations, partnerships, and LLCs. Currently, Michigan businesses must physically mail
Using Buy-Sell Agreements to Prevent Shareholder Lawsuits
Running a business is risky. One way to mitigate this risk for private companies is a Buy-Sell Agreement among the owners (also commonly called a Shareholder Agreement). Private companies often use Buy-Sell Agreements to protect owners’ interests in the company in the event of death, disability, retirement, or sale. These agreements are also often a