Blogs

Business and Financial Services

Why the Law is Not a Vehicle for Vengeance

Business disputes can escalate quickly when parties act out of resentment or personal animus rather than focusing on the actual legal issues in dispute. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains how the Fairfax Circuit Court’s decision in Applied Training Solutions, LLC v. Pillsbury demonstrated that courts still expect parties to act in good faith, even in contentious employment and business breakups. The article discusses how…

January 1, 2013

Business and Financial Services

Written Contracts and the Statute of Limitations

Written contracts provide more than clarity about the parties’ obligations—they also extend the amount of time available to bring a lawsuit if the agreement is breached. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that Virginia generally applies a five-year statute of limitations to written contracts but only a three-year limitations period to oral contracts or unwritten obligations. The article notes that this difference can…

January 1, 2013

Business and Financial Services

Distinguishing Between Non-Competition Agreements in Employment Agreements and Those in the Sale of a Business

Virginia courts apply different standards to non-competition agreements depending on whether the restriction arises from an employment relationship or from the sale of a business. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that courts generally give greater deference to restrictive covenants tied to the sale of a business because those agreements are viewed as part of an arm’s-length transaction between sophisticated parties…

November 1, 2012

Business and Financial Services

Estate Tax Savings and Increased Creditor Protections When You Incorporate LLCS and Limited Partnerships into Your Estate Plan

Limited liability companies and limited partnerships can serve both estate planning and asset protection purposes when structured properly. In this Bean, Kinney & Korman article, the analysis explains that LLCs and LPs may help reduce estate tax exposure by allowing ownership interests to be transferred using valuation discounts tied to lack of control and lack of marketability. The article also notes that these entities can provide stronger creditor protection because assets held inside the…

November 1, 2012

Business and Financial Services

Enforceability of Waivers of Prospective Liability

Businesses offering recreational or physically risky activities often rely on waivers and liability releases to try to shield themselves from negligence claims. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that Virginia generally does not enforce prospective waivers of personal injury claims, even though such agreements are enforceable in many other states. The article focuses on Hiett v. Lake Barcroft Community Association, where…

September 1, 2012

Business and Financial Services

Asset Protection Trusts in Virginia

Virginia’s 2012 adoption of qualified self-settled spendthrift trusts created a new option for residents seeking stronger asset protection planning. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Jonathan C. Kinney explains that Virginia law now permits certain irrevocable trusts—commonly referred to as domestic asset protection trusts or qualified self-settled spendthrift trusts—to shield assets from future creditor claims even when the person…

August 1, 2012

Business and Financial Services

Tax Law: Engaging Appraisers for Closely-Held Business Interests

Valuing a closely held business can become critical in tax planning, litigation, financing, succession planning, and the sale of a business. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, the analysis explains that qualified appraisers can help determine the value of closely held business interests by evaluating factors such as net worth, earning power, dividend-paying capacity, marketability, and minority ownership discounts. The article notes that…

March 1, 2012

Business and Financial Services

Fairfax Circuit Court Expands Jurisdiction in Conspiracy Cases

Virginia courts may exercise jurisdiction over out-of-state defendants when those defendants have sufficient contacts with the Commonwealth, even if they never physically lived or worked in Virginia. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that the Fairfax Circuit Court found jurisdiction existed over nonresident defendants in a business conspiracy case involving employees of a pharmaceutical company because they had directed…

January 1, 2012

Business and Financial Services

Finality of Orders in Reston Homeowners Association v. Ramirez

Under Virginia Supreme Court Rule 1:1, a court generally loses jurisdiction over a final order after 21 days unless the order has been suspended, modified, or vacated within that time. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that Reston Homeowners Association v. Ramirez illustrates how courts determine whether an order is truly final. The case involved a homeowners association seeking corrective action against a property…

January 1, 2012

Business and Financial Services

Virginia Supreme Court Limits Transfers of LLC Membership Interest

Virginia law distinguishes between a member’s “control interest” in an LLC and the member’s “financial interest,” and those two rights may not transfer together automatically. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that the Virginia Supreme Court’s decision in Ott v. Monroe held that an LLC member’s control rights may terminate upon death even when the member’s financial interest passes through a will or estate. The article…

January 1, 2012