Blogs

Business and Financial Services

Data Security in the Technological World

In today’s digital age, data security is a critical concern for individuals, businesses, and governments alike. With the increasing use of technology, the risk of data breaches, unauthorized data access, and theft of sensitive information has become a major concern for organizations of all sizes. At Bean, Kinney & Korman, we often advise clients on…

February 16, 2023

Business and Financial Services

M&A Market Impacts to Expect in a Recession

A recession is a period of economic downturn that can have significant consequences for businesses of all sizes. Mergers and acquisitions (M&A) activity is often one of the first areas to be affected during a recession, as Buyers become more cautious about making large financial commitments and face challenges in financing new acquisitions. In this…

February 10, 2023

Business and Financial Services

Privacy Law Comes to Virginia: How will Virginia’s Consumer Data Protection Act Affect my Business?

On March 2, 2021, then Governor Ralph Northam signed into law the Virginia Consumer Data Protection Act (the “VCDPA” or “Act”). The effective date of January 1, 2023 is fast approaching. If your business has not yet started taking steps to understand and ensure compliance with this new law – the time is now! This…

November 11, 2022

Business and Financial Services

Exiting the Business – M&A Strategies for S Corp Owners

S Corporations are one of the most popular operating vehicles for small business in the United States. Whether legally structured as a corporation or LLC under state law, qualified businesses electing S-Corp tax status are able to reap many associated financial benefits, such as the realization of pass-through income taxation while also having the ability…

May 27, 2022

Business and Financial Services

HUBZone Compliance, Protests, and Affiliates

What Happens if my Employees Move Out of a HUBZone After Certification? What Happens If my Business Merges with Another Company? Once certified, a HUBZone contractor must monitor the residences of its employees to ensure compliance with the Small Business Administration (SBA)’s regulations. Because employees move – and not necessarily with the approval of their…

March 9, 2022

Business and Financial Services

Becoming and Maintaining a HUBZone Certification

Updated January 31, 2024 Becoming HUBZone Certified: Background Intended to fuel small business growth in historically underutilized geographic areas, the government set a goal of awarding at least 3% of federal contract dollars to Historically Underutilized Business Zone (HUBZone) certified companies that operate and employ residents of those areas each year. The program is beneficial…

February 23, 2022

Business and Financial Services

Franchise FAQs

What is a franchise, and how does a franchise work? A franchise is a business relationship that is created for the distribution of goods and services under a proven business model. Federal and state laws vary in the way the word “franchise” is defined, but generally a business relationship must have three distinct characteristics to be classified as a franchise. First, the franchisor gives its franchisees the right to use an established trademark or name in connection with the franchisees’…

January 24, 2022

Business and Financial Services

Fourth Circuit Concludes that Title IX’s Prohibition Against Discrimination on the Basis of “Sex” May Extend to Charter School Uniforms

Title IX of the Education Amendments of 1972 (“Title IX”) is straightforward in its prohibition: [N]o person shall, on the basis of sex, be excluded from participation in, be denied the benefits of, or be subjected to discrimination [in] any academic, extracurricular, . . or other education program or activity[.] The statute has unquestionably transformed…

August 11, 2021

Business and Financial Services

Virginia Expands Workplace Protections for Individuals with Disabilities

The rapid evolution of Virginia workplace laws continues with the Virginia General Assembly’s passage of HB 1848, which extends employee workplace protections under the Virginia Human Rights Act (“VHRA”) to include a prohibition on discrimination against individuals with disabilities. The VHRA is applicable to Virginia employers with six or more employees. Effective July 1, 2021,…

July 12, 2021

Business and Financial Services

The New Virginia Overtime Wage Act: Big Changes are Coming for Many Virginia Employers

In our blog posts last year, we chronicled the sea change in employment laws that has been underway in Virginia, in areas such as misclassifying employees as independent contractors and workplace discrimination. Virginia has had a well-earned reputation as a state with workplace rules and regulations typically favoring businesses over employees. However, the Commonwealth has…

July 1, 2021