Blogs

Business and Financial Services

Business Torts: Business Conspiracy & Trade Secrets

Virginia businesses pursuing claims for business conspiracy or trade secret misappropriation must meet specific legal standards in order to survive dismissal and obtain relief. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that the federal case All Business Solutions, Inc. v. NationsLine, Inc. provided a useful overview of both Virginia’s statutory business conspiracy law and the Virginia Uniform Trade Secrets Act. The article…

September 1, 2009

Business and Financial Services

Protecting & Registering Your Intellectual Property

Businesses often focus heavily on protecting physical assets while overlooking intellectual property such as trademarks, copyrights, patents, trade secrets, customer lists, and proprietary business processes. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that intellectual property protection often begins with identifying what information or material has value and then determining which legal tools are available to protect it. The…

September 1, 2009

Construction

What is a Nonsuit and Why They Now Scare Plaintiffs’ Lawyers

Virginia can be a difficult forum for plaintiffs. One tremendous advantage to plaintiffs, however, has been the “nonsuit”. So long as there are no cross-claims or counterclaims filed, a plaintiff has an absolute right to request a dismissal without prejudice and has a right to re-file their case. This statute in essence gives a plaintiff…

August 24, 2009

Estate Planning

Unraveling the World of Joint Accounts and Beneficiary Designations

Joint accounts and beneficiary designations can override the instructions contained in a will, often creating unintended consequences if they are not reviewed carefully. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Jonathan C. Kinney explains that many assets pass outside of probate through joint ownership, payable-on-death designations, transfer-on-death registrations, retirement account beneficiary forms, and life insurance designations.…

August 1, 2009

Estate Planning

You May Need a Special Needs Trust

Parents of children with physical or mental disabilities often want to leave assets to support that child without jeopardizing eligibility for Medicaid, Supplemental Security Income, or other public benefits. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Lori K. Murphy explains that a special needs trust, sometimes called a supplemental trust, can provide financial support while preserving the beneficiary’s eligibility for government…

August 1, 2009

Business and Financial Services

Prudent Corporate Director Conduct

Corporate directors are generally protected from liability when they make informed decisions in good faith and in the honest belief that they are acting in the best interests of the company. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that the Business Judgment Rule shields directors from liability for ordinary business decisions if they follow a prudent process. The article also notes that directors can reduce the risk of…

July 1, 2009

Construction

Preventing Financial Ruin from Construction Contracts

The financial crisis forced contractors, subcontractors, and suppliers to become far more cautious about the customers and projects they accepted. In this Bean, Kinney & Korman article published in the BKK Construction & Land Use Newsletter, Juanita F. Ferguson explains that construction companies should investigate prospective customers before signing a contract by gathering credit information, checking litigation histories, confirming corporate status, and contacting other trades that have…

June 1, 2009

Business and Financial Services

Effectiveness of Arbitration Agreements

Courts generally show a strong willingness to enforce arbitration agreements, even when one side argues that the underlying contract should not be enforced. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that the federal case A&G Coal Corp. v. Integrity Coal Sales, Inc. involved plaintiffs who argued that an arbitration clause should not apply because the underlying contract never became effective. The court rejected that argument…

May 1, 2009

Business and Financial Services

Piercing the Corporate Veil

Corporations and LLCs generally protect owners from personal liability, but courts may disregard that protection when a business is operated as the owner’s alter ego. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that courts may pierce the corporate veil when an entity is used to evade debts, commit fraud, gain an unfair advantage, or operate in a way that makes the individual and the company effectively indistinguishable. The…

May 1, 2009

Business and Financial Services

Family Limited Partnership and Family Limited Liability Company Valuation Discount Planning

Family limited partnerships and family limited liability companies can provide important estate planning and wealth transfer benefits, but only if they are operated carefully and consistently. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, Jonathan C. Kinney explains that the IRS had become increasingly aggressive in challenging valuation discounts used in connection with FLPs and FLCs. The article notes that the IRS often questioned whether a gift was…

January 1, 2009