by Gary Nissenbaum | Dec 9, 2010 | Business Formation & Sales Law Blog
Tax-exempt religious organizations are generally exempted from paying property taxes. To avail itself of this exemption, the religious organization must show that: (1) the owner of the property is organized exclusively for a tax-exempt...
by Gary Nissenbaum | Dec 9, 2010 | Business Formation & Sales Law Blog
A charity’s tax-exempt status under §501(c)(3) of the Internal Revenue Code may be revoked for many reasons. However, the most common is if the charity stops operating exclusively for charitable purposes. The United States Court of Appeals for the Third Circuit...
by Gary Nissenbaum | Sep 29, 2010 | Business Formation & Sales Law Blog
On July 19, 2010, the Federal District Court for the Southern District of New York decided a case regarding the issue of successor liability and fraudulent conveyance in which a debtor transferred its assets to a related business and left a creditor without any return...
by Gary Nissenbaum | Aug 27, 2010 | Business Formation & Sales Law Blog
On July 19, 2010, the Federal District Court for the Southern District of New York decided a case in which it interpreted an asset purchase agreement (“APA”). The Court in Koch Industries, Inc. v. Aktiengesellschaft, — F.Supp.2d –, 2010 WL 2927441...
by Gary Nissenbaum | Aug 5, 2010 | Business Formation & Sales Law Blog
Earlier this year, a State Court in Delaware determined the value of a minority shareholder’s shares which was in dispute. The unpublished opinion, In re Sunbelt Beverage Corp. Shareholder Litigation, 2010 WL 26539 (Del.Ch. Jan 05, 2010) (No. Civ. A....
by Gary Nissenbaum | Aug 1, 2010 | Business Formation & Sales Law Blog
A buy sell agreement is an effective tool to create a predictable value for shares in a closed (non-public) corporation. However, what happens if the buy sell provision refers to an exhibit that is not attached and the formula simply cannot be applied as intended in...
