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Business & Tax Law News
  
  

September 24, 2020

In this issue:

  

  

  
   Summons Paper   

I've Been Served with a Summons and Complaint—Now What?

Ray H. Littleton and Sydney Steele

While no one wants to be a defendant in a civil lawsuit, it is important to know exactly what to do when served with a Summons and Complaint.

  • First, remain calm and take a breath. Review the documents closely in order to verify that you are the intended recipient of the Summons and Complaint.
  • If the Summons and Complaint are intended for you or a business entity that you own or represent, take immediate action. The clock is ticking...

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   Supplier Inspection   

Congratulations! You're our “Plan B” – Alternate Supplier Checklist

Jean G. Schtokal

The COVID-19 Pandemic has wreaked havoc on supply chains. Supplier changes that are usually planned over years are taking place over months or weeks. Whether you are the Buyer or Supplier, here is a bullet by bullet checklist to help both parties reduce risk:

  • Due diligence is still key. You are trying to fill a hole, but you don’t need to jump into it and bury yourself. Even the best drafted contract won’t protect you if you have chosen to deal with a snake. The English rule on loser pays costs of litigation seldom applies in the U.S...

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   Handing Over a Check   

Recent Questions Regarding PPP Forgiveness Applications

As PPP (Paycheck Protection Program) Loan Applicants await for banks to open their portals and begin accepting forgiveness applications, Foster Swift Business & Tax attorneys Taylor Gast and Mike Zahrt discuss recent updates regarding applications along with answers to common questions to consider regarding the next steps in the loan process...

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The Benefits of Adopting a Pre-Approved Plan

Amanda J. Dernovshek, Julie L. Hamlet and Mindi M. Johnson

What is a pre-approved plan?

An employer that sponsors a qualified plan (including a 401(k) plan) may choose between adopting an individually designed plan or a pre-approved plan. A pre-approved plan is a plan document that has been submitted by a third party (the “Document Provider”) to the IRS for approval before it is adopted by an employer.

The Document Provider is often a legal or financial organization, such as a law firm, third party administrator, or insurance company. Over the last several years, the IRS has made efforts to encourage employers to use pre-approved plans in order to promote compliance and administrative simplicity...

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SEC Expands Accredited Investor Definition to Include Sophisticated Investors, Others

Taylor A. Gast and Cody A. Mott

On August 26, 2020 the Securities and Exchange Commission (SEC) adopted amendments to Rule 501(a) of the Securities Act that expand the definition of “accredited investor” to include additional categories of investors who may invest in unregistered private offerings. This amendment is intended to provide greater access to private investment markets. The amendments become effective 60 days after the new rule is published in the Federal Register...

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Schtokal on Impact of COVID-19 on Trade Missions

Foster Swift International Law attorney Jean Schtokal, recently sat down with Automation Alley's Noel Nevshehir, Director of International Business Services and Global Strategic Partnerships to discuss the impact of COVID-19 on trade missions and conferences.

The video discusses the benefits and potential drawbacks of using video conferencing in international trade missions rather than face to face in-country meetings...

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With Election Day Coming, Check out our Blog

With Election Day fast approaching on November 3, be sure to visit Foster Swift's Election Law Blog at michiganelectionlaw.com. This new blog page is meant to address election and campaign finance law topics, questions, and concerns.

Many of the laws in this area are very nuanced and simple mistakes like linking to the wrong website or incorrectly using the ‘magic words’ can result in a fine or punishment. The blog seeks to expand readers’ understanding of campaign and election laws, which in turn will help them better navigate and participate in the democratic process – whether as a candidate, committee, municipality or other public body, non-profit, or for-profit business.

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Using ESOPS an a Succession Strategy

With roughly 2.5 million Baby Boomer business owners looking to retire in the next decade, now is a critical time for putting together a succession strategy for businesses looking to pass on to the next generation.

Foster Swift Employee Benefits attorney, Mindi Johnson, recently sat down with Gary Rose, Founder of Blue Sea Advisors Network to discuss how ESOPS (Employee Stock Ownership Plans) can be an effective strategy for business owners looking to transfer ownership in succession.

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Lansing

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Southfield

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Grand Rapids

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Detroit

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Holland

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St Joseph

  

Foster Swift Collins & Smith, PC E-Newsletters are intended for general information for our clients and friends. This newsletter highlights specific areas of law and is not legal advice. The reader should consult an attorney to determine how this information applies to any specific situation.

IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.

Copyright © 2020 Foster Swift Collins & Smith, PC.

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