Corporate & Business
Corporate Transparency Act: Final Regulations Issued
New Federal Reporting Requirements of Company Ownership Read part one of this article series here. Historically, information about small to mid-sized businesses has been within the exclusive province of state governments. As such, business entities have been able to maintain complete or some degree of privacy regarding the ownership and control of their corporations, limited liability companies, and limited partnerships.[1] However, this cherished degree of ...
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The Bipartisan Infrastructure Deal and its Impact on SWaM and DBE Programs
On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Deal. The $1.75 trillion infrastructure bill, which is the largest investment in the nation’s infrastructure since 1956, will have a significant impact on Small, Women-owned, and Minority-owned businesses (SWaM) and Disadvantaged Business Enterprise (DBE) programs. A brief review of SWaM and DBE certification requirements ...
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Virginia Seeks to Become the Next State to Decriminalize Possession of Psychedelic Mushrooms
After legalizing simple possession of marijuana less than 1 year ago, Virginia is seeking to become the next state, behind Oregon to decriminalize the possession of psilocybin or psilocyn, commonly known as psychedelic or “magic” mushrooms. Recent legislation introduced in the Virginia Senate this week by Senators Ghazala Hashmi (D) and Jennifer Boysko (D) would make the possession of these substances by a person over ...
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Tweeting Your Way Into A Legally Enforceable Contract
Introduction: If you haven’t heard the news, a recent article published by CNN Business reported that the Director of the United Nations’ World Food Programme (“WFP”), David Beasley, declared that “2% of Elon Musk’s wealth could help solve world hunger.” According to Mr. Beasley, billionaires need to “step up now, on a one-time basis.” Well, Elon Musk, who has a net worth of nearly $289 ...
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Masks, Vaccines, and a Return to the Workplace = Continued Economic Strength in the Construction Industry
Upturn in construction activity expected; the AIA’s Architecture Billings Index through August 2021 indicates continued economic strength despite growing supply chain issues. The Architecture Billings Index (ABI) is a composite index derived from monthly report surveys from American Institute of Architects (AIA) member firms located throughout the country reporting on activity of “work-on-the-boards.” The data is compiled by the American Institute of Architects Economics & ...
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Estate Planning for Married Couples and Parents
In this two-part series, the articles focus on the importance of proper estate planning. The previous article focused on Estate Planning for Young Adults. This article will highlight important documents and considerations for married couples and parents. Getting married is often a fun and exciting time for a couple. As you make arrangements to head down the aisle, you should also discuss your estate plans ...
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Corporate Transparency Act: General Requirements and Purposes
It is well-known that certain filings must be made at the state level when forming a corporation or limited liability company. For example, in Virginia, articles of organization or incorporation—depending on the entity being formed—must be filed with the State Corporation Commission that identifies the entity’s name, registered agent, registered office, and principal office. However, recent federal legislation provides that federal filings must also be ...
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SECURE Act 2.0 – Look Out for New Retirement Plan Incentives
On the heels of 2019’s SECURE Act (Setting Every Community Up for Retirement Enhancement Act), there currently is broad bipartisan congressional support for additional retirement plan legislation providing incentives to increase employees’ retirement savings. The House and Senate have drafted substantially similar bills which are working their way through the legislative process. Nicknamed “SECURE Act 2.0,” the provisions are expected to pass this year as ...
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How does El Salvador’s Bitcoin Law Impact U.S.-based Virtual Currency Exchanges?
Vandeventer Black Corporate & Business, CyberSecurity & Data Privacy, Financial Services & Securities
In our recent article on the legal framework governing virtual currencies, we briefly discussed the distinction between money transmitters and virtual currency exchanges. In short, transmitters are entities that convert fiat currency into virtual currency, whereas exchanges are entities that swap one virtual currency for another, such as Ethereum (ETH) for Dogecoin (DOGE). The distinction is relevant since transmitters are sometimes regulated differently than exchanges. ...
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Governor’s Office Issues New Mask Policy
Vandeventer Black Corporate & Business, COVID-19 Task Force, Government Contracts, Labor & Employment
Last month, Governor Northam made news when he announced that the Virginia mask mandate had been lifted for fully vaccinated people, but the devil is in the details. On May 14, 2021, the Governor’s office set forth its updated policy by issuing Executive Order (“EO”) 79 replacing EO 72, effective May 28, 2021. This EO updates mask guidance to align with Center for Disease Control ...
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Cryptocurrency: Entrepreneurs Leveraging New Technology
Vandeventer Black Corporate & Business, CyberSecurity & Data Privacy, Financial Services & Securities, Technology Roundup
Our previous article in this series looked at the legal framework surrounding blockchain technology. This article will look at practical uses for the technology. Blockchain technology has implications for many business owners, even those not interested in the speculative trading element in cryptocurrency which is akin to trading in the stock market. In addition to acting as a cash replacement, cryptocurrencies have many other applications, ...
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Cryptocurrency: A Legal Framework for a Fast-Moving Technology
Vandeventer Black Corporate & Business, CyberSecurity & Data Privacy, Financial Services & Securities, Technology Roundup
Our previous article considered the technology behind cryptocurrency. This article will focus on the legal framework governing the industry. The cryptocurrency market is subject to a patchwork of inconsistent legislation and regulations that continue to evolve, leading to uncertainty about its future. While the blockchain industry has grown for years, regulators have not kept pace with this growth, making the desire for regulatory clarification greater ...
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Cryptocurrency: An Evolving Market Still in its Infancy and Where it Stands Today
Vandeventer Black Corporate & Business, CyberSecurity & Data Privacy, Financial Services & Securities, Technology Roundup
Bitcoin was first introduced in a 2009 white paper, Bitcoin: A Peer-to-Peer Electronic Cash System.[1] Since then, cryptocurrencies[2], also known as virtual or digital currencies, have exploded, with thousands of different types in circulation, achieving a $2T market cap in early 2021[3], and with the number of blockchain wallet users rising to more than 70 million as of May 2021.[4] However, the blockchain concept, which ...
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Paycheck Protection Program after the COVID-related Tax Relief Act of 2020 and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
NOTE—The COVID-related Tax Relief Act of 2020 and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act amend the CARES Act, and this Article updates the information in the following Articles previously published: Paycheck Protection Program Under the Coronavirus Aid, Relief and Economic Security Act, March 31, 2020 SBA Issues Interim Final Rule for the Paycheck Protection Program, April 3, 2020 Update on ...
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SBA Proposes Increase in Small Business Size Standards For Certain Service Industries
On November 27, 2020, the Small Business Administration (SBA) published a Proposed Rule to revise the small business size standards for businesses in five North American Industrial Classification System (NAICS) sectors in an effort to increase small business eligibility for SBA’s loan and contracting programs. The revisions, if adopted, would increase the size standards for 70 service industries in the following sectors: 61- Education Services; ...
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Make It Stop: What A Court Can And Can’t Order A Defamation Defendant To Stop Saying
A defamatory statement or publication can cause serious damage to a person’s business or professional reputation. Monetary damages are always available to the victim of defamation, but in some cases, damages do not fit a client’s situation or needs. For example, in many circumstances, the person making the defamatory statements has done so on numerous occasions and continues to spread the harmful lies. Furthermore, some ...
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The Short Guide to Short-Term Rentals: Norfolk, VA Edition
Short-term rentals have become increasingly popular with Hampton Roads visitors and a big source of income for local property owners. Many guests in the Hampton Roads area are finding accommodations on websites like AirBnb.com, HomeAway.com, and Tripping.com, instead of staying in traditional hotels and resorts. In 2018, Airbnb hosts in the City of Norfolk alone generated 4.5 million dollars of revenue and hosted 31,000 guests ...
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Simplified PPP Forgiveness Procedure for Loans of $50,000 or Less
NOTE: This article updates the information in the following Articles previously published: PPP Loan Forgiveness, April 29, 2020 Additional PPP Loan Forgiveness Guidelines, June 2, 2020 PPP Loan Forgiveness Application, After the Payroll Protection Program Flexibility Act of 2020, June 24, 2020 On Friday, October 9, 2020, the Small Business Administration (“SBA”) released guidelines for a simpler loan forgiveness process for Borrowers with Paycheck Protection ...
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Business Owners’ Reputations: How Notoriety Can Make Owners (and Their Businesses) Prey to Defamation
Effectively marketing a business and maintaining its reputation and goodwill within the community is exceptionally important to the success of a business, but it is a full-time effort as well. For better or worse, a business’s image and reputation are often closely tied to the image and reputation of its owner or owners. This can be a great opportunity for owners to get involved in ...
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New Emergency Temporary Standard Will Apply to Employers in Virginia
This article is the first in a three-part series discussing the New Emergency Temporary Standards for Employers in Virginia. Click here to read Part 2 and Part 3. Governor Northam’s executive order (EO 63), tasked the Virginia Safety and Health Codes Board (the Board) – which “promulgates and adopts job safety and health standards, [that] employers and employees are required to comply with…”– to create ...
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