On December 12, 2016, the Rhode Island Department of Business Regulations ("DBR") filed its Medical Marijuana Program Final Rules and Regulations with the Rhode Island Secretary of State affecting cannabis entrepreneurs interesting in obtaining a cannabis cultivator...
PLDO Law Blog
Month: December 2016
Nursing Home Laws Create Extra Challenges – Vigilance is Key to Compliance
In 1987, the Nursing Home Reform Act ("NHRA") was passed to ensure that residents of nursing homes would receive quality care at all times in order to achieve and maintain their "highest practicable" physical, mental and psychosocial well-being. With the law came...
New RI Identity Theft Protection Act Requires Businesses Adopt Cybersecurity Measures
It is not uncommon these days to open the newspaper to reports of businesses fallen victim to cyber attacks. But, while front page news tends to focus on security breaches of companies of the "fortune 500" caliber, cyber attacks waged upon small family and middle...
New Law and Regulations Bring Changes for Issuers of Public Debt in RI
Rhode Island's Public Finance Management Board (PFMB), the agency tasked with overseeing public debt in the State, approved amendments to its rules and regulations in response to recent statutory changes that will impact future borrowing by state agencies and local...
HOW LIFE INSURANCE PROCEEDS COULD AFFECT A COMPANY’S VALUATION FOR ESTATE TAX PURPOSES
A recent case brought to light the impact that a stock-purchase agreement and life insurance proceeds may – or may not - have on the valuation of a closely held company for estate tax purposes. In this case that caused a split between the 8th and 11th Circuits, the...
HASTE MAKES WASTE . . . CASH THE CHECK.
One never knows what corner the grim reaper lies behind. A final illness can often accelerate quickly and deprive a donor of adequate time to complete gifts for tax purposes that he intended to make. In a recent federal court case, the Third Circuit Court of Appeals...
ATTENTION SNOWBIRDS: DO YOU PASS THE DOMICILE TEST?
“A person doesn't know how much he has to be thankful for until he has to pay taxes on it.” This anonymous quote is timely. It is rumored that the Rhode Island Division of Taxation (“the Division”) is reviewing its procedures for determining whether a Rhode Islander...
HOW CLOSELY HELD BUSINESSES CAN PREVENT MANAGEMENT DEADLOCKS
Differences in opinion on how to achieve a stated goal in a closely held business can lead to disputes that block the enterprise from moving forward. Closely held businesses are characterized by a limited number of shareholders and a lack of public trading. The...
WHY ESTATE PLANNING FOR BUSINESSES IS CRITICAL (NOT OPTIONAL)
Owning your own business can be extremely demanding. From your customers to your employees, there’s hardly enough time in the day. While most entrepreneurs are consumed by the day-to-day challenges of running their businesses, they often neglect the critical task of...
