It is widely recognized that the system of corporate governance is a key approach to preserving and protecting an enterprise and its stakeholders by checks and balances among the board and officers of a corporation. Strong governance policies make it possible to...
PLDO Law Blog
Business
IS 2021 THE YEAR FOR RHODE ISLAND? SMOKE SIGNALS POINT TO CANNABIS ADULT USE LICENSING
In 2017, the State of Rhode Island expanded its medical marijuana program by creating a licensing process for the cultivation and manufacturing of cannabis and cannabis products for sale at the State’s three sanctioned compassion centers. By all accounts – industry...
SEC Adopts a New Definition of “Accredited Investor”
On August 26, 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments to the definition of “accredited investor.” The amendments permit investors to qualify as accredited investors based upon additional criteria focused on financial sophistication,...
Cautionary Insight Regarding Bonuses and The Wage Act
Massachusetts and Rhode Island are among those states that have enacted a Wage Act, under which employees who receive less than their full compensation due can sue for treble damages. In fact, in Massachusetts, a Wage Act violation leads to mandatory treble damages....
HOW A HOLOGRAPHIC WILL CAN LEAD TO LITIGATION
In season four of Succession, Logan Roy, the patriarch of the family and acting CEO of Waystar Royco, suddenly passes away amid a corporate merger. The majority ownership of the company was divided amongst the Roy Family, in what appears to be a series of highly...
I’VE WATCHED SUCCESSION – WHY ON EARTH WOULD I GIVE MY KIDS THAT LEVEL OF POWER?
Step into the “way back” machine when a younger media mogul, Logan Roy, was contemplating the succession of his empire and grooming his children by giving them management positions in the company. This is a common scenario in business, as well as estate planning....
HOW TO LEGALLY CHANGE OR REVOKE A WILL IN RHODE ISLAND
A last will and testament is a legal document that states your final wishes for your assets and estate. Commonly, the will you originally create will need to be amended or modified as life circumstances change. For example, births, marriages, divorces, and deaths...
WHAT IS A SUBCHAPTER V BANKRUPTCY PROCEEDING? WHY MORE BUSINESSES SHOULD CONSIDER FILING
On August 23, 2019, the Small Business Reorganization Act of 2019 (“SBRA”) was signed into law and became effective on February 19, 2020, which added Subchapter V to Chapter 11 of the United States Bankruptcy Code. Subchapter V is a relatively new and underused avenue...
ARTIFICIAL INTELLIGENCE IN THE HIRING PROCESS: EMPLOYERS BEWARE
The rapid rise of Artificial Intelligence (AI) in the workplace is outpacing our ability to keep up with it. For example, companies are struggling whether and how to allow employees to use ChatGPT at work given the numerous privacy and security risks posed by this new...