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THE BENEFIT OF PASS-THROUGH ENTITIES

THE BENEFIT OF PASS-THROUGH ENTITIES

Why do pass-through entities such as LLCs taxed as partnerships remain the entity of choice for most closely held businesses? The primary benefit of operating a business through a pass-through entity, such as an LLC taxed as a partnership, is that the income generated by the business is not subject to double taxation. Instead, the taxable income...

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APPLE’S CONCERNING NEW TEXT MESSAGE FEATURE

APPLE’S CONCERNING NEW TEXT MESSAGE FEATURE

Apple recently released iOS16 for the iPhone. This newest release allows iPhone users running iOS16 to edit and unsend text messages sent between other iOS16 users. While this may be welcome news for those of us who make embarrassing typos or otherwise hit the send button prematurely, it opens the door for some potential legal risks and issues...

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BUYER’S REMEDY IN REAL ESTATE PURCHASE AND SALE CONTRACT

BUYER’S REMEDY IN REAL ESTATE PURCHASE AND SALE CONTRACT

In a commercial real estate transaction, just as in life, what is fair is not the same as what is equal. Generally, the remedies in a breach of real estate sale agreement are (1) return or retention of a deposit, (2) suit for damages, and (3) the right to sue for specific performance. The right to sue for specific performance allows a buyer to go...

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LAST MINUTE CHANGE TO RI ADULT USE CANNABIS LEGISLATION BENEFITS LICENSED CULTIVATORS

LAST MINUTE CHANGE TO RI ADULT USE CANNABIS LEGISLATION BENEFITS LICENSED CULTIVATORS

Rhode Island appears to be on a definitive track towards legalization of cannabis and establishing a framework for its adult use industry. More than 15 years after establishing its medical marijuana program and, following years of on-and-off momentum, the Rhode Island General Assembly has given strong indications that adult use cannabis...

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WORKING CAPITAL IN ASSET DEALS

WORKING CAPITAL IN ASSET DEALS

In an asset sale, the buyer buys a business’ assets in exchange for the purchase price. Then the buyer gets to operate that business, simple, right? In an asset transaction, the transfer of the “business” is often not as simple as signing a document transferring title to the assets in exchange for the purchase price. Rather, a selling business...

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THE SAFE BANKING ACT: WILL 2022 OPEN THE DOOR FOR CANNABIS BUSINESSES TO ACCESS COMMERCIAL BANKING?

THE SAFE BANKING ACT: WILL 2022 OPEN THE DOOR FOR CANNABIS BUSINESSES TO ACCESS COMMERCIAL BANKING?

Lawful cannabis businesses in the United States have historically and predominately relied on private funding to establish and prop up their operations until they can sustain themselves as revenue-driven enterprises. This is because cannabis remains illegal under federal law and, by extension, FDIC-insured banking institutions face substantial...

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WITHHOLDING THAT EMPLOYEE BONUS CAN BE COSTLY

WITHHOLDING THAT EMPLOYEE BONUS CAN BE COSTLY

The law regarding an employer’s obligation to pay contractual bonus amounts received significant clarification in a recent Rhode Island case. Why this is important is that Wage Act violations are subject to mandatory double damages plus attorneys’ fees, and can even result in treble damages for egregious or repeat violations. Rhode Island’s Wage...

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