After several years of legislative gridlock, the 2012 election results indicate that the next four years may be marked by more of the same. As we go to print, President Barack Obama won re-election with 303 votes in the Electoral College to Mitt Romney’s 206, with Florida’s 29 electoral votes still to be allocated. President Obama won 50 percent of the popular vote to Romney’s 48 percent.The Democrats have held onto their majority in the Senate, with a majority of 51 seats prior to the election and a majority of 53 after the election. In the 112th Congress, the two Independents, Senator Bernie Sanders of Vermont and retiring Senator Joe Lieberman of Connecticut, caucused with the Democratic Party. Senator Bernie Sanders is expected to continue to caucus with the Democratic Party in the 113th Congress. It is yet to be determined which party newly-elected Senator Angus King of Maine will caucus. Since the Democrats still hold fewer than 60 seats, their Senate majority … [Read more...] about Election 2012: Overview of Presidential and Congressional Results
Electing s corp status
WASHINGTON (Reuters) - U.S. President Donald Trump phoned Israeli Prime Minister Benjamin Netanyahu on Wednesday to congratulate him on his re-election, Netanyahu said, thanking his ally for "tremendous support for Israel". Netanyahu tweeted that Trump had called him from Air Force One. The president was on a flight to Texas. Netanyahu secured a clear path to re-election on Wednesday, and a record fifth term in office, with religious-rightist parties set to hand him a parliamentary majority, despite a close contest against his main centrist challenger. "Trump warmly congratulated (me) and the Israeli people," Netanyahu tweeted. "(I) thanked President Trump for his tremendous support for Israel, including recognition of Jerusalem and the Golan," he said. Breaking with decades of U.S. policy and international consensus, Trump recognised Jerusalem as Israel's capital in 2017 and Israeli sovereignty over the occupied Golan Heights last month. Trump moved the U.S. embassy to Jerusalem last … [Read more...] about Trump congratulates Israel’s Netanyahu on election victory
Sometimes change is good.Too often investors and entrepreneurs just stick with the status quo, in terms of structuring a venture capital or private equity investment. One notable example is requiring that target portfolio companies formed as limited liability companies reincorporate into a “C” corporation because…well…that is just how it is always done.Actually, the decision is a bit more thoughtful than that. One concern that investors have with LLCs is the typical pass-through tax election these entities make to provide economic benefits to the founders during the lean, loss years. That is a valid concern because funds investing in a pass-through vehicle will experience phantom losses and gains that flow to them as a result of the investment, which creates accounting nightmares. Many limited partnership or operating agreements for funds prohibit investments in pass-through vehicles for that reason.Another reason that investors often prefer corporations, … [Read more...] about Should Investors Buck the Status Quo with LLCs?
As the U.S. ushers in a new president and a new administration, businesses across the globe are preparing for a number of anticipated changes, challenges and opportunities.We offer comprehensive perspectives regarding the potential impact of the U.S. presidential election on business interests in the following areas:General Election OverviewCorporateCybersecurityInsuranceIntellectual PropertyLabor and EmploymentLitigationSupreme CourtTradeGeneral Election OverviewThe 2016 elections produced a seismic quake that hit Washington, D.C. with the surprise election of Donald Trump as president and the near Republican sweep of contested U.S. Senate elections ushering in a new political order that could herald significant and sweeping policy changes. Not only were the results a surprise but the country has never seen such an unconventional candidate as Donald Trump in the White House.President Trump is neither a Republican nor Democrat in the traditional sense, making it difficult to predict … [Read more...] about U.S. Elections Implications for International Business
Yesterday’s post considered the various paths to becoming a director under the California General Corporation Law. The California Nonprofit Corporation Law defines “directors” in a similar fashion but makes it clear that the articles or bylaws may designate that a natural person is a director by reason of occupying a specified position within or outside the corporation. Cal. Corp. Code § 5047. Unfortunately, this provision as been a source of confusion for many non-profit corporations with ex officio directors or directors emeriti.A few years ago, the legislature tried to clarify just who was and who wasn’t a director under the Nonprofit Corporation Law. AB 1233 (Silva) amended Section 1047 to specify that a person who does not have authority to act as a member of the governing body of the corporation, including through voting rights as a member of the governing body, is not a director as that term is used in the … [Read more...] about New California Law Aims At Clarifying Status Of Ex Officio Directors