Blog Posts Tagged "south carolina"
Tax Reform Bill Increases Businesses’ Purchasing Power
Posted on May 10, 2018 by BY TURNER PADGET LITIGATION TEAM
In keeping with its aim to reduce burdens and encourage businesses to make investments, the Tax Cuts and Jobs Act, effective Jan. 1, 2018, offers a variety of tax advantages that can yield big savings.
This post highlights two particularly important provisions and touches upon a few others of note. continue reading
A Bad Mistake, In Deed: Avoid this Common Divorce Pitfall
Posted on May 02, 2018 by BY TURNER PADGET LITIGATION TEAM
Divorces are obviously delicate and emotionally fraught situations, and most people getting one want nothing more than to turn the page quickly and move on with their life. But sometimes the wish for closure causes those involved to overlook key details, such as the steps necessary to make sure that property gets transferred as intended. A frustrating, time-consuming and costly experience awaits those who don’t nail things down at the time of the divorce.
Because many divorces involve some kind of real estate, it is important to remember several key concepts. continue reading
Lessons from Equifax: Preventing and Responding to Cyberattacks on Your Business
Posted on Nov 27, 2017 by BY TURNER PADGET LITIGATION TEAM
The recent cyberattack on the credit reporting agency, Equifax, is being called one of the worst data breaches ever. The incident potentially compromised the personal information of 145 million Americans, including nearly half of South Carolina residents.
An industry report counts more than 1,000 data breaches last year at U.S. businesses and governmental agencies, a 40% increase over 2015. On average, a breach will cost a business $7 million, according to research.
A data breach is both a technical and legal problem. With so much at stake, what can businesses do to prepare for inevitable cyberattacks, limit their potential liability and protect their customers’ sensitive data? continue reading
Finding Your Next GC: Succession Planning for Corporate Law Departments
Posted on Nov 03, 2017 by TURNER PADGET LITIGATION TEAM
The general counsel of a business is integral to executing the company's strategy, handling litigation, overseeing compliance and, ultimately, the bottom line. So why do corporate law departments tend to pay so little attention to succession planning for the role?
Many GCs simply feel they don’t have enough time to look ahead, given day-to-day work and immediate needs to advance their strategic priorities. Moreover, not everyone thinks that succession planning is in his or her best interest. And, all too often, a burgeoning plan is sabotaged by a lack of progress in identifying and training successors.
How can a law department break through inertia and make a solid GC succession plan? continue reading
‘Tis the Season for Reason: Business Owner and Social Host Liability for Holiday Drinking
Posted on Oct 25, 2017 by TURNER PADGET LITIGATION TEAM
With the holiday season rapidly approaching – and with it, a succession of alcohol-fueled celebrations – business owners with liquor permits and those planning to host parties should consider what could happen if they are not appropriately vigilant when deciding whom to serve cups of cheer.
Liquor liability for businesses
South Carolina courts have become more severe in punishing those who serve alcohol to people who are intoxicated, so businesses with liquor permits should review their liquor liability policies – not only their insurance policies, but also their internal protocols.
Liquor permit holders already know they can’t sell alcohol to people under 21 years of age or who are intoxicated. But they also should be aware that state law defines “intoxicated” very broadly. Even if a customer doesn’t appear to be drunk when served, business owners can be held liable for the customer’s later actions, such as an accident or a fight, if they know the customer had something to drink before coming to the establishment and the business continued to serve them alcohol. Moreover, business owners can be held personally liable for the behavior of those who overindulge. This means that plaintiffs can go after a business owner’s personal as well as business assets. The costs can be overwhelming: In one case, a bar and its owners were held liable for $10 million dollars. continue reading
Noncompete Agreements in South Carolina: A Primer for Businesses
Posted on Oct 18, 2017 by TURNER PADGET LITIGATION TEAM
U.S. businesses covered nearly one in five employees with some form of noncompete agreement intended to prevent them from taking a job with a rival, according to research.
Recent press, including a feature in The New York Times, has placed a sharper focus on the impact that such agreements can have on the nation’s workforce and overall economy. Several states have cracked down on the use of these contracts, and in late 2016, the Obama administration recommended reform.
South Carolina law favors free enterprise and competition and generally disapproves of noncompete agreements. But such agreements can be valid if they are properly limited to strike an appropriate balance between protecting an employer’s interest in protecting trade secrets and investment in training employees with a worker’s right to make a living. continue reading
Forming an LLC? Don’t Forget to Have “The Talk”
Posted on May 04, 2016 by BY TURNER PADGET LITIGATION TEAM
About two-thirds of all new businesses in the U.S. start out as LLCs, or limited liability corporations. Entrepreneurs recognize that LLCs combine the protections of a traditional corporation with the operating flexibility that small businesses need.
We’re big fans of LLCs, but they are not without potential pitfalls. When there are problems, it’s usually because the LLC members were in a hurry at the outset, and didn’t take advantage of all the safeguards and flexibility this business formation entity allows. continue reading
Protect Your Loved Ones from Elder Financial Abuse
Posted on Mar 31, 2016 by BY TURNER PADGET LITIGATION TEAM
It’s a fact of life: as we get older, our powers of discernment diminish and our judgment of others – particularly their trustworthiness – often makes us vulnerable. Sadly, there’s a legal component to outliving our good judgment.
Elder financial abuse takes many forms, and the common denominator is theft. Sometimes a family member is involved. Sometimes it may be a caregiver who is a constant companion or someone met at church who seemingly just wants to help an older person manage his or her affairs. Families may seek legal help in regaining control over a loved one’s personal affairs or recovering squandered funds. Banks and others caught in the middle may seek legal help when they are unsure if granting a request for a joint account or other shared authority over finances is in the best interests of an older person. Lawyers called in on these types of cases often find that it is difficult to recover misappropriated assets, so if you suspect something is awry in an elderly person’s life you should seek legal counsel as soon as possible. continue reading