Business and Industry Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Business and Industry.
If fully funded, your revocable living trust avoids both probate, in your state of residence when you die, and ancillary probate, in any other state where you own property. If you don’t fund your trust, it will NOT avoid probate anywhere.
As Turkey maintains economic stability and growth for almost five years, the confidence of the foreign investors raised and new direct investments are executed more often. In this context employee related issues are of consideration to foreign investors and significance of the Turkish Labor Code ('TLC') elevate accordingly.
Joint Stock and Limited Liable Companies are two most common company types in Turkish practice. Therefore we will substantially proceed with meeting and resolution quorums of these company types after brief general information is provided.
Purpose, Scope, Basis and Definitions
A)Incorporation of a Liaison Office in Turkey - I. The new legislation concerning foreign investment in Turkey includes a clause stating that a liaison office is not allowed to conduct "commercial activities". There is no precise definition of what exactly is referred to by "commercial activities".
Signature Circular is an official document signed before the Notary in which signature powers of the Company and its branches are determined and the limitations of such powers are detailed.
You may find the brief memorandum below which explains the legal status of incorporating a joint stock company by way of conversion from a limited liable company in the system of the Turkish Commercial Code (“the TCC”) and the procedure if such conversion is to be resolved.
Petroleum Market Law numbered 5015 has been enacted at December 4, 2003, within the efforts performed to institutionalize the market economy and improve the competitive environment in order to update the current legal regulations in the petroleum and petroleum product industry and regulate the markets.
The employee is entitled to terminate the contract, whether for a definite or an indefinite period, within the presence of serious and important reasons determined in the Labor Law numbered 4857 (“the Law”), in the following cases and such reasons are classified in three groups.
Communiqué on the Amendment to the Communiqué on Principles regarding Real Estate Investment Companies (Serial: VI, No: 26) (“Amendment Communiqué”) has been published in the Official Gazette on December 31, 2009 entered into force on the same date.
Board of Directors of Joint Stock Companies is the body which manages and represents the company in the structure of joint stock company. In this regard, the BoD is liable to determine the company organization, to appoint the authorized individuals that manages and represents the company and to supervise them.
The draft version of the Turkish Commercial Code (“the Draft”) removed the current determination of progressive incorporation that is not applied. In addition, it is possible by the Draft for joint stock (“JSC”) and limited liable (“LLC”) companies to be incorporated by one shareholder and one partner.
The Draft Version of the Turkish Commercial Code includes seventy articles for the determination of mergers, spin-offs and conversions and such articles involve full protection of the shareholders, partners and other relevant parties. Merger and Spin-off types are acknowledged.
Foreign national citizens are obliged to be granted work permit by the General Directorate of Foreign Capital in order to perform work inside the borders of Turkey. The application to the General Directorate of Foreign Capital is submitted by the Employer.
There are three primary established business media in Cyprus: companies; partnerships and sole traders. Sole traders tend to represent smaller operational concerns and therefore, as a business takes off, many promoters of the business will primarily be concerned with considering the characteristics and applicable benefits of a company or a partnership.
A recent vote take by the European Parliament (EP) resulted in a report causing a shift towards a more commonly adopted approach to issues arising from online gambling.
We all want to pay the least amount of tax dollars possible; a revocable living trust may be able to help minimize federal estate taxes.
There’s lots to know about your estate plan; that’s why it’s important to work with a qualified estate planning attorney.
Your health care agents make health care decisions on your behalf if you are unable to provide informed consent at the time and have not already done so.
By OPARA Law PC
Corporate law attorneys are required in a number of aspects of a business and business affairs. Legal orders may sometimes require you to necessarily incorporate a new company to make sure that the correct paperwork is filed with adequate governmental requirements.
The Impact of the New Turkish Commercial Code on Joint Stock Companies and Limited Liability Companies
The new Turkish Commercial Code (NTCC) No. 6102 will enter into force on July 01, 2012. The ultimate purpose of the legislator is to modernize Turkish Commercial Law by adopting parallel provisions to the ones being used in the EU. In this respect, it provides a more practical procedure for establishment, includes various requirements to increase transparency, obliges companies to use generally accepted accounting standards and requires them to use information technology tools.
A power of attorney is the next best thing to a magic wand.
One of the reasons why retirement planning attorneys always emphasize how important it is to make preparations for the future is because they understand the fallout that results from a lack of long-term planning.
Most people are well aware of the fact that the subject that is consuming the lawmakers in Washington is the federal debt.
The revocable living trust is a commonly used estate planning tool; it is often the center of an estate plan and has many benefits.
It might surprise you, but the ideal time to start estate planning is the minute you turn 18 years of age and can sign legal documents. Start estate planning early, because it can become too late.
In 2011 and 2012, your estate will pay up 35% of any assets that go over your federal tax exemption amount.
You have to keep abreast of the ever-changing tax laws if you want to be prepared every step of the way as you are crafting your legacy over the years.
Hollywood’s depiction of Estate Administration leaves the impression that a last will is something that is read by an attorney and then the assets are handed out to the family members after a relative passes away. In reality, when you use a last will to express your final wishes your estate is going to have to pass through a process called probate.
If you want to know if a mistake in a contract can be strong enough to cancel it according to Ethiopian law you might want to read this.
Advance medical directives are an essential part of an estate plan, but where and when do you express your wishes regarding organ donation?
Do you want to know about areas of investment permitted for investment according to Ethiopian law? Below you will find these areas of investment divided by sector of investment.
Brief note on the various tax laws of Ethiopia. In Ethiopia there are two types of tax. These are direct and indirect tax.
Brief note on Ethiopian Trade Practice and Consumer Protection Laws
Retirement planning in any economy is a challenge, and people can make mistakes if they choose to go it alone. We discuss five common errors that are made by many in retirement planning.
Brief note on the Rights and Obligations of Employees and Employers as Per the Labor Law of Ethiopia
Medicaid is a joint federal and state, need-based program that is often needed by senior citizens to pay for the catastrophic costs of nursing home expenses.
A special needs trust is an estate planning tool used to allow assets to be held in trust for the benefit of a physically or mentally challenged individual, or a person with a chronic or acquired illness. We outline four reasons to consider creating a special needs trust.
A retirement fund plays an important role in establishing a comprehensive estate plan, and we answer the most frequently asked questions regarding 401K accounts, the popular employer sponsored plans.
Before 1 June 2009 a concept of shareholders agreements was not recognized as a matter of Russian law. That is why joint ventures, project finance or structured M&A deals have been closing with the help of offshore vehicles. Now as the relevant amendments entered into force, Ligerion Group assess what is the route business is taking and what is the Russian court practice.
Don’t procrastinate when it comes to estate planning; do your estate planning early. Why? Because you may become incompetent or uninsurable. If that happens, it is likely that your estate planning goals will not be met.
Each individual has the chance of becoming incapacitated at some point during his or her lifetime. For many people, incapacity is more likely each year than death.
Clearly Cyprus holds great attraction as a business venue for investors – Michael Chambers explores why so many international businesses entities are drawn to Cyprus and how you can take advantage of the venue yourself.
Cyprus undoubtedly offers a considerably advantageous base for any business. Offering a highly beneficial taxation system and located at a geographically favorable position – it is little wonder that Cyprus enjoys a reputation as an international business center of excellence. However, before a company can be created, certain fundamental decisions need to be made about the kind of legal entity required and the manner in which it will operate.
The Civil and Commercial Code (CCC) of Thailand is the main source of legislation which provides who may and who may not get married under Thai laws.
The author has prepared this document to assist in the evaluation of alternatives offshore structures for the better planning of their assets, estate and business transactions.
The transfer of technology was firstly regulated by virtue of the Egyptian Commercial Code No. 17/1999. The above mentioned Law regulates the transfer of technology issue from Articles 72 to 87. The provisions of the aforementioned Law shall be compulsory applied to any transfer of technology agreement that shall be implemented in Egypt.
If you were to put your mind to the question you may assume that a significant percentage of people don't have an estate plan in place.
Theoretically speaking Medicare has always been intended to be a program that provides senior citizens with a health care safety net while Medicaid exists to give people with limited financial means access to medical treatment. However, over the years Medicaid has become more and more important to many of our nation's seniors, largely because of the fact that Medicare does not pay for long-term care expenses.
Cyprus fully recognizes the possibility that minority shareholders in a Company may become oppressed or unfairly prejudiced against on behalf of the controlling or majority shareholders and/or the board of the Company. There are various situations in which either the Company or minority shareholders’ interests are harmed by the majority shareholders under Cyprus law and the available remedies in such cases.
By OPARA Law PC
Canada is the foremost foreign destination for expanding franchises and a preferred entry point for cross border franchisers, especially for those seeking to enter the North American market. With high per capita personal incomes, a stable and reliable economy, and a sophisticated consumer culture, many franchisers find Canada to be an opportunistic and rewarding market. However the Business Franchise Law in Canada is too stringent and hence seeks attention.
While mergers and acquisitions have considerable advantages in terms of efficiency, they may also lead to significant employment issues and carry potential liabilities for the merging parties, especially when they involve large group of employees. The parties can reduce the risk of claims and detrimental effects of such mergers by addressing the issues in the negotiation process.
Americans who are relying on Social Security too heavily can find it difficult to get by, especially given the ever-increasing costs that they face. The law does allow for regular cost-of-living adjustments that are tied to the rate of inflation on a yearly basis.
Al Davis was an enigmatic figure who was loved by most in the “Raider Nation” but was sometimes criticized by outsiders.
A business organization may either perform its business activities from a certain place or establish work places in accordance with the necessity of the business activity. Some of such business organizations may perform similar activities of the headquarters within the directions of the headquarters (e.g. banks).
As per Turkish Law, foreign or domestic companies may establish a branch office in order to execute their activities. A branch office shall have no legal entity and shall be registered with the Trade Registry and represented by one or more representative/branch manager.
In line with the present legislation related to corporate law and the Turkish Commercial Code, joint stock company and limited liability company are the two most common company types. You may find a chart below that designates the fundamental characteristics of a JSC and its differences from a LLC.
A share is the part of the main capital divided to a specific number of unit value. In accordance with the current Turkish Commercial Code it is not mandatory for a Joint Stock Company to issue shares. JSC reserves two types of shares. These are registered share and bearer share.
Unfortunately too many people don't take retirement planning seriously enough, and as a result a significant percentage of Americans are not prepared.
We live during a time when everyday people can find information on just about any subject with the click of the mouse.
Many people choose to invest in life insurance. This can be a great way to offer protection to your loved ones, especially if you’re a provider for your family.
There are many things to consider when you are arranging your affairs financially for the latter portion of your life. Depending on the exact nature of your wishes and the form that your assets are in, a number of different financial instruments could be utilized in combination.
When you lose a loved one, give yourself time to grieve. Whether the death was sudden or expected, it is often best not to rush to make the decisions that are needed. One way to minimize the issue is by proper estate planning.
Everyone has one or two business ideas or adventures they would like to embark upon at one point or another. Some of these ideas turn into businesses immediately, while others need considerable work prior to doing so.
In many cases, family members help their loved ones with their long term care needs. This may be a better option than bringing in a stranger.
When asked to serve as guardian for a loved one’s minor children, you may feel compelled to serve. After all, you love your brother, sister, friend or cousin and their children.
A will is one of the most important estate planning devices. If you’re ready to execute a will, it’s a good idea to make sure that you understand the uses for this important document.
We live in the Internet age, and as a result there is a vast store the information available to all of us sitting right at our fingertips.
In this article, I give you a quick overview of the major regulatory compliance areas for physicians and medical practices, namely: Referral Laws -- Anti-Kickback and Stark Self-Referrals; Billing Medicare and Other Payers; HIPAA; and Supervision of Staff.
If you have a California corporation, you’ve seen this scam. By way of background, all corporations must file with the California Secretary of State an “Annual Statement of Information.” The form asks for basic information about the corporation such as the names and addresses of the directors and officers, and the filing fee usually is $25.
Choosing an Executor to handle your estate after you pass is difficult. It is tempting to name a spouse or family member – but do you know the responsibilities and duties of an Executor? An Executor is named within a will to administer an estate, and they will be tasked with several responsibilities during the probate process, which is the legal process that takes place in Probate Court that handles the administration of a deceased’s estate.
People live busy lives and we are constantly being inundated with new challenges on a day-to-day basis.
On March 4th 2011, Ministry of Commerce (“MOFCOM”) issued the Interim Rules on Implementation of a Security Review System regarding M&A Transactions Executed by Foreign Investors over Domestic Enterprises (the “Interim Rules”), which will come into effect on March 5th, the same day the Notice on the establishment of a security review system regarding merger and acquisition (“M&A”) transactions over domestic enterprises executed by foreign investors (“the Notice”) comes into effect.
Security Review System Regarding M&A Transactions Executed by Foreign Investors over Domestic Enterprises - China
Notice on the establishment of a security review system regarding merger and acquisition (“M&A”) transactions over domestic enterprises executed by foreign investors (“the Notice”) was issued by China's State Council on February 3, 2011, which will come into effect on March 5, 2011.
Search and seizure law protects one of the fundamental rights for Americans. In fact, the Founding Fathers thought that search and seizure was so important that they put it in the Bill of Rights: the Fourth Amendment to the Constitution says that the police are not allowed to do unreasonable searches and seizures.
For the year 2011, the Turkish Government has set a budgetary target of USD 9.5 billion for its privatization proceeds. This is a challenging figure, constituting more than 15% of the aggregate of the last 25 years.
When it comes to preparing your financial assets for transfer after your death, an estate planning attorney's advice is going to be invaluable on many different levels.
When retirement planning attorneys emphasize how important it is to make preparations for the future they do so because they are fully cognizant of the facts.
There are some estate planning instruments that can fit into your estate plan perfectly under certain circumstances that are not typically understood by the layperson.
Because a friend was recently hospitalized with a heart condition, Henry is thinking about his own financial power of attorney. Is it time to update?
Many clients ask whether they really need an estate plan. After all, they don’t have a cattle ranch, oil wells, or gobs of money.
Simple wills often provide that all assets will pass to the spouse; and, if the spouse is not then living, to all children, divided equally.
In this article, the author will briefly describe the procedure for registration of enterprises in the Republic of Moldova.
Cyprus is considered one of the safest European countries to invest in since its market is growing at a stable rate and its prices are competitive. If every perspective purchaser bears in mind the following points then a safe and prosperous investment will be carried out.
The Money Laundering (Prohibition) Act 2011 provides for comprehensive provisions to prohibit the financing of terrorism, the laundering of the proceeds of a crime or of any illegal activity. This Law further provides for a wide range of penalties and expands the scope of the supervisory and regulatory authorities in Nigeria to combat money laundering offenses. The fact that a money laundering offense was committed in different jurisdictions or different parts of the world is no longer relevant.
Background BKPM holds 2 (two) types of services on investment activity for the investor in the territory of Indonesia, which is the licensing service and the non-licensing service. Based on Article 1 paragraph 6 of Regulation of Chairman of BKPM Number 12 of 2009 (“Perka BKPM 12/2009”), what is included in the licensing services is any type of agreement to conduct investment which is issued by the Government and local government who has the authority under the regulations.
In Indonesia, regulations concerning Limited Liability Companies are stipulated under the Law Number 40 of 2007 on Limited Liability Companies (“Company Law”), which replacing Law Number 1 of 1995 Concerning Limited Liability Companies. Inside Company law, there are regulations of register of shareholder.
Background Foreign Company Representative Office/ Kantor Perwakilan Perusahaan Asing (KPPA) is the representative office established by foreign company or foreign companies outside the territory of Indonesia with a view to manage the interests of the company or the affiliated companies in Indonesia and/or in other countries and/or to prepare the establishment and development of foreign investment companies in Indonesia and/or other countries.
Before you decide to franchise your restaurant or business, there are a number of things you'll need to consider. This article examines five of these considerations: Is your restaurant "franchisable?" Have you opened more than one location? Are you able to support franchisees? Do you have a plan for marketing and advertising? And are you legally ready?
These are interesting times in the elder law community because of the fact that the population is aging so rapidly.
By TIM Services
Choosing which type of legal entity to register is one of the most important stages before undertaking business activity in Russia. The type of legal presence will influence all activity, including financial and tax reporting, customs and currency control. Therefore, an investor should pay special attention to determining the appropriate corporate form which will help him achieve his goals while meeting all legal requirements.
By TIM Services
According to the Part IV of the Civil Code of the Russian Federation the following requirements are established for corporate names of organizations.
If you’re like some people, you may assume that only rich people or people with kids need estate planning.
A Guardian / Conservator is appointed by the Court when someone is unable to make their own decisions and/or ensure their own care.
An overview of the role of assisted living facilities in maintaining the lifestyles of senior citizens,and when to consider a move to an assisted living facility.
By Molina & Co.
Panama and the United States approved the Trade Promotion Agreement (TPA).
By MMLC Group
This article looks at the Chinese competition law issues associated with the recently announced acquisition of China's Hsu Fu Chi, by Nestlé’s. Some are concerned that the transaction may not be approved by China's Ministry of Commerce on competition grounds, given its apparent similarities to the failed Coca-Cola/Huiyuan transaction.
Microsoft is currently in the process of acquiring the well known VoIP (Voice over Internet Protocol) provider Skype. This move has caused a great deal of concern to competing companies, some of which have filed objections in all applicable jurisdictions where the merger is being examined.
It is vital for businesses to carry some type of insurance coverage in order to abide by the law. It is wise to have a business attorney involved in the decision making process in order to avoid future legal disputes.