Business and Industry Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Business and Industry.
Yes, a minor can legally enter into a contract. However, whether the contract is enforceable will depend on a number of factors.
Voluntary declarations leading to immunity serve as an incentive to return to a state of legal tax affairs, yet they will only succeed if they are error-free.
German tax law is complex and constantly changing. It is therefore easy to unwittingly render oneself guilty of tax evasion. The consequences can be drastic penalties.
When a person indicates that he or she is not planning to perform his or her obligations under the contract, this is considered anticipatory repudiation. The party who was not planning to breach the contract can use anticipatory repudiation in order to seek remedies against the other party.
The planned tightening up of voluntary declarations supposedly has cash registers ringing. Die Welt reports that this will apparently entail additional revenues of around 15 million euros a year.
The State Duma was sent a draft law on mandatory biometric registration of citizens of Russia. According to the authors of the draft law, mandatory biometric registration will allow getting away from the practice of presenting identity documents and will allow solving problems in the law and in the social sphere in time.
The state looks to profit even from gifts, levying gift tax as soon as the tax allowance is exceeded. There are, however, different possible arrangements in connection with gift tax.
Heirs must file an inheritance tax declaration with the tax authorities. If the estate includes illicit earnings, these must be reported immediately.
There is always the beginning and the end. Upon being appointed as directors, many of these directors may not be aware of the requisite notice period of resignation from their high office.
The pressure on tax evaders continues to rise. Since North Rhine-Westphalia announced an additional purchase of CDs on tax evaders, Hessen is now also not ruling out this option.
In Thailand, business formation in Thailand is very expensive in order to comply with the rules and regulations set forth by the government. Many might have expected that it is going to be cheap, but it is more of a hassle than one could anticipate.
Due to the advancing pace of globalisation, international tax law is becoming increasingly more important. This affects private individuals, but especially internationally operating businesses.
As exception to liberty of contracting and unlike a number of other industries, Turkey's petroleum industry imposes certain obligations to petroleum right owners in contracting the conduct of the petroleum operations. At the first glance this seems that it aims to strengthen the management of hazards by enhancing the safety however the liability imposed to petroleum right owners in case of contracting the operations still remains unclear in terms of limitation.
For many people, tax law is a closed book. Expert help is frequently necessary in order to pay taxes correctly and at the same time avoid giving away too much money.
A brief description of corporate vehicles commonly used for doing business in Russia.
Planned obsolescence occurs when a product designer creates a design that is meant to phase out after a certain period of time. This makes the product have a lifespan of a limited duration, often influencing consumers to upgrade to a more expensive model. Many times, the product fizzles out just after the warranty period.
There are many different types of business entities, each having their own advantages and disadvantages. This article intends to define and explain some of the most common entities. Since people have different goals and circumstances, it is important for one to know which option is the best fit for his or her business.
Buying a franchise can be an immensely profitable business opportunity. You can sell goods and services that have instant name recognition, and get training and support that can help you succeed. However, buying a franchise is no guarantee of success. Here is some useful information about franchises to consider before you decide to purchase one.
Germany Tax Evasion: Only Those Who Take Notice of the Details Pertaining to Voluntary Declarations Emerge Unpunished
It is a misapprehension to believe that a voluntary declaration automatically leads to immunity following tax evasion. Strict rules apply for voluntary disclosure.
On September 24, the federal government adopted a tightening of the rules for voluntary disclosure in the event of tax evasion. Amounts shall only remain unpunished up to 25,000 EUR.
Risk Of Discovery Continues To Increase – Return To A State Of Legal Tax Affairs Via Voluntary Declaration
Owing to so-called group enquiries, German tax investigators are able to retroactively search for tax evaders in Switzerland up to February 1, 2013.
Public Chamber of the Russian Federation held a hearing to discuss issues on improving legislation of the Russian Federation in the field of migration control. Part of the hearing dealt with the basic provisions of the second version of the bill "On Immigration Control of the Russian Federation".
On November 24, the President of the Russian Federation signed the Federal Law eliminating the need for foreign citizens obtaining a work permit in the Russian Federation who arrived via a visa-free regime. From January 1 2015 for the implementation of the work in Russia CIS citizens have to be issued a patent. The patent will allow the specified foreign citizens to work as for legal entities and for physical persons.
Anyone coming into an inheritance generally has to pay inheritance tax. However, by observing certain regulations, they can ensure that the tax authorities take a smaller share.
Like other jurisdictions, Russia has a set of requirements which may impact upon persons considering investing or investing into Russian businesses.
The Foreign Business Act of 1999 generally restricts service businesses under Category (21) of List Three, with certain explicit exemptions such as hotel management services under Category (17). Furthermore, the Ministerial Regulation Re: List of Service Businesses Exempt from Requiring a Foreign Business License of B.E. 2556 (2013) also exempts certain businesses related to securities and investment from requiring a Foreign Business License.
Effective January 1, 2015, a new regulation on opening and closing branches and representative offices of non-Russian companies shall come into force in Russia.
In large construction projects, it is not unusual to have a joint venture between parties; when these joint venture agreements are terminated, however, the specific terms must be scrutinized. A recent Georgia Court of Appeals case discusses some important issues such as fiduciary responsibility, contract ambiguity, and indeminification.
Debt collection is a complicated juridical procedure, especially if your debtor is in the other country. Along with the already familiar problems there are some additional aspects (like linguistic barrier, country’s specific legislation). It seems nearly impossible, but it can be solved easily. To solve the problem, a foreign businessman needs Ukrainian lawyers’ help.
The Russian Law "On the Protection of Competition" (the "Competition Law") came into effect on October 26, 2006.
To successfully structure a cross-border transaction, it is important to do a careful antimonopoly law analysis at an early stage.
Distribution agreement is not a concept that is well-developed in Russia. There is not an established court guidance on most of the terms and conditions a reasonable non-Russian supplier seeks to include into the distribution agreement.
In different countries Patentability of business methods has always been the subject of controversy. Ukraine is not exception of this rule.
Immigration laws are very important factor for the developing countries who used to export manpower to developed countries. In the developed countries, the immigration practices are handled by skilled lawyers but unfortunately in Bangladesh it is mainly handled by brokers,agents, Travel Agencies and illiterate people. That is why the applicants are not getting proper legal advice and facing serious problems as well as harassment regarding Immigration matters.
The economic boom in UAE has resulted in huge developments and a considerable increase in trade. This in turn has led to a rise in transactions which require a fast debt recovery mechanism.
A large part of our judgment collection law practice is collection of labor awards, or more specifically enforcement labor judgments. Essentially, these result when an employer fails to properly pay an employee for wages, overtime pay, or otherwise violates California labor laws.
The Investment Promotion Act of B.E. 2520 (1977) allows three categories for foreigners to enter Thailand in addition to the standard immigration rules. Section 24 of the Act allows for foreigners to enter the country in order to survey investment opportunities. Section 25 allows foreigners who are skilled technicians or experts (and their dependents) to enter the country to work for a company that has been promoted by the Board of Investment (BOI).
Testing of foreign citizens in the Russian language, history and basic understanding of Russian law. In the Public Chamber of the Russian Federation the issue of control over the organization where foreign citizens are tested for knowledge of Russian language was discussed. This issue is particularly relevant in relation to foreign citizens who hold certification, but are not able to speak in Russian.
A recent decision by the Georgia Court of Appeals has given homeowners loop-hole against lien claims as the lien claimant's summary judgment against the homeowner was reversed.
Strong relationships with customers remain the key to successful contractual lending and borrowing arrangements in the UAE. However, lending on the strength of relationship (or name) alone is not economically viable or justified.
Since last 10 years the financial developments and the promising financial and technological progresses notably in energy, tourism and infrastructure sectors have attracted the foreign investors' interest.
How a marital dissolution action can affect an family business in California.
When the business faces a cash flow problem, many business owners use the payroll taxes collected but not yet turned over to the IRS.
First to be explored is the legal nature of the so called “nominee shareholder”. Nominee shareholder is a shareholder of a company holding shares nominally only, that is, only in name. In such a way the identity of the ultimate beneficial owner (“UBO”) of the shares is not disclosed.
The German government has approved a bill to tighten the rules for voluntary disclosure in the event of tax evasion. The law is expected to enter into force on January 1, 2015.
Collecting on a judgment even in ideal circumstances can often be a time-consuming and complex process, and that presumes the debtor is solvent, and doing business and/or making money. When the judgment enforcement against a debtor who is a company or legal entity, which appears to be (or is) out of business, the process can be considerably more troublesome and taxing.
The practical effect of indemnity provisions in commercial contracts is dependent upon the detail in their drafting, an important ruling has confirmed.
Joint ventures take many different forms but few have such an unusual background as a recent dispute involving what started as a simple agreement.
An association is frequently established as a way of pooling the strengths of individuals to form a strong special interest group. Legal and fiscal aspects must be observed when establishing an association.
By STA Law Firm
All change is not growth, as all movement is not forward (Ellen Glasgow). The term ‘change’ in simplest form means going from one state to a new state. Although the word ‘change’ is broad enough to connote positive as well as negative change, the likelihood of ‘change’ unfolding positive or welcoming outcome cannot always be pre-determined. A well-conceived and planned change could however result in positive if everything related with the plan goes right.
Many foundations serve charitable purposes, but there are also those foundations that are run for private benefit, such as the family foundation. The latter can e.g. be used to avoid inheritance disputes.
Breaches of the terms of a contract may entail legal consequences, such as e.g. damages claims. It is therefore all the more important to regulate rights and obligations in the contract in detail.
Family owned businesses may thrive over multiple generations. To have lasting success, the family owned business needs to transition ownership from generation to generation. To preserve family harmony and maintain a healthy business, it may be best to transition ownership to family members that are active participants in the business, while allowing non-active family members an opportunity to “cash out” and direct their funds elsewhere as desired by their preferences.
It is becoming increasingly difficult for tax evaders to remain undetected due to the automatic exchange of information between EU member states, particularly as Switzerland has signalled its willingness to cooperate.
Partnerships between agents and principals in agency relationships don’t always go smoothly. In this case, a dispute arose between a travel agent and a travel operator related to ‘price manipulation’.
In January 2014, the judge hearing the application for interim relief at the Amsterdam district court was required to pronounce on the continued operativeness on a company of a shareholders’ agreement. Company law specialist Hein Hoogendoorn explains the judgement by the judge hearing the application for interim relief on this question.
The use of the slogan “the only complete programme throughout Germany” in an advertisement for a dental care programme is misleading in the opinion of the Higher Regional Court of Hamm.
Unpaid Income Tax Establishes Liability of the Managing Director of a German Limited Liability Company
In terms of the overall responsibility, a managing director is also liable for the income tax of employed workers that is not paid to the tax office.
North Rhine-Westphalia’s (NRW) Minister of Finance, Walter Borjans, announced in the Rheinischen Post Online that NRW will continue purchasing CDs with data on suspected tax evaders.
Contractors and suppliers, whose labor, services, equipment or materials were used to improve real estate, may be entitled to file a claim of lien under the Georgia Mechanics and Materialman's Lien Statute if they are not paid. Navigating this law, however, can be difficult so we have put together this step-by-step guide to help you understand the complexities of Georgia's Lien Laws.
Angola now offers much more than just a promising opportunity for foreign investors with its positive investment strategy, a thriving economy and a strong willingness to grow.
Consumers and suppliers ought to benefit in equal measure from fair competition. In the event of infringements of competition law, legal action can be taken.
By CTM Avvocati
A Legality Rating was established as an opportunity for: spreading the culture of legality, demonstrating your company’s ethical credentials, obtaining financing and verifying your organization and your suppliers.
Company structuring in Turkey mainly focuses on two types; joint stock and limited liability companies. Alteration in partnership structure or share transfer of these kinds of companies shall be subject to commercial legislation.
If someone wishes to establish a business, the right company form must be found. Different rights and obligations emerge depending on the chosen company form.
Security for costs is money that a plaintiff is ordered to provide to the court as a condition of continuing with a claim or execution proceeding, and which will be applied on any costs order that may be made against the plaintiff. It provides a safeguard to the defendant in financial terms so as to ensure that he is not unduly burdened by having to bear his own costs in defending claims by plaintiffs who may be unable or unwilling to pay costs to the defendant when ordered by the court.
Do you have court order from court of your country that you wish to seek recognition of it in Turkey, but you are concerned that it might not be recognized, because it does not contain the grounds on which the decision is built? Well, here is a good news!
For commercial agents, some rights and obligations are regulated separately in the German Commercial Code (Handelsgesetzbuch (HGB)). Special attention needs to be paid e.g. to claims for commission and compensation.
If someone wants to correct a false tax declaration by means of an amended tax return, they must disclose all tax matters pertaining to the past five years. A partial amended tax return is insufficient.
Fair competition serves the common good. Competition law ensures that all those concerned operate within the confines of regulations and laws.
The GmbH corporate form offers plenty of creative room for manoeuvre. It is also particularly popular among sole traders and family businesses because of the limitation on liability.
By granting licenses, a holder of rights is able to transfer the authority to use rights to others. Those exploiting these rights without the appropriate license could potentially be exposed to damages claims.
A brief overview about the guarantees that Ukrainian legislation provides for foreign investors and which steps should be done to enjoy them.
The recession has two valuable lessons for credit managers: First, even the best businesses can become significant credit risks, and, second, we have all had more practical experience in extending credit and collecting on past-due receivables. This article focuses on practical tips which credit managers can implement today to reduce the likelihood of nonpayment.
By CTM Avvocati
A general overview of the legal steps which are usually followed, under Italian law, in respect of debt collection.
The position of the board of directors in a company carries with it a lot of decision-making power and responsibility, but also risks as the members of the board of directors are liable with their private assets.
When does a limitation begin to run? Limitation periods (also known as ‘prescriptive’ periods) are an important element in litigation. A claim will be out of time if it is not made within the limitation period and the claimant will not be able to take legal action (subject to strict exceptions).
The legal relationships between a businessman and his business partners are essentially regulated by commercial law. While businessmen enjoy privileges, they must also accept certain disadvantages.
If someone has evaded taxes and would like to submit an amended tax return leading to immunity from punishment, they should have sufficient liquidity. The tax liability must be discharged within a short timescale.
Every day, individuals are injured while on the premises of a business. Injured individuals may be able to pursue a personal injury lawsuit and recover for the damages that they suffer.
Tax evasion is a criminal offence which not only entails heavy financial penalties, but also custodial sentences. By submitting an amended tax return, you can obtain an exemption from punishment.
The turning point for regulating the market dates back to 2001 for Turkish banking industry after a major banking crisis in Turkey.
Malta Financial Services Authority Issues a Consultation Document on the Proposals for Securitisation Cell Companies Regulations
Cell companies have been an established feature of Maltese legislation since 2004, following the enactment of the Companies Act (Cell Companies carrying on business of insurance) Regulations, 2004 (the “PCC Regulations”). Since then the cell company concept in Malta has not only taken root among market operators and practitioners but has also influenced the development of other legal frameworks in the insurance and funds sector.
By STA Law Firm
Feeling blue or are you seeing red because you are turning green with jealousy at the neighbor’s new car? Colors are not only used to describe the emotions we feel, but they are imperative in our world. Universally red means ‘stop’ and green means ‘go’ and traffic lights across the world send this message. It should come as no surprise that colors hold a great importance and are increasingly used as trademarks (color marks) in the marketplace.
When the partners in a group medical practice argue, usually it comes from one of these problem areas: control, compensation, exit. This article discusses control.
The compensation structure is the most interesting thing in a group medical practice (at least for me). In this article I offer a few compensation structures for your consideration. Read on, friend, if eat-what-you-kill sounds like your cup of tea.
It’s a nasty surprise to discover, after you’ve paid the purchase price for the business, that you must pay the seller’s debts and liabilities from before the closing.
How to avoid successor liability when buying a medical practice, specifically as regards provider numbers and taxes. It’s a nasty surprise to discover, after you’ve paid the purchase price for the practice, that you must pay the seller’s debts and liabilities from before the closing.
Ready to move your startup out of the garage and into real office space? Here are some tips on negotiating your startup office lease.
By Global Jurix
Today, the Real Estate Investment Trusts [REITs] are highly successful in more than 20 countries worldwide, including USA, UK, Australia, France, etc. Therefore, SEBI has rightly allowed trading of such REITs in India also, in August 2014, to pave the way for desired growth and transparency in the vast and fast-paced real estate sector of India. Besides bringing in the globally accepted practices, these REITs are expected to infuse a new lease of life and zing in the Indian real estate sector.
Whether a life insurance policy can still be cancelled years later depends to a large extent on whether the policyholder’s possibilities of cancellation were properly explained to him.
In the context of dismissing and terminating the contract of a managing director, essential points have to be observed.
Germany is a good starting point for introducing a business to the European market. It is not only one of Europe’s largest national economies, but also geographically in the center of Europe, with an excellent infrastructure and good transportation connections to major European cities.
World trade, important for merchant shipping and thus also those investing in ship funds, appears to be losing momentum. This is demonstrated by the current figures.
Enforcing international jurisprudence in Germany is not always easy. State borders also mark the end of the jurisdiction of courts. This can lead to problems if the matter is one of enforcing claims against foreign debtors.
If the proprietor of a firm retires, company succession must be arranged. Generally, there are two options: Sell or bequeath.
By MMLC Group
Recent progress of enactment and establishment relating to the publicity of enterprise credibility information in order to cooperate with the implementation of the latest amended Company Law.
There are many high-quality contractors in Central Florida that do an outstanding job, building beautiful homes. They try to get their projects finished on schedule and within their client’s stated budget, as they know that their hard-earned reputations are on the line.
After a vendor extends credit, it is vital that the vendor continually monitor the debtor for changes in its credit profile in order to minimize the vendor's risk of nonpayment. The following list of 20 early warning indicators, will help you see the risk coming before it happens.
All states have their own inheritance laws. In succession cases involving a foreign element, the question arises as to which inheritance law is applicable. In many cases, this is a complex matter.