The document analyzes how the Consumer Financial Protection Bureau (CFPB) has used its authority to prohibit abusive acts or practices under the Dodd-Frank Act. It finds that the CFPB has brought 16 cases alleging abusive conduct since 2010. The CFPB most often relies on two prongs of the abusiveness definition - those prohibiting taking unreasonable advantage of a consumer's lack of understanding or inability to protect their interests. Nearly all abusive claims also allege unfair or deceptive practices. The CFPB has rarely used the prong prohibiting interfering with a consumer's understanding and never alone. Overall, the CFPB's use of abusiveness claims has not clearly distinguished what conduct is abusive but not unfair or de
When employers are faced with terminating employees in California, they often miss the numerous required notices and action steps they must take at or before the time of termination in order to comply with the law. In this presentation, Beth Arnese and I go over how to handle terminations in a legally compliant manner (not to mention as kindly and consciously as possible - which prevents lawsuits and bad karma).
Topics addressed include federal and state requirements for terminating employees, the necessary forms and notices, the California Unemployment Insurance Code, final wages, termination letters, COBRA and Cal-COBRA coverage, and severance pay and agreements.
1. The document discusses bankruptcy laws and how they affect business owners and creditors. It provides an overview of Chapter 7 and Chapter 13 bankruptcy and the rights of creditors during bankruptcy proceedings.
2. It also outlines several major federal consumer credit laws, including the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Truth in Lending Act. Businesses must comply with these laws when extending credit to consumers.
3. The document provides resources for further information on bankruptcy laws and consumer credit regulations.
This document summarizes an article about Section 3121(l) elections, which allow US companies to extend US social security coverage to US citizens working for certain foreign affiliates. It presents two hypothetical scenarios, one where a Section 3121(l) election would have been beneficial, and one where an uninformed election caused problems. It then provides background on US social security tax obligations and discusses factors to consider when determining whether to make a Section 3121(l) election, such as whether the employment relationship truly transfers to the foreign affiliate.
Bid bonds guarantee that if a contractor quotes on a job and is awarded the contract, they will perform the contractual obligations. License and permit bonds protect governmental entities by ensuring compliance with regulations and payment of taxes. They are required for most businesses and occupations to legally operate. The application process involves filling out an online form and making payment after receiving a quote.
Seven Habits of Highly Ineffective Global Contract Negotiators | Martijn StegerKegler Brown Hill + Ritter
Guidance for companies negotiating contracts, both domestic and international. Some include desperation, ignoring cultural differences and operating with a myopic view of the deal.
PHH - Consumer Financial Services Alert 22 June 2015 FINALOri Lev
The CFPB issued its first final decision in a contested administrative proceeding against PHH Corp. Director Cordray overturned the ALJ's ruling and ordered PHH to pay over $109 million in disgorgement, much higher than the $6.4 million recommended by the ALJ. Key aspects of the decision include that no statute of limitations applies to CFPB administrative actions under RESPA, RESPA violations accrue when kickbacks are paid rather than at closing, and Section 8(c)(2) of RESPA does not shield payments for referrals even if they are at fair market value. The decision establishes significant new precedents around RESPA interpretation and CFPB administrative procedures.
This document summarizes common mistakes made with contracts and provides tips to avoid them. It discusses the importance of putting agreements in writing, negotiating all terms, and addressing critical elements like price, time, goods/services, and dispute resolution. Failure to have a written contract, missing key terms, or not negotiating can lead to misunderstandings and legal issues down the road. Getting advice from a lawyer can help ensure all parties fully understand obligations and resolve any issues that may arise.
The document analyzes how the Consumer Financial Protection Bureau (CFPB) has used its authority to prohibit abusive acts or practices under the Dodd-Frank Act. It finds that the CFPB has brought 16 cases alleging abusive conduct since 2010. The CFPB most often relies on two prongs of the abusiveness definition - those prohibiting taking unreasonable advantage of a consumer's lack of understanding or inability to protect their interests. Nearly all abusive claims also allege unfair or deceptive practices. The CFPB has rarely used the prong prohibiting interfering with a consumer's understanding and never alone. Overall, the CFPB's use of abusiveness claims has not clearly distinguished what conduct is abusive but not unfair or de
When employers are faced with terminating employees in California, they often miss the numerous required notices and action steps they must take at or before the time of termination in order to comply with the law. In this presentation, Beth Arnese and I go over how to handle terminations in a legally compliant manner (not to mention as kindly and consciously as possible - which prevents lawsuits and bad karma).
Topics addressed include federal and state requirements for terminating employees, the necessary forms and notices, the California Unemployment Insurance Code, final wages, termination letters, COBRA and Cal-COBRA coverage, and severance pay and agreements.
1. The document discusses bankruptcy laws and how they affect business owners and creditors. It provides an overview of Chapter 7 and Chapter 13 bankruptcy and the rights of creditors during bankruptcy proceedings.
2. It also outlines several major federal consumer credit laws, including the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Truth in Lending Act. Businesses must comply with these laws when extending credit to consumers.
3. The document provides resources for further information on bankruptcy laws and consumer credit regulations.
This document summarizes an article about Section 3121(l) elections, which allow US companies to extend US social security coverage to US citizens working for certain foreign affiliates. It presents two hypothetical scenarios, one where a Section 3121(l) election would have been beneficial, and one where an uninformed election caused problems. It then provides background on US social security tax obligations and discusses factors to consider when determining whether to make a Section 3121(l) election, such as whether the employment relationship truly transfers to the foreign affiliate.
Bid bonds guarantee that if a contractor quotes on a job and is awarded the contract, they will perform the contractual obligations. License and permit bonds protect governmental entities by ensuring compliance with regulations and payment of taxes. They are required for most businesses and occupations to legally operate. The application process involves filling out an online form and making payment after receiving a quote.
Seven Habits of Highly Ineffective Global Contract Negotiators | Martijn StegerKegler Brown Hill + Ritter
Guidance for companies negotiating contracts, both domestic and international. Some include desperation, ignoring cultural differences and operating with a myopic view of the deal.
PHH - Consumer Financial Services Alert 22 June 2015 FINALOri Lev
The CFPB issued its first final decision in a contested administrative proceeding against PHH Corp. Director Cordray overturned the ALJ's ruling and ordered PHH to pay over $109 million in disgorgement, much higher than the $6.4 million recommended by the ALJ. Key aspects of the decision include that no statute of limitations applies to CFPB administrative actions under RESPA, RESPA violations accrue when kickbacks are paid rather than at closing, and Section 8(c)(2) of RESPA does not shield payments for referrals even if they are at fair market value. The decision establishes significant new precedents around RESPA interpretation and CFPB administrative procedures.
This document summarizes common mistakes made with contracts and provides tips to avoid them. It discusses the importance of putting agreements in writing, negotiating all terms, and addressing critical elements like price, time, goods/services, and dispute resolution. Failure to have a written contract, missing key terms, or not negotiating can lead to misunderstandings and legal issues down the road. Getting advice from a lawyer can help ensure all parties fully understand obligations and resolve any issues that may arise.
Comment Letter on Section 752 Proposed Debt Allocation Regulations -- Letter ...Samuel Grilli
This letter summarizes concerns with proposed regulations regarding the allocation of debt for purposes of Section 752. Specifically, it argues that the proposed regulations create uncertainty by replacing a facts-and-circumstances test with seven factors that make it difficult for obligations like guarantees to be treated as recourse. It suggests that nearly all obligations will fail to satisfy all the factors. The letter recommends that the proposed regulations be revoked, amended, or re-issued in proposed form only due to these issues.
The document discusses key concepts in US bankruptcy law, including:
1) Chapter 11 bankruptcy allows for reorganization of a business while Chapter 7 involves liquidation of assets. Chapter 11 is increasingly being used for liquidations through selling the business as a "going concern".
2) Upon filing for bankruptcy, an automatic stay is put into place that prevents creditors from collecting pre-petition debts or taking other collection actions without court approval.
3) Debtors often file "first day motions", including motions to approve debtor-in-possession (DIP) financing to continue operating during bankruptcy. Courts usually approve DIP financing to allow debtors to continue operating.
4) The document provides an overview
Bankruptcy is a legal process for people or businesses that cannot pay their debts. It is based on federal law and involves court proceedings. The main goals of bankruptcy are to provide relief for debtors and to repay creditors. There are different chapters of bankruptcy for individuals, businesses, municipalities, and foreign companies. Debts can be dischargeable, meaning no longer owed after bankruptcy, or non-dischargeable, requiring payment even after filing. Common dischargeable debts include credit cards, loans, and business or vehicle payments, while non-dischargeable debts often involve taxes, child support, fines, or student loans.
This document discusses insolvency and bankruptcy. It defines insolvency as the inability to pay debts when they are due, while bankruptcy is a legal process to resolve insolvency. There are two types of insolvency: cash-flow, where one cannot make a payment due to lack of funds, and balance-sheet, where debts exceed assets. Insolvency can lead to bankruptcy if not addressed through measures like debt repayment plans, borrowing, or renegotiating debts. The document outlines key bankruptcy laws and procedures in the United States.
This document provides an overview of bankruptcy and mortgage deficiency basics, including Chapter 7 and Chapter 13 bankruptcy. It discusses what bankruptcy is, reasons for and against filing, eligibility requirements, exemptions, keeping property, costs, strategic defaults, and dealing with mortgage deficiencies. The key points are that bankruptcy provides a financial "fresh start" but can negatively impact credit, and strategic default may be an option to avoid deficiency if the home is underwater.
Avoiding Elder Abuse by a Rogue Power of AttorneyBC Notaries
A comprehensive look at all the things to consider when setting up a Power of Attorney to hopefully avoid any misuse or abuse by an "Attorney" going rogue.
This document discusses problems with the lack of oversight in the structured settlement secondary and tertiary markets. It notes that while structured settlement protection acts were intended to protect recipients, they are deficient in key areas. The first problem discussed is the lack of regulation of participants in these markets, including those who solicit recipients, advise them on sales, advise investors, or provide financial advice. Unlike other financial services, there are no licensing, background check, or continuing education requirements for intermediaries. This raises questions about the legitimacy and accountability of market participants. The document argues that insurance-style regulation is needed to protect consumers in these markets.
The annual Legal Seminar For Credit Professionals, presented by Kegler Brown in conjunction with NACM – Great Lakes Region and American Subcontractors Association, was combined with an international business and construction legal program. Topics included selling internationally, post-judgment collection, bankruptcy, bids and pay-if-paid clauses.
Kendine has bir terminolojisi olan Hukuk İngilizcesini öğrenerek meslektaşlarınızla rekabete bir adım önde başlarsınız. Bir dava dosyasını incelerken, yabancı kaynaklar ve üst mahkeme kararlarına müracaat ederken, mütalaanızı İngilizce vermeniz gerektiğinde veya yabancı uyruklu bir müvekkiliniz olduğunda Hukuk İngilizcesi’ni etkin ve akıcı kullanabilmeniz gerekir. İngilizce hukuk bilgisi size rakiplerinizden ayrı prestijli bir kapı aralar.
This document provides an overview of different types of business entities including sole proprietorships, general partnerships, C-corporations, S-corporations, professional corporations, limited liability companies, and some specialty entities. It discusses the general attributes, benefits, disadvantages, and tax implications of each type of entity. The document was presented by the Robert Rogers Law Firm to provide general information on business entities.
We recognize the amazing potential for business in Cameroon... However, American businesses and AmCham members encounter difficulties doing business in Cameroon. According to UN statistics, the United States is the leading investor in Cameroon in terms of dollars invested but enforcing contracts and corruption deters potential investors and impedes development.
Is your company at risk of being told that your independent contractors are actually employees? If the Department of Labor breaks this news to you, what are the labor implications? What are the tax obligations? What are your legal obligations to a third party? Join our labor and employment and tax gurus for answers to these and other questions during this informative and practical webinar on avoiding worker misclassification and the repercussions if you do not.
Linda Martinez presented on the Fair Debt Collection Practices Act (FDCPA) and consumer rights regarding debt collectors. The presentation covered what the FDCPA is, who enforces it, what debts it covers, communication rules, consumer rights to validate debts and stop collection calls. It provided a glossary of terms and discussed 15 common FDCPA violations by debt collectors such as misrepresenting amounts owed, excessive contacting, or contacting third parties. The presentation emphasized consumers learning their rights under the FDCPA to protect themselves from abusive collection practices.
At the State Bar of Michigan's Upper Michigan Legal Institute 2014, attorney Marlaine Teahan spoke on various Probate and Estate Planning updates, including durable powers of attorney and the importance of including digital assets in estate planning.
Top 5 hr Policies Facing Pennsylvania Employers in 2013James Baker
This document discusses the top 5 HR issues facing Pennsylvania employers: (1) FLSA compliance regarding minimum wage and overtime regulations; (2) policies around weapons in the workplace in light of safety obligations; (3) recent NLRB decisions impacting employee handbooks and rights; (4) proposed right-to-work legislation; and (5) guidance on considering arrest and conviction records in hiring decisions. It provides an overview of these issues, relevant laws and regulations, and recommendations for employer policies.
In this tutorial, Chris Roush helps you become better acquainted with the inner-workings of bankruptcy court and shows you best practices for identifying stories in documents.
Roush is the director of the Carolina Business News Initiative and an associate professor at the University of North Carolina at Chapel Hill.
This document summarizes key concepts related to fiduciary duty and fiduciary obligation from a legal research paper. It discusses a similar Canadian case (Lac Minerals v. International Corona Resource) where confidential information was misused. It compares this case to the situation described, noting similarities around the use of confidential information. The document then provides definitions of fiduciary duty and outlines factors courts consider to determine if a fiduciary relationship exists. It advises that as operator, the recipient has duties to share assessments, notify partners of opportunities, and act with undivided loyalty and without conflicts of interest.
These slides will go into an indepth discussion on the aspects and requirements of reverse and forward triangular mergers. For more information, contact our firm. (08/2016)
Independent Contractors In MassachusettsMichael Gove
This document summarizes Attorney Michael Gove's presentation on Massachusetts' independent contractor law (G.L. c. 149, § 148B) to the Employers Association of the NorthEast. It discusses the ABC test used to determine whether a worker is an employee or independent contractor, factors considered in each part of the test, examples of how courts have applied the test, consequences of misclassifying employees, and penalties for violations.
This document provides an overview of business and labour laws in Pakistan as part of a semester project. It discusses the key components of the legal system and defines business, law, and the various branches of law. It then examines the purpose of business laws and the sources of business law, including common law, statutory law, and administrative law. The major categories of business law that can affect operations are explored, such as tort, contract, sales, agency, property, bankruptcy, and negotiable instruments. Specific prevailing business and labour laws in Pakistan are also outlined.
2017 AICM Credit Symposium - Australian Institute of Credit ManagementMark Harley
Unfair Contract Terms – generally and amendments for B2B protection (with some exceptions)
Insolvency Law Reform Amendments – amendment to the definition of “relation-back day” for purpose of the Corporations Act
Dealing with Trust Assets of Corporate Trustees in Liquidation
BoyarMiller – The Before, During, and After of Non-Compete AgreementsBoyarMiller
This document summarizes considerations for drafting, enforcing, and defending against non-compete agreements. It discusses effective provisions to include, such as requiring employees to confirm they are not bound by other non-competes, and provisions for returning confidential information. It also notes issues to avoid, like contractual venue clauses and liquidated damages provisions that could undermine requests for injunctive relief. Additionally, it provides examples of letters to new hires about non-compete obligations and of orders that lacked necessary specificity in defining restricted activities.
Comment Letter on Section 752 Proposed Debt Allocation Regulations -- Letter ...Samuel Grilli
This letter summarizes concerns with proposed regulations regarding the allocation of debt for purposes of Section 752. Specifically, it argues that the proposed regulations create uncertainty by replacing a facts-and-circumstances test with seven factors that make it difficult for obligations like guarantees to be treated as recourse. It suggests that nearly all obligations will fail to satisfy all the factors. The letter recommends that the proposed regulations be revoked, amended, or re-issued in proposed form only due to these issues.
The document discusses key concepts in US bankruptcy law, including:
1) Chapter 11 bankruptcy allows for reorganization of a business while Chapter 7 involves liquidation of assets. Chapter 11 is increasingly being used for liquidations through selling the business as a "going concern".
2) Upon filing for bankruptcy, an automatic stay is put into place that prevents creditors from collecting pre-petition debts or taking other collection actions without court approval.
3) Debtors often file "first day motions", including motions to approve debtor-in-possession (DIP) financing to continue operating during bankruptcy. Courts usually approve DIP financing to allow debtors to continue operating.
4) The document provides an overview
Bankruptcy is a legal process for people or businesses that cannot pay their debts. It is based on federal law and involves court proceedings. The main goals of bankruptcy are to provide relief for debtors and to repay creditors. There are different chapters of bankruptcy for individuals, businesses, municipalities, and foreign companies. Debts can be dischargeable, meaning no longer owed after bankruptcy, or non-dischargeable, requiring payment even after filing. Common dischargeable debts include credit cards, loans, and business or vehicle payments, while non-dischargeable debts often involve taxes, child support, fines, or student loans.
This document discusses insolvency and bankruptcy. It defines insolvency as the inability to pay debts when they are due, while bankruptcy is a legal process to resolve insolvency. There are two types of insolvency: cash-flow, where one cannot make a payment due to lack of funds, and balance-sheet, where debts exceed assets. Insolvency can lead to bankruptcy if not addressed through measures like debt repayment plans, borrowing, or renegotiating debts. The document outlines key bankruptcy laws and procedures in the United States.
This document provides an overview of bankruptcy and mortgage deficiency basics, including Chapter 7 and Chapter 13 bankruptcy. It discusses what bankruptcy is, reasons for and against filing, eligibility requirements, exemptions, keeping property, costs, strategic defaults, and dealing with mortgage deficiencies. The key points are that bankruptcy provides a financial "fresh start" but can negatively impact credit, and strategic default may be an option to avoid deficiency if the home is underwater.
Avoiding Elder Abuse by a Rogue Power of AttorneyBC Notaries
A comprehensive look at all the things to consider when setting up a Power of Attorney to hopefully avoid any misuse or abuse by an "Attorney" going rogue.
This document discusses problems with the lack of oversight in the structured settlement secondary and tertiary markets. It notes that while structured settlement protection acts were intended to protect recipients, they are deficient in key areas. The first problem discussed is the lack of regulation of participants in these markets, including those who solicit recipients, advise them on sales, advise investors, or provide financial advice. Unlike other financial services, there are no licensing, background check, or continuing education requirements for intermediaries. This raises questions about the legitimacy and accountability of market participants. The document argues that insurance-style regulation is needed to protect consumers in these markets.
The annual Legal Seminar For Credit Professionals, presented by Kegler Brown in conjunction with NACM – Great Lakes Region and American Subcontractors Association, was combined with an international business and construction legal program. Topics included selling internationally, post-judgment collection, bankruptcy, bids and pay-if-paid clauses.
Kendine has bir terminolojisi olan Hukuk İngilizcesini öğrenerek meslektaşlarınızla rekabete bir adım önde başlarsınız. Bir dava dosyasını incelerken, yabancı kaynaklar ve üst mahkeme kararlarına müracaat ederken, mütalaanızı İngilizce vermeniz gerektiğinde veya yabancı uyruklu bir müvekkiliniz olduğunda Hukuk İngilizcesi’ni etkin ve akıcı kullanabilmeniz gerekir. İngilizce hukuk bilgisi size rakiplerinizden ayrı prestijli bir kapı aralar.
This document provides an overview of different types of business entities including sole proprietorships, general partnerships, C-corporations, S-corporations, professional corporations, limited liability companies, and some specialty entities. It discusses the general attributes, benefits, disadvantages, and tax implications of each type of entity. The document was presented by the Robert Rogers Law Firm to provide general information on business entities.
We recognize the amazing potential for business in Cameroon... However, American businesses and AmCham members encounter difficulties doing business in Cameroon. According to UN statistics, the United States is the leading investor in Cameroon in terms of dollars invested but enforcing contracts and corruption deters potential investors and impedes development.
Is your company at risk of being told that your independent contractors are actually employees? If the Department of Labor breaks this news to you, what are the labor implications? What are the tax obligations? What are your legal obligations to a third party? Join our labor and employment and tax gurus for answers to these and other questions during this informative and practical webinar on avoiding worker misclassification and the repercussions if you do not.
Linda Martinez presented on the Fair Debt Collection Practices Act (FDCPA) and consumer rights regarding debt collectors. The presentation covered what the FDCPA is, who enforces it, what debts it covers, communication rules, consumer rights to validate debts and stop collection calls. It provided a glossary of terms and discussed 15 common FDCPA violations by debt collectors such as misrepresenting amounts owed, excessive contacting, or contacting third parties. The presentation emphasized consumers learning their rights under the FDCPA to protect themselves from abusive collection practices.
At the State Bar of Michigan's Upper Michigan Legal Institute 2014, attorney Marlaine Teahan spoke on various Probate and Estate Planning updates, including durable powers of attorney and the importance of including digital assets in estate planning.
Top 5 hr Policies Facing Pennsylvania Employers in 2013James Baker
This document discusses the top 5 HR issues facing Pennsylvania employers: (1) FLSA compliance regarding minimum wage and overtime regulations; (2) policies around weapons in the workplace in light of safety obligations; (3) recent NLRB decisions impacting employee handbooks and rights; (4) proposed right-to-work legislation; and (5) guidance on considering arrest and conviction records in hiring decisions. It provides an overview of these issues, relevant laws and regulations, and recommendations for employer policies.
In this tutorial, Chris Roush helps you become better acquainted with the inner-workings of bankruptcy court and shows you best practices for identifying stories in documents.
Roush is the director of the Carolina Business News Initiative and an associate professor at the University of North Carolina at Chapel Hill.
This document summarizes key concepts related to fiduciary duty and fiduciary obligation from a legal research paper. It discusses a similar Canadian case (Lac Minerals v. International Corona Resource) where confidential information was misused. It compares this case to the situation described, noting similarities around the use of confidential information. The document then provides definitions of fiduciary duty and outlines factors courts consider to determine if a fiduciary relationship exists. It advises that as operator, the recipient has duties to share assessments, notify partners of opportunities, and act with undivided loyalty and without conflicts of interest.
These slides will go into an indepth discussion on the aspects and requirements of reverse and forward triangular mergers. For more information, contact our firm. (08/2016)
Independent Contractors In MassachusettsMichael Gove
This document summarizes Attorney Michael Gove's presentation on Massachusetts' independent contractor law (G.L. c. 149, § 148B) to the Employers Association of the NorthEast. It discusses the ABC test used to determine whether a worker is an employee or independent contractor, factors considered in each part of the test, examples of how courts have applied the test, consequences of misclassifying employees, and penalties for violations.
This document provides an overview of business and labour laws in Pakistan as part of a semester project. It discusses the key components of the legal system and defines business, law, and the various branches of law. It then examines the purpose of business laws and the sources of business law, including common law, statutory law, and administrative law. The major categories of business law that can affect operations are explored, such as tort, contract, sales, agency, property, bankruptcy, and negotiable instruments. Specific prevailing business and labour laws in Pakistan are also outlined.
2017 AICM Credit Symposium - Australian Institute of Credit ManagementMark Harley
Unfair Contract Terms – generally and amendments for B2B protection (with some exceptions)
Insolvency Law Reform Amendments – amendment to the definition of “relation-back day” for purpose of the Corporations Act
Dealing with Trust Assets of Corporate Trustees in Liquidation
BoyarMiller – The Before, During, and After of Non-Compete AgreementsBoyarMiller
This document summarizes considerations for drafting, enforcing, and defending against non-compete agreements. It discusses effective provisions to include, such as requiring employees to confirm they are not bound by other non-competes, and provisions for returning confidential information. It also notes issues to avoid, like contractual venue clauses and liquidated damages provisions that could undermine requests for injunctive relief. Additionally, it provides examples of letters to new hires about non-compete obligations and of orders that lacked necessary specificity in defining restricted activities.
FCS 3450 HOMEWORK #41.Thomas Franklin arrived at the following t.docxmydrynan
FCS 3450 HOMEWORK #4
1.
Thomas Franklin arrived at the following tax information:
Gross salary, $46,660
Interest earnings, $225
Dividend income, $80
One personal exemption, $3,400
Itemized deductions, $7,820
Adjustments to income, $1,150
What amount would Thomas report as taxable income?
2.
If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $5,450.
Donations to church and other charities, $1,980
Medical and dental expenses that exceed 7.5 percent of adjusted gross income, $430
State income tax, $690
Job-related expenses that exceed 2 percent of adjusted gross income, $1,610
3.
What would be the average tax rate for a person who paid taxes of $4,864.14 on a taxable income of $39,870?
4.
Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes?
Adjusted gross income, $46,186
Itemized deductions, $11,420
Child care tax credit, $80
Federal income tax withheld, $4,784
Amount for personal exemptions, $6,800
Average tax rate on taxable income, 15%
5. Would you prefer a fully taxable investment earning 10.7 percent or a tax-exempt investment earning 8.1 percent? Why? (Assume a 28 percent tax rate.)
6. On December 30, you decide to make a $1,000 charitable donation. If you are in a 28 percent tax bracket, how much would you save in taxes for the current year? If that tax savings was deposited in a savings account for the next five years at 6 percent, what would be the future value of that account?
1
Assignment 2: JPMorgan Chase
Strayer University
LEG 100
Discuss how administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy.
On January 11, 2012, the Commodity Futures Trading Commission (CFTC) voted 3-2 to propose regulations to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), commonly referred to as the “Volcker Rule.” The proposal specifically prohibits a bank or institution that owns a bank from engaging in proprietary trading that is not at the behest of its clients, and from owning or investing in a hedge fund or private equity fund, and also limits the liabilities that the largest banks can hold .Under discussion is the possibility of restrictions on the way market making activities are compensated; traders would be paid on the basis of the spread of the transactions rather than any profit that the trader made for the client.
Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair ...
Types of terms within a contract - Contract LawPatrick Aboku
The document discusses different types of terms within a contract:
1) Conditions - essential terms whose breach allows the injured party to rescind the contract or sue for damages.
2) Warranties - terms whose breach allows the injured party to sue for damages but not rescind the contract.
3) Innominate terms - terms whose importance is unclear until breach, at which point courts examine the nature and effect of the breach to determine if it amounts to a condition or warranty.
The document also discusses implied terms, which courts may import into a contract to give it efficacy or based on custom, statute, or prior dealings between the parties. Breach of an implied term would be treated as a breach of condition
This document summarizes key aspects of employment arbitration agreements and class action waivers. It explains that arbitration agreements require employees to resolve disputes through arbitration rather than litigation. The key benefits to employers are lower costs, less public visibility, and more scheduling flexibility compared to litigation. However, arbitration limits discovery and appeal rights. The document also discusses class action waivers and their enforceability in limiting employees' ability to bring collective legal claims. It provides guidance on ensuring arbitration agreements are legally enforceable.
The document summarizes recent developments in Canadian employment law across several topics:
1) Family status obligations have been recognized more broadly to include childcare needs, requiring employers to accommodate employees' scheduling requests.
2) An employee was reinstated with 9 years of back pay after developing anxiety from a stressful job where the employer failed to accommodate.
3) An employee was awarded damages under the human rights code in a wrongful dismissal case where their medical issues were a factor in termination.
4) Courts have affirmed employees have a duty to participate in the accommodation process and cannot abandon it by resigning.
There are key differences between employees and independent contractors. Employees have taxes withheld from their paychecks and can deduct unreimbursed business expenses. Independent contractors receive a 1099 form and are responsible for income and self-employment taxes. The IRS looks at factors like instructions, investments, expenses, and benefits to determine status. Contracts between APNs and organizations should address scope of work, confidentiality, compensation, termination, disputes, and other important terms.
United Corporate Services provides search and filing results tailored specifically to our clients’ needs. Reports sorted by individual debtor per page, or a more comprehensive summary report of all search results on one page, both are easily provided in either .pdf format for secure closings or in Excel format for easy manipulation into your existing closing binder. United Corporate Services files and searches in over 3,000 jurisdictions in the U.S. Understanding their unique requirements ensures accurate processing of all your UCC transactions. Revised Article 9 is once again being “revised,” and we have done the legwork necessary to walk with you through your projects to ensure they are completed timely and accurately.
This document outlines the key legal issues that entrepreneurs should consider when starting and operating a business. It discusses forming the appropriate business entity, hiring employees or contractors, complying with relevant regulations, raising money, protecting intellectual property, corporate governance, drafting and reviewing contracts, product liability, business torts, and e-commerce legal concerns. The document provides an overview of the major considerations within each of these areas to help entrepreneurs navigate important legal aspects of starting and running a business.
TAM's College signed a contract with a marketing firm called NAMS to provide promotional services for one month. However, NAMS breached the contract by failing to provide the agreed upon services and asking for an extension. In response, TAM's College took legal action against NAMS based on terms in the contract. Additionally, TAM's College faces a trial related to an accident involving a staff member who was not wearing proper protective gear. As a result, TAM's College must now deal with the legal proceedings stemming from the explicit liability doctrines in business law.
This document summarizes a presentation on dismissals in Canada. It begins by outlining some common myths regarding dismissals. It then discusses how much notice or severance is required for dismissals without cause, including factors considered for determining reasonable notice periods. The document also covers dismissals for just cause versus without cause, and considerations for conducting dismissal investigations and implementing dismissal policies. It provides examples of dismissals that were found to be for cause or not for cause. The importance of using employment agreements and properly drafting termination clauses is also discussed.
Research Study on Contract Law: The equitable doctrine where brought to provide equity in cases which had a defect in consideration, at which it is unconscionable for a party to suffer the determent. The court has the power to practice judicial discretion in these circumstances, where seen there is unjust enrichment or unconscionable. However, it is mandatory for the applicant filing for equity to satisfy the conditions forming the equitable doctrine.
The predictability and certainty of these causes have lead to comprise the law, having it called “The dangerous doctrine”, as a person could preplan the events that will lead another person to be victimized by an estoppel. Rather having solid common law that sets the rules, equitable doctrine bend these rules and compromises the law.
TAM's College has contracted with various agencies to help promote the college and handle legal matters. NAMS, a marketing firm, broke their contract to provide intensive marketing for one month. As a result, TAM's took legal action against NAMS for breaching the contract. Additionally, a security guard was sent out on duty without proper uniform in violation of the college's policies. During his shift, the guard was injured in an accident. The college denied the guard's compensation claim, citing his failure to follow the uniform policy. The guard's family is now taking legal action against the college.
This document discusses key considerations for contract review including confidentiality, governing law, indemnification, insurance, payment terms, warranties, and record retention. It emphasizes the importance of removing strict confidentiality clauses, having New York law and venue, ensuring mutual indemnification, and allowing the hospital to share information with consultants and lawyers. Vendors may want to restrict these areas but it is fair for the hospital to request them.
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Contracts are a part of our everyday life, arising in collaboration, trust, promise and credit.
How are contracts formed? What makes a contract enforceable? What happens when one party breaks a promise?
Similar to Ten Common Legal Mistakes Businesses Make (20)
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https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
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Microsoft’s Digital Transformation Framework
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Ten Common Legal Mistakes Businesses Make
1. 10 Common Legal Mistakes Businesses Make and How to Avoid Them Douglas H. Hancock Daigle & Hancock Professional Corporation 51 Village Centre Place Mississauga, ON L4Z 1V9 www.daiglehancock.com January 19, 2011
When a principal of a corporation lends money to the corporation, the lender should always take security. Shareholder becomes a Creditor of the corporation.
When the corporation files for bankruptcy, the unsecured advance makes turns the Shareholder into an Unsecured Creditor – the claim has no preference Royal City – Facts: Mahon was appointed GM of Royal City, but with the stipulation they lend RC $180,000. They did and took as security a GSA covering RC’s inventory and proceeds. Mahon ranked third in priority (RBC and Chrysler Credit were ahead). The company was losing money from the end of 1989 to 1991. On Aug 6, 1991, RC paid to Mahon $182,243. Trustee brought action to find the payment as fraudulent preference b/c the payment was made within three months of bankruptcy and at the time of payment RC was clearly insolvent. Mahon Argument: A payment made by debtor to a secured creditor cannot be fraudulent under the BIA. Reasoning: a payment by a debtor to a secured creditor is protected and is not to be construed as fraudulent preference where the payment does not exceed the value of the security. The security at the time of the payment to Mahon was worthless.
A promissory note is not the same thing as a Loan Agreement – the Promissory Note is only evidence of the debt. Registering the document is important because of timing – who has priority, and also because if the documents are not registered then the Bankruptcy Trustee may be able to recover any preferential payments made to the lender. Payments made within one year of bankruptcy would be considered a fraudulent preference under the Bankruptcy and Insolvency Act.
Interest rate is the fee charged by the lender for the use of the money borrowed, over the life of the loan.
The first example is incorrect because the terms of the interest rate to be paid is incorrect. The interest rate to be charged must be stated in ANNUAL terms. If the agreement contains the terms in daily, weekly, monthly, quarterly, or semi-annually, then there must be a second statement stating in annual terms. If this condition is not met, then the interest rate to be charged can only be 5%. The last example means that if there is no Agreement, then the Lender cannot charge interest until the Lender sues the Borrower and the Court awards interests.
Credit Worthiness – B’s ability and willingness to pay. The higher the credit rating, the stronger the credit worthiness. Size of Debt Burden – is the B’s earning power greater than the payment schedule Loan Size – large loans are given more weight. Does the Borrower have the capacity to ingest a large sum of money. Frequency of Borrowing – frequent Borrower given more weight Length of Commitment – Lender accepts additional risks as the time length increases, but Lender will also charge a higher interest rate for this risk. Social & Community Considerations – Lender will take on a higher risk for a social good resulting from use of the loan.
Costs – what are the costs involved in granting credit and what will be the impact on the cash flow Working Capital – will the company be able to maintain enough working capital to pay operating expenses while carrying receivables. Know the Borrower – are there any liens, claims, or pending actions.
Standard form contracts are used daily as a means to simplify routine transactions.
Browse Wrap Agreements are also known as the “Term of Use” Agreement. They differ from Click Wrap Agreements because in the Click Wrap Agreement the User is required to click on the “I agree” button before they can proceed. Browse Wrap Agreements do NOT have such a button. Evidence – the only evidence to show User agreed to the terms is the actual act of browsing the website
Kanitz v. Rogers – Facts: K signed agreement with Rogers where a term of the agreement stated that Rogers can amend the agreement any time and any amendment would be posted on the Roger’s website. Roger amended the agreement that all disputes were to be resolved by arbitration to forestall a lawsuit by K. Argument: K brought action under the Class Proceedings Act – they were not given reasonable notice of change. Side Note on Case: The ruling regarding arbitration was overruled by Section 7(2) of the Consumer Protection Act – a consumer cannot be required to resolve disputes by arbitration. Enforceability – The party must post a notice of terms that the User implicitly accepts. The notice must be posted before the User begins to browse.
A contract is enforceable only if it is proven. The problem with oral agreements is that details can be forgotten, therefore the best practice is to have written agreements. A written agreement will provide a clear understanding and function as a safeguard against subsequent misunderstanding.
Narrow Interpretation – if there is any possibility that the contract can be performed within one year, then the contract is not required to be in writing. The key is that it is the possibility that the contract can be performed within one year, not that it is actually performed within one year that determines whether the contract has to be in writing. Example 1 – The terms of the agreement clearly indicate that the agreement cannot be completed within one year. Example 2 – There is the possibility that the jeweler can deliver all five pieces to the customer within one year of the agreement. The jeweler does not have to deliver all five pieces within one year, but the possibility exists which takes the contract out of the statute of frauds.
It is a good idea to consult with a lawyer in employment law prior to firing an employee. Just cause permits an employer to fire an employee on the spot – there is no requirement for notice or pay in lieu of notice.
Dishonesty, which includes theft and embezzlement from the company, and criminal activity of a serious nature are examples of just causes where an employee can be fired for on the first instance. One just cause which employers need to be wary of is firing an employee for drunkenness or drug abuse. Before an employee can be fired for drug abuse or alcohol abuse, according the Human Rights Legislation, an employer must first warn the employee and provide accommodations, such as counseling. The remaining examples of just cause require the employer to first provide a warning to the employee and an opportunity to improve before the employee can be fired.
Unfortunately, Just Cause does not make firing an employee as easy as it seems. One of the most difficult steps in firing an employee is proving just cause. As mentioned before, an employer must first provide a warning to the employee and a reasonable opportunity to improve. If there has been no improvement or change demonstrated after a prolonged period and repeated warnings, then you may fire the employee for just cause. In some circumstances there may a need for the employer to take reasonable disciplinary steps short of termination before terminating an employee for just cause.
Leitner – Facts: L worked for Wyeth Canada, pharmaceutical company, for over 8.5 years with an unblemished record. Random audit found L’s reported expenses contained wrongful submissions and submissions of personal expenses for reimbursement. Reps of Wyeth confronted L and he admitted to disliking completing expense reports and did not do them on a regular basis, would use other receipts on hand when he could not find the receipts and remember times/places expenses incurred. Wyeth dismissed L for just cause. Reasoning: Test for just cause not met. The inconsistencies had been given disproportionate weight when compared to his unblemished services. Wyeth should have spoken to L regarding the seriousness of the actions and future incidents would not be tolerated. Kontopidis – Facts: K was hired in the body shop of Coventry Lane Jaguar dealership. K would be absent from the body shop claiming that the absence was work-related. The employer became concerned over the absences and wrote a letter to K requiring him to provide written notices to the secretary treasury and to advise the general manager prior to leaving the premises. On April 5, there was a meeting where K was informed of the same stuff that was in the letter. On April 11, K left the premises at 11AM and did not return to the premises. He did not inform the GM that he was leaving and did not provide a reason for not returning to work. The next day, K was informed that he was terminated for failure to comply with the directions provided. Reasoning: The court held that an employer is entitled to require full attendance and impose reasonable conditions to ensure full attendance. It is not for the employee or the court to consider the wisdom of the procedures implemented by the employer.
Employer does not directly dismiss employee, but the employer changes the job so completely that the employment contract is effectively at end. The significance of constructive dismissal is that it is the same as if the employer wrongfully dismissed the employee. Therefore, the employee is entitled to the same notice period or pay in lieu of notice.
These examples of fundamental changes may be classified as constructive dismissal. The burden is on the employee to prove constructive dismissal by showing that the employer made a fundamental change and that the fundamental change was made unilaterally.
The employment contract cannot contract out the employment standards found in the Human Rights Code. The Code provides for resolution of a Human Rights violation before the Ontario Human Rights Tribunal. The action must be commenced within six months of the offending actions.
Respondents response – the Respondent has 35 days to complete and return the form to the HRTO. If the parties decide they do not want to participate in mediation, then the dispute will be scheduled for a hearing. Mediation is an option before a hearing is held. Case Assessment Direction: what documents need to be given to the other side and filed with the HRTO prior to the hearing; which witnesses and documents the parties should bring to the hearing; whether issues raised by the parties will be dealt with as preliminary matters, and in which order
Independent contractors have different obligations from employees – they have no general duty to provide an employer with services since they are engaged for specific services.
An employer is required to handle all EI and CPP matters for employees, but the same requirement is not present for Independent Contractors. The problem arises when an IC applies for EI benefits at the end of their employment. An IC will normally describe themselves as an employee and the burden falls on the employer to prove that the individual was hired as an IC, not an employee. The legal assumption is that the individual was hired as an employee. This then leads to the employer being assessed by Revenue Canada for amounts owing under EI and CPP legislations. This can only be challenged in tax court.
There is no conclusive test applied by the courts to determine if an individual is an IC or employee. In 671122 Ontario Ltd v. Sagaz Industries Canada Inc. (2001) S.C.C. 59, the court said that the central question is whether the person who has been engaged to perform the services is performing them as a person in business or on his own account. These are factors to be used in determining the answer to the question. Intention of the parties is not a factor.
Court will usually resolve ambiguities of whether the individual is an IC or an employee in favor of employee. The courts require clear evidence that the individual is an IC to find in favor of independent contractor.
A sole proprietor may generate losses and have other income. The other income can be offset against the losses generate. If the sole proprietor incorporates, then the losses will go to the corporation and the sole proprietor will not be able to offset his other income.
The non-competition agreement, or covenant not to compete, can be a provision in the employment contract or can be a separate agreement. It is normally used to prohibit the employee from making use of proprietary information to lure customers away and damage former employer. The time frame is normally 1 to 2 years and can go up to 5 year.
Context is the key in finding reasonableness of the restrictions imposed in the non-competition agreement.
The Ontario Court of Appeals stated that an employer has an uphill battle in enforcing a non-competition clause in an employment contract. The trial court upheld the non-competition clause and found that the employer did have a proprietary interest in the dentist who referred patients to his specialized oral surgery practice, the restrictive covenant was not overly broad and did not restrict competition generally. The court of appeals also found that the employer had a proprietary interest in their client base; and the restrictive covenant was not overly broad nor did it restrict competition generally. However, the court held the non-competition clause is unenforceable because the employer could have relied on the non-solicitation clause, which is less broad and dangerous. The court applied the Elsley Test
Even if you don’t think you need a lawyer, it’s best to have one from the very beginning because everyone else has one! The advantage of having a lawyer from the beginning is that they guide you through the minefields rather than saving you from an exploding minefield. When you are hiring a lawyer, remember not all lawyers are created equal, so you need to find a lawyer with expertise in the area you are need assistance. Normally, a lawyer with general corporate-commercial experience will be a good one to start with. Get about 2 – 3 recommendations from friends in the same area, then investigate the lawyers to have information about them when you meet with them and interview them before you make your decision.