This article surveys the implications of a new federal statute, the Corporate Transparency Act (“CTA”), for financial institutions and their business customers. The CTA will soon require most private companies in the United States to report the names of their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”), a division of the U.S. Treasury Department. This new structure will supplement the reporting that banks and other financial institutions currently do under FinCEN’s Customer Due Diligence Rule (“CDD Rule”). Read More
The number of companies moving to Maine increases each year. As companies relocate, they should understand the rules that apply when moving across state lines. These include legal and tax considerations as well as practical matters. Read More
Nearly one year after they became a household term, non-fungible tokens (NFTs) have begun to make their first appearances in American court decisions. These early cases involve two of America’s best-known names in media: recording artist Jay-Z and Playboy. While many legal questions about NFTs remain, these first decisions suggest that courts will apply traditional legal principles to at least some of the issues these tokens raise. Read More
Before a technology startup becomes a company, it spends a period of time as simply a project. The founding team is usually one or two individuals building and testing products as they try to validate a demand for them in the market. At some point, founders ask themselves: when is it time to turn this project into a company?
This article tackles that question with respect to a particular type of business venture, which is a growth-oriented tech startup. By this, we mean an organization whose products incorporate intellectual property (I.P.) and which seeks to scale quickly after confirming product-market fit. Read More
On March 15, 2021, California brought “dark pattern” prohibitions squarely into the mainstream of American privacy and software design law. The new law will affect some U.S. companies directly, and a far larger number of companies indirectly. Read More
Download the Legal Checklist for Early-Stage Tech Companies
In a tech company’s early days, it’s easy for the founders to make legal missteps. Most mistakes are unintentional and result from a lack of knowledge or legal budget rather than bad intent. Nonetheless, it’s critical to remedy them as the company moves forward. Failure to do so can place the company in breach of its business-to-business contracts; it can create uncertainty about the company’s ownership of its intellectual property; and it can create a host of operational risks. It can also kill or devalue outside investment deals when investors discover these problems in their due diligence. Read More
UPDATED MAY 22, 2020
When and how you may reopen your business after the COVID-19 shutdown is a question that initially will be answered by federal and State government, and then by individual business owners and managers. For example, Maine Governor Janet Mills has set out a four-stage program for when Maine businesses may reopen with specific checklists for each business to follow, but whether to reopen on that schedule or later is up to each business owner or manager. Read More
The COVID-19 crisis has spurred many people to begin offering services as freelancers, whether online or in safe-distance, in-person ways. For those new to freelancing, we offer this guide to key business-law issues that you should understand as a business owner. These are the answers we provide to questions from our own freelancer clients. Read More
On June 21, 2018, the United States Supreme Court issued an opinion (5-4) in South Dakota v. Wayfair, Inc., that upheld a state law requiring out-of-state sellers to collect and…
As summer approaches, employers across the state will begin to receive resumes from students seeking practical work experience through internships. While internships can provide a great experience for both employers…
On April 2, 2018, the Supreme Court issued its highly anticipated ruling in Encino Motorcars, LLC v. Navarro, holding that service advisors at an automobile dealership are exempt from the…
In the age of the viral tweet and YouTube channel, it’s no wonder that many businesses expend significant resources to manage and cultivate a positive online footprint. As 2017’s seemingly…