News
[08/20]
NY restaurant uses 1933 prices; Steaks: 90 cents
[08/13]
Ohio man buys new truck with thousands of coins
[08/01]
Clothing store opens bar in middle of sales floor
[08/22]
Illinois community fights to save prison, jobs
[08/22]
Some parents struggling with back-to-school buys
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Articles
LLC Basics
A limited liability company (LLC) combines the corporation's protection from personal liability for business debts and the pass-through tax structure of a partnership or sole proprietorship. And, while setting up an LLC is more difficult than creating a partnership or sole proprietorship, running one is significantly easier than running a corporation.
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What is a nonprofit corporation?
A nonprofit corporation is a corporation formed to carry out a charitable, educational, religious, literary, or scientific purpose. A nonprofit corporation doesn't pay federal or state income taxes on profits it makes from activities in which it engages to carry out its objectives. This is because the IRS and state tax agencies believe that the benefits the public derives from these organizations' activities entitle them to a special tax-exempt status.
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Case Summaries
[08/27]
Gander Mountain Co. v. Cabela's, Inc.
In a case arising from a contract dispute involving a 1996 transaction between the parties, summary judgment for plaintiff on a counterclaim, finding that a provision at issue was unenforceable because it was merely an agreement to agree, is affirmed over claims that the district court violated the law-of-the-case doctrine and erred in granting summary judgment.
[08/27]
216 Jamaica Ave., LLC v. S & R Playhouse Realty Co.
In a case involving the enforceability of a "gold clause" contained in a 1912 lease agreement, which required payment of rents to be in gold coins, a judgment against plaintiff-owner who tried to enforce the clause is reversed and remanded where: 1) contrary to the ruling below, the clause is enforceable; and 2) a remand was necessary for the district court to interpret the clause, to determine the obligation it imposes on the lessee, and to address any other defenses in the first instance, including lessee's estoppel-by-deed and waiver defenses.
[08/27]
216 Jamaica Ave., LLC v. S & R Playhouse Realty Co.
In a case involving the enforceability of a "gold clause" contained in a 1912 lease agreement, which required payment of rents to be in gold coins, a judgment against plaintiff-owner who tried to enforce the clause is reversed and remanded where: 1) contrary to the ruling below, the clause is enforceable; and 2) a remand was necessary for the district court to interpret the clause, to determine the obligation it imposes on the lessee, and to address any other defenses in the first instance, including lessee's estoppel-by-deed and waiver defenses.
[08/26]
Grynberg v. Total S.A.
In two suits against oil companies raising tort claims for breach of fiduciary duty and equitable claims for unjust enrichment involving potential oil and gas reserves in Kazakhstan, summary judgment for defendants is affirmed where the claims were barred by the applicable statute of limitations and laches.
[08/26]
McKesson Corp. v. Islamic Republic of Iran
In a suit alleging that Iran unlawfully expropriated plaintiff's investment in an Iranian dairy company, judgment for plaintiffs is reversed where: 1) the Treaty of Amity between the US and Iran did not provide plaintiff a private cause of action for expropriation; and 2) a remand was necessary for determination of whether plaintiff had a cause of action under Iranian law or customary international law, and whether the act of state doctrine precluded American courts from inquiring into the public acts of a recognized foreign sovereign power in its own territory.
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