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U.S. Supreme Court Denies Certiorari in Iowa Tax Case
On Oct. 3, 2011, the U.S. Supreme Court denied a petition for certiorari in KFC Corp. v. Iowa Department of Revenue. As a result, the Court has given its silent blessing to extending the “economic nexus” theory to justify states' imposition of tax obligations on out-of-state franchisors with no physical presence there. This will almost certainly result in other states extending their own concepts of economic nexus to reach revenues paid by in-state franchisees to out-of-state franchisors. While the ultimate economic implications for franchisors will depend on their particular corporate structures and where their franchisees are located, this could mark an important change in the economic relationship between franchisors and franchisees throughout the United States.
The Dormant Commerce Clause and Physical Presence Requirement
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.