Owners of closely held businesses may not think about what will happen when a co-owner wants to sell his or her interests in the business, unexpectedly passes away, files for bankruptcy, or goes through a divorce. If you don’t know what would happen to your business and its ownership in one of these situations, you should consider a buy-sell agreement or amending your existing business documents. Afterall, preparation and planning are essential to sustaining any business. These situations do not need to disrupt your business operations. Buy-sell agreements allow owners to avoid costly litigation while preserving their involvement in the company and
Category: Business Law
The business lawyers at Bowes, Petkovich & Palmer, LLC are experienced at navigating Louisiana’s business and commercial laws and have represented clients in the New Orleans and surrounding areas for decades. Call us for a free consultation.
Will Your Business Interruption Insurance Cover Your COVID-19 Losses? As businesses continue to shut down across Louisiana and the nation in response to city and state “stay at home” orders, business owners are worried about whether this public health disaster is covered under their business interruption insurance protection plans. If they listen to their insurance agents or the many media articles on the topic, they probably think they are out of luck. However, business owners have nothing to lose by filing a claim to test the waters, and if that claim is denied they always have the option to file
Plaintiff’s drilling barge caught fire causing extensive damage. Repairs were made at a cost of $11 million. Under La. R.S. 47:305.1(A), taxes imposed shall not apply to sales of materials, machinery, and equipment which become component parts of a vessel of fifty tons and over, if the vessel is built in Louisiana. Further, a tax exemption applies to construction or reconstruction, but not to the replacement of worn components. Louisiana law also provides that the exemption applies if the reconstruction restores the vessel to seaworthiness following its destruction by sinking, collision, or fire. Plaintiff relied on this tax exemption and did not pay
Plaintiff brought suit against her former employer under Louisiana’s Whistleblower Statute, alleging that she was wrongfully terminated for reporting unsafe work equipment to management and corporate headquarters. Defendant filed an exception of no cause of action, arguing that plaintiff was terminated for failing to follow the proper procedure of reporting the unsafe condition, and that plaintiff did not engage in protected activity under the Whistleblower Statute. Plaintiff argued that her termination was actually in retribution of reporting defendant’s violation of state law, which requires employers to provide reasonably safe employment for all employees. The trial court granted the exception, and
In a civil suit brought by a former UCLA basketball player, it was alleged that the NCAA profited from the use of Plaintiff’s name and likeness in television broadcasts and video games. Plaintiff contended that because the NCAA enjoys contracts worth billions of dollars, athletes are entitled to a portion of the profits. The NCAA countered that college athletes are by definition amateurs, and further argued the commonly held belief that paying college athletes would transform collegiate athletics into something unrecognizable and render the athletes professionals. In 2014, the District Court for the Northern District of California found that the
Louisiana state law prohibits design-build contracts unless an exception is made by the legislature. The ban against design-build contracts stems from the thought that it gives too much power and money to a single firm, rather than having two or more firms design and build infrastructure projects separately. However, proponents point out that such contracts often save time and money. The Louisiana Senate and Governor Jindal agreed with the latter, leading the governor to sign into law Senate Bill 159. The obvious impact for New Orleans will be two new ferries replacing the aging vessels at the Canal Street/Algiers Point