If you are thinking of selling your business to another company, we think you’re going to want to read this blog post. Because often times the selling owner will join the purchasing business as a member of its board of directors or as an officer. Usually this is part of the consideration, or payment, for the assets of the business being sold. And sometimes the purchasing business will pay a portion of the purchase price over time pursuant to a promissory note.
The use of electronic communications and internet in the workplace makes it increasingly important for Connecticut employers, especially small businesses, to understand some basic laws governing what they can and cannot do when monitoring their employees’ electronic activity.
The Connecticut Electronic Monitoring Act
Cybersecurity has become a very hot issue throughout the private and public sectors over the last few years. From the alleged hacking of the 2016 election to the hacking of Target in 2013, which led to the theft of 70 million customers’ credit card information, no one is safe from hackers, especially small and medium-size businesses.
We've talked before about the new LLC Act in Connecticut (which goes into effect in July 2017) here and here. The new Act will have a provision allowing a member to seek a court order expelling another member from the LLC. It's a remedy that should help keep more limited liability companies alive rather than dissolved by court order. To expel a member, the plaintiff would have to show one of the following:
Small businesses often call us and ask if they should cash a check they received from a purchaser or customer that still owes them money. Somewhere at some point they heard that if you do, you are accepting that amount in full satisfaction of the debt, and lose the right to collect any remaining balance. The legal term for this is "accord and satisfaction." Since it comes up so often, we want small businesses to understand a little bit about the concept. "Accord" basically means an agreement. And "satisfaction" in this scenario means exactly that: to satisfy the agreement, or to perfo