Blogs

Business and Financial Services

Written Contracts and the Statute of Limitations

Written contracts provide more than clarity about the parties’ obligations—they also extend the amount of time available to bring a lawsuit if the agreement is breached. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that Virginia generally applies a five-year statute of limitations to written contracts but only a three-year limitations period to oral contracts or unwritten obligations. The article notes that this difference can…

January 1, 2013

Intellectual Property

Copyright Law 101

Copyright protection extends far beyond books, music, and movies, and many businesses own copyrightable material without realizing it. In this Bean, Kinney & Korman article, the analysis explains that copyright law protects “original works of authorship fixed in a tangible form of expression,” including written materials, photographs, software, websites, architectural works, videos, marketing materials, training manuals, and other business content. The article also notes that copyright law…

November 1, 2012

Business and Financial Services

Distinguishing Between Non-Competition Agreements in Employment Agreements and Those in the Sale of a Business

Virginia courts apply different standards to non-competition agreements depending on whether the restriction arises from an employment relationship or from the sale of a business. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that courts generally give greater deference to restrictive covenants tied to the sale of a business because those agreements are viewed as part of an arm’s-length transaction between sophisticated parties…

November 1, 2012

Business and Financial Services

Estate Tax Savings and Increased Creditor Protections When You Incorporate LLCS and Limited Partnerships into Your Estate Plan

Limited liability companies and limited partnerships can serve both estate planning and asset protection purposes when structured properly. In this Bean, Kinney & Korman article, the analysis explains that LLCs and LPs may help reduce estate tax exposure by allowing ownership interests to be transferred using valuation discounts tied to lack of control and lack of marketability. The article also notes that these entities can provide stronger creditor protection because assets held inside the…

November 1, 2012

Divorce and Family Law

Marriage, Divorce and Your Business

Divorce involving a privately held business can become significantly more complicated because the business itself may be treated as marital property subject to valuation and division. In this Bean, Kinney & Korman article, James W. Korman explains that closely held businesses often create disputes over valuation methods, ownership interests, goodwill, income streams, and whether the business should be sold, divided, or retained by one spouse in exchange for other assets. The article notes that…

September 16, 2012

Construction

Construction Codes: Putting Your Vote into Action

Changes to construction codes can have major effects on developers, contractors, architects, and property owners, which is why Virginia’s code update process includes opportunities for public input. In this Bean, Kinney & Korman article published in the BKK Construction & Land Use Newsletter, Juanita F. Ferguson explains that Virginia’s construction codes are updated through a recurring cycle that allows industry participants to propose changes, comment on draft revisions, and vote on specific…

September 1, 2012

Business and Financial Services

Enforceability of Waivers of Prospective Liability

Businesses offering recreational or physically risky activities often rely on waivers and liability releases to try to shield themselves from negligence claims. In this Bean, Kinney & Korman article published in the BKK Business Law Newsletter, James V. Irving explains that Virginia generally does not enforce prospective waivers of personal injury claims, even though such agreements are enforceable in many other states. The article focuses on Hiett v. Lake Barcroft Community Association, where…

September 1, 2012

Business and Financial Services

Asset Protection Trusts in Virginia

Virginia’s 2012 adoption of qualified self-settled spendthrift trusts created a new option for residents seeking stronger asset protection planning. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, Jonathan C. Kinney explains that Virginia law now permits certain irrevocable trusts—commonly referred to as domestic asset protection trusts or qualified self-settled spendthrift trusts—to shield assets from future creditor claims even when the person…

August 1, 2012

Estate Planning

Geriatric Care Managers: A Helping Hand When You (Or Your Loved One) Needs One

Families caring for aging relatives often struggle to coordinate medical care, transportation, home services, housing, and day-to-day support, especially when they live far away or do not know where to start. In this Bean, Kinney & Korman article published in the BKK Wills, Trusts and Estates Newsletter, the analysis explains that geriatric care managers are trained professionals—often with backgrounds in nursing, social work, gerontology, or elder law—who help seniors and disabled individuals…

August 1, 2012

Construction

Right to Self-Help in DC, MD, and VA

Self-Help. Ok or Not? “Self-help,” in a leasing context, typically refers to the landlord’s historical remedy of locking out a defaulting tenant and obtaining possession of the premises without going through judicial procedures. Traditionally under the common law, a landlord was subject to few limitations in choosing its remedies against a defaulting tenant, including the…

July 12, 2012