By Arnold Mytelka
Arnold Mytelka, a member of the prestigious American Law Institute (ALI), recently joined law professors, judges and lawyers from all over the country working on the preparation of a new Restatement Third of Conflict of Laws.
Arnold advises lawyers to be aware that a new Restatement Third is in process that will make significant changes in the Restatement Second currently in use.
He notes, "At the outset, the parties can choose what law controls their transaction. When a dispute arises and wends its way to court, the controlling law may become a major part of the dispute. Competing laws can be a major issue and should be addressed whenever and as soon as possible."
Read the full article for Arnold Mytelka's insights into the new draft restatement.
By Wally Kraemer
The first step is to ask yourself questions about whether it's time to sell. For example, do you get great joy in going to work every day and running your company, but would also like the security of having the money that will come to you from selling it? Would you expect to sell your company and continue to run it on behalf of the buyer?
Although I have seen exceptions in my decades of representing sellers, in most instances after the sale, the seller soon becomes unhappy about working for the buyer. Often a seller comes to me after working a few months for the new owner asking, "Can you get me out of my employment agreement?" In short, unless the sale price is good enough that you are willing to risk losing the enjoyment of running your company, it may not the time for you to sell.
On the other hand, if coming to work every day is getting less rewarding and you have or can develop other interests, then it is perhaps the time to think of selling.
For a discussion about taxable sales, tax free sales, and further questions to ask yourself as you consider whether to sell your business, see Kraemer's comments in the full article.