Best Practices for Documenting Board and Owner Meetings
September 24, 2020 | Carole Clark Isakson
The day to day operations of an entity can be conducted by the officers and executives in charge. However, companies should be mindful that formal action is required in many cases, especially when making decisions that are outside the ordinary course of business. Such decisions may involve taking out a loan, selling an asset, bringing in new investors, or liquidating the company. Formal actions are taken either by the owners of the company, or by the board, if the company has a such a committee. In addition to these special actions, companies also typically have meetings and elections on an annual basis to cover common tasks allocated to the owners and boards. Read on as we discuss best practices for documenting board and owner meetings. The nuances of company ownership When referring to “company,” the statement is generally applicable to corporations, limited liability companies, and partnerships. In turn, the term “owners” refers to shareholders (the owners of a corporation), members (the owners of a limited liability company), and partners (the owners of a partnership). The owners of a company may elect a board of directors or a board of governors; for instance, limited liability companies are not required to have a board. Additionally, this blog is a general statement of typical provisions. Before making…
Read MoreLitigation and Dispute Resolution During a Pandemic
September 18, 2020 | Joan M. Quade
Intelligence is the ability to adapt to change. – Stephen Hawking My, how things have changed in less than a year. Our court systems and law firms were humming along mediating, litigating, arbitrating, and getting those business and personal disputes settled or resolved in what we refer to as “the normal course of business.” Most, if not all of us, never thought even a year ago, that the way we did business – the business of lawyers and law firms – would have to be completely reimagined to survive and keep dispute resolution moving forward. Read on as we discuss litigation and dispute resolution during a pandemic. Not Exactly Business as Usual Legal disputes did not stop with COVID-19. In fact, it created even more issues to be resolved among businesses, individuals, and insurance companies. It even created new banking, contract, insurance, and employment issues that needed immediate attention. But the more common disputes like breach of contract, warranty cases, real estate disputes, and construction defect cases did not slow down. As such, there was an uptick in these run-of-the-mill cases after we overcame the initial shell shock of the pandemic last spring. The New Normal Surprisingly, in March and April, our business did not slow down much. While the court systems were all but closed to civil matters, we…
Read MoreCyber Liability Coverage – Read that Policy Carefully!
September 3, 2020 | Carole Clark Isakson
Cyber insurance, also referred to as cyber risk insurance or cyber liability insurance policy coverage, is an insurance policy. Any company that uses technology to do business (i.e. pretty much every company…) should evaluate its need for this type of policy, review the policy language carefully, and verify that policy limits are sufficient. Before cyber insurance coverage became common, in the event of a data breach or other cyber event an insured might have tried to make a claim under its general liability insurance. These claims were frequently denied. With the advent of cyber insurance policies, a more specific product was made available, and may provide the coverage needed. Cyber insurance applies to data breaches and specified cyber events. The typical policy provides coverage for various costs that may be incurred in a data breach situation – for instance, many policies will provide assistance in verifying and recovering from a data breach. As with any insurance policy, it is important to read the exclusions and be aware of events that are NOT covered. Not all policies are created equally. Consideration should be given to your specific goals. Cyber risk insurance often, though not always, covers: Loss or damage to data (i.e. the cost to replace or restore electronic data belonging to the insured…
Read More