Category: News & Events
New Law in Minnesota Voids Most Covenants Not to Compete
June 5, 2023 | Scott M. LepakThe Minnesota legislature is poised to pass a law that generally prohibits employers from entering into new covenants not to compete in Minnesota except in narrow instances. It is expected that the governor will sign the bill when it is presented to him. If signed, it will become effective the day following the governor’s signature and will apply to contracts and agreements entered into on or after that date. Pursuant to this bill, a covenant not to compete is defined as an agreement between an employee and employer that restricts the employee, after termination of employment, from performing work: for another employer for a specified period of time; in a specified geographical area; or for another employer in a capacity that is similar to the employee’s work for the employer that is a party to the agreement. These limitations are important given that the courts in Minnesota have generally refused to enforce covenants not to compete where there is not a specified time limit (i.e. it applies forever) or geographic limit (it applies across the entire planet). This new law will broadly apply to employers who are individual(s), partnership, association, corporation, business, trust, or any person or group of persons acting directly or indirectly in the interest of an employer in relation to…
Read MoreHerman L. Talle Retirement
February 15, 2023 | Barna, Guzy & Steffen, Ltd.Attorney Herm Talle is a well-known figure in Anoka County legal fields and has practiced since 1959. Herm joined Barna, Guzy & Steffen, Ltd. during a merger in 1991 with the intention of winding down his practice. That practice continued for another thirty-two years. Herm finally decided to retire on January 31st, 2023. During those final 32 years Herm counseled many young attorneys and taught them how to be good lawyers. Full of history, knowledge and a unique insight on legal practice, Herm routinely made everyone’s day brighter at BGS just by showing up and being part of the team. His stories will be missed dearly, and we wish him all the best in retirement at long last. Congratulations Herm! Well done and well-earned retirement.
Read MoreThe Corporate Transparency Act and How It Impacts Your Business
February 17, 2022 | Georgia Kellogg
In January of 2021, as part of its initiative to crack down on illicit activities commonly associated with shell companies, Congress passed the Corporate Transparency Act (the “CTA”). Under the CTA, entities formed or registered to do business in the United States will be required to report various information concerning beneficial ownership of the company. The Financial Crimes Enforcement Network (“FinCEN”) has been tasked with preparing the regulations that will govern the beneficial ownership reporting requirement and provide the necessary oversight to ensure these obligations are complied with. With some exceptions, the reporting obligations under the CTA is estimated to impact hundreds of thousands of entities, including corporations, limited liability companies, partnerships, and various non-profit organizations. The most significant impact will be felt by small and mid-size companies who did not previously have any mandated federal reporting responsibilities. It is important to note that these reporting requirements will not go into effect until FinCEN finalizes its regulations. At this time, it is unknown when this will be. On December 7, 2021, FinCEN released proposed regulations, which can be viewed here: https://www.federalregister.gov/documents/2021/12/08/2021-26548/beneficial-ownership-information-reporting-requirements. Once in effect, companies will have one year from the regulations’ effective date (subject to change pending the final rules) to comply with the requirements. For entities formed after the effective date,…
Read More