Where Company Policy is Concerned: The Devil is in the Details
  Yesterday, we received the catalog from Despair.com. One of their demotivators featured the legend: “Hard work often pays off after time, but laziness always pays off now.” I thought about this as I was working with a client on revamping her company’s employee handbook. We discussed everything from dress code to paid-time-off, to the point where she was so tired that she asked, “Do you think that all of these details really matter? Can’t we be a little more vague and worry

Fall (Corporate) Housekeeping
In an unfortunate rite of fall, Maryland law requires the State Comptroller “immediately after September 30 of each year,” to prepare, and send to the State Department of Assessments and Taxation (“SDAT”), a list of every Maryland corporation that has not paid any tax due (other than a purely local tax) by October 1 of the year following the year in which the tax was due. The requirement also applies to Maryland Limited Liability Companies (LLCs), and includes a

Inventory Control Means Value at the Time of the Sale
The Letter of Intent ("LOI") set the price at $22,000,000.  The Asset Purchase Agreement, known as the "APA", executed just six weeks later set the price at $21,750,000.  At closing, the purchaser wound up paying $20,200,000.  The sole reason for this 10%, two million dollar haircut was the seller's lack of inventory control.  Particularly in a tight economy, due diligence is the order of the day.  Savvy purchasers will look for audited financials and recently documented full, physical inventories bef