Contractors, advisers, and employees (collectively, “Service Providers”) who receive property that is non-transferrable or subject to a substantial risk of forfeiture must generally defer their income recognition until those conditions no longer apply. However, due to the potential appreciation in the property (for example, in value of start-up equity) the ordinary income ultimately recognized could

In the recent decision Cain v. Merck & Co., Inc., the New Jersey Appellate Division held that shareholders of New Jersey corporations are entitled to inspect board of directors and executive committees minutes, in addition to minutes of shareholder meetings. The Appellate Division made clear, however, that shareholders must demonstrate a “proper purpose” in

With the limited liability company (“LLC”) being the entity of choice for many new businesses, LLC members and managers need to understand their legal obligations with respect to the LLC and its members. While directors of a corporation have fiduciary duties to its shareholders, similar duties are not automatically in effect for an LLC.

Fiduciary