Business Law and Contracts
When it comes to practicing business law, contracts between two people or entities can be the source of many litigations and therefore the wording of the contract must be carefully considered if both parties are to attain their goals. The Mississippi Bar Association defines a contract as a binding promise between two competent parties that is enforceable by law. It must also include the exchange of something of value between these two parties. What Makes Up a Contract? There are two basic parts to a contract – the offer and the acceptance. The offer to do something for a fee ...
How Long Should You Keep Tax Records?
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep records that support an item of income, deduction, or credit shown on your tax return until the period of limitations for that tax return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer ...
What Is The Sherman Antitrust Act and How Does It Apply To Foreclosure Sales?
The Sherman Antitrust Act was enacted in 1890 to curb concentrations of power that interfere with trade and reduce economic competition. It was named for U.S. Senator John Sherman of Ohio, who was an expert on the regulation of commerce. Economic Competition One of the act's main provisions outlaws all combinations that restrain trade between states or with foreign nations. This prohibition applies to any agreement to fix prices, limit industrial output, share markets, or exclude competition. Price fixing, bid rigging, and market allocation are violations and often are prosecuted criminally, but there is also civil liability for such actions. ...
Knowing When Accounting Malpractice Occurred Is Important
In the state of Mississippi, the statute of limitations for filing a suit against a professional for breach of contract or negligence is three years. That means any action must be filed within three years from the time the wrongdoing occurs or accrues. Certain mistakes an accounting professional has made due to negligence, such as a poorly performing audit that led to a payment of back taxes that were not owed, will hopefully come to light within this time frame. If there are some questions about your accountant’s performance, consulting with an accounting malpractice attorney should take place to help ...
What Is A Pass-Through Entity?
Most businesses in the United States are organized as pass-through businesses, such as sole proprietorships, partnerships, limited liability companies and S corporations. According to the Brookings Institution, about 95 percent of businesses fall into that category. These entities are called pass-throughs, because their profits are passed directly through the business to the owners and are taxed on the owners' individual income tax returns. Income earned by a business organized as a pass-through entity must be distributed as taxable income to its owner, members or partners. The pass-through entity itself doesn't pay income taxes, but it also can't defer tax on ...
Happy Holidays!
The attorneys and staff at Rushing & Guice, P.L.L.C. wish you peace and prosperity throughout the coming year. During this season, we take time to reflect upon the good things we have, like our relationship with you. We thank you for your continued support and we look forward to working with you in the years to come. We hope that 2017 has been just as memorable for you, your colleagues and your loved ones and we trust that the holidays and the coming year will bring you happiness and success. May your holidays and New Year be filled with joy!
WHAT IS A HEALTHCARE SURROGATE?
§ 41-41-211 of the Mississippi Code states that a surrogate may make a health-care decision for a patient who is an adult or emancipated minor if the patient has been determined by the primary physician to lack capacity and no agent or guardian has been appointed or the agent or guardian is not reasonably available. An adult or emancipated minor may designate any individual to act as surrogate by personally informing their supervising health-care provider. In the absence of a designation, or if the designee is not reasonably available, any member of the following classes of the patient's family who ...
Is An Electronic Signature Valid?
The Uniform Electronic Transactions Act (UETA) goes hand-in-hand with the Electronic Signatures in Global and National Commerce Act (ESIGN Act), in that both were enacted to help ensure the validity of electronic contracts and the defensibility of electronic signatures. The UETA gives states a framework for determining the legality of an electronic signature in both commercial and government transactions. Although there are many similarities between the UETA and the ESIGN Act, there are a few major differences that are worth pointing out. The most obvious difference has to do with governance. The ESIGN Act is a federal act, which means ...
What is White-Collar Crime?
The phrase "white-collar crime" was first used in 1939 during a presidential address given by Edwin Sutherland to the American Sociological Society. Sutherland defined the term as "crime committed by a person of respectability and high social status in the course of his occupation" and the term is now synonymous with the full range of frauds committed by business and government professionals. These crimes are most often characterized by deceit, concealment, or violation of trust and are not dependent on the application or threat of physical force or violence. The motivation behind white-collar crime is financial-to obtain or avoid losing ...
WHAT IS A CITIZEN’S ARREST?
A citizen's arrest is an arrest made by a person who is not acting as a sworn law-enforcement official. In Mississippi, a citizen's arrest is authorized by Miss. Code § 99-3-7, which states that a private citizen may arrest any person without a warrant, for an indictable offense committed, or a breach of the peace threatened or attempted in his presence; or when a person has committed a felony, though not in his presence; or when a felony has been committed, and he has reasonable ground to suspect and believe the person proposed to be arrested to have committed it; ...
