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June 2014 Archives

Supreme Court upholds decision favoring class actions

Virginia shareholders may be interested in reading about a recent U.S. Supreme Court decision. The Court ruled that, although shareholders will still be allowed to bring class action lawsuits against companies, there will be new requirements for shareholders who are bringing securities fraud class actions.

Formation of an LLC and tax implications

Virginia residents thinking about new business ventures may wonder about the impact of the form that they choose on their personal finances. During business formation, establishing a separate entity may be important to ensure that one's personal financial life is separated from a business. An LLC allows this separation to occur so that personal assets can be protected. However, it is important to note that the IRS doesn't have separate tax returns for this type of business designation. Instead, an LLC may be treated as a sole proprietorship, a partnership or as an S or C corporation. At the state level, there may be forms to file.

FN Manufacturing and FNH USA to merge

FNH USA, a Virginia company, will be merging with FN Manufacturing to create a new entity known as FN America. This should end some of the confusion that has existed about the two separate companies and their names. The planned merger was announced May 6 by the chief executive officer of Herstal Group, the Belgium company that owns the American side of Fabrique Nationale. Although the two companies will now be merged into one, their production side will remain in Columbia, South Carolina, and their business and management side will remain in McLean, Virginia.

New company aims to rival large service providers

Readers in Virginia may be interested to hear that the CEO of a technology company has been trying to establish a service based in the South that will rival bigger players such as AT&T and Verizon. The businessperson came up with the idea for the company a few years ago. After serving in the Marine Corps in Virginia and Rhode Island and spending some time living with his family in Hawaii and Utah, the entrepreneur eventually began working to create an IP-based communications system.

Oculus VR faces lawsuit

Oculus VR, a virtual reality company recently purchased by Facebook and popular with Virginia gamers, is now being officially charged in a lawsuit for allegedly utilizing technology owned by ZeniMax. The employee in question is a video game developer who worked for ZeniMax before moving on to Oculus. ZeniMax made public accusations against the employee and made compensation requests to Oculus before filing the lawsuit. Oculus has denied the claims.

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