Category: Business Law

Client Alert: Court Vacates Department of Labor’s Overtime Rule for Salaried Employees

Posted on Posted on: | Updated: by FGKS
Picture of the US Department of Labor Building in Washington, D.C.
In April of this year, FGKS Law issued a Client Alert regarding the U.S. Department of Labor’s (“DOL”) final rule (the “Rule”) that, among other changes, increased the salary threshold for employees classified as exempt under the Fair Labor Standards Act (“FLSA”). Specifically, the Rule raised the salary threshold for exempt employees from $35,568 to... Read more »

Non-Compete Ban & Minimum Salary Increase for Exempt Employees

Posted on Posted on: | Updated: by FGKS
Hand holding pen over employee non-compete agreement document
This week, the Federal Trade Commission (“FTC”) issued its final rule (consisting of 570 pages) banning most non-compete agreements. This new rule—originally proposed back in January 2023—broadly prohibits employers from imposing and enforcing non-compete agreements in all but a few situations. Not unexpectedly, the vote broke down along party lines, with the three Democratic commissioners... Read more »

EEOC Finalizes PWFA Regulations

Posted on Posted on: | Updated: by FGKS
Pregnant female worker with one hand above belly and another hand writing on a document
As our office previously reported, the Pregnant Workers Fairness Act (“PWFA”) went into effect on June 27, 2023. The Equal Employment Opportunity Commission (“EEOC”) began accepting charges at that time, even though it had not issued any regulations. The EEOC issued proposed regulations in August 2023 and stated its intent to finalize the regulations by... Read more »

1031 Exchanges

Posted on Posted on: | Updated: by FGKS
Calculator, pencil, and small model of a home on top of tax forms
Investing in real estate can be a great way to build wealth and secure your financial future. However, what happens when you decide to sell a piece of real estate to invest in a new opportunity? If the property is sold and you deposit the proceeds to your bank account, you will be liable for... Read more »

Oral Farm Leases and R.C. 5301.71

Posted on Posted on: | Updated: by FGKS
Close up view of farmers shaking hands and making an agreement while standing in a cornfield
For centuries, Ohio landowners rented their land to be farmed through handshake deals or by scribbling ill-defined terms on a piece of paper. The same land could be farmed for years without any formal writing to accurately memorialize the understanding between the farmer and the landowner. Disputes and litigation often arose when one party cancelled... Read more »

The Corporate Transparency Act Is Here

Posted on Posted on: | Updated: by FGKS
Two people dressed in suit jackets shaking hands over table with clipboard and scale
Effective January 1, 2024, the Corporate Transparency Act (CTA) went into effect. This sweeping anti-financial crimes law requires nearly every newly formed and existing small business, including single member LLCs, to file Beneficial Ownership Information Reports with the federal government’s Financial Crimes Enforcement Network (FinCEN). FGKS Law is committed to providing comprehensive assistance to its... Read more »

FMLA and Remote Workers

Posted on Posted on: | Updated: by FGKS
Laptop, surgical mask, stethoscope, and Family and Medical Leave Act (FMLA) labeled notebook
Most employers know that the federal Family and Medical Leave Act (“FMLA”) applies to them if they have at least 50 employees within a 75-mile radius. But how do remote workers factor into that calculation? What if a business has 45 employees who report to the office every day in Sidney and 6 employees who... Read more »

Corporate Transparency Act

Posted on Posted on: | Updated: by FGKS
Two people dressed in suit jackets shaking hands over table with clipboard and scale
Effective January 1, 2024, the Corporate Transparency Act (“CTA”) is set to implement a new regulatory and reporting system for corporations, limited liability companies (LLCs), and other business entities. Under the CTA, many legal entities will be required to report to the federal government’s Financial Crimes Enforcement Network (FinCEN) identifying information about the individuals who... Read more »

Final EEOC Pregnant Workers Fairness Act Regulations

Posted on Posted on: | Updated: by FGKS
Breastfeeding pump with grainy image of mother breastfeeding an infant in the background
At the end of last year, President Biden signed the Consolidated Appropriations Act for 2023, which included new legal protections for pregnant and nursing workers, aptly named the Providing Urgent Maternal Protections for Nursing Mothers Act (“PUMP” Act) and the Pregnant Workers Fairness Act (“PWFA”). While many employers are aware of these new laws, they... Read more »

Why You Should Dissolve Your Unused Corporation

Posted on Posted on: | Updated: by dev-admin
Why You Should Dissolve Your Unused Corporation All good things must eventually come to end. This is true in all facets of life, and the life of your Ohio corporation is no different. Although corporations can exist into perpetuity in Ohio, there are times when your corporation may cease to serve any purpose, such as... Read more »

Employee Retention and Non-Qualified Deferred Compensation Plans

Posted on Posted on: | Updated: by FGKS
Employee Retention: The Role of Non-Qualified Deferred Compensation Plans Many employers are struggling with employee hiring and retention.  When it comes to employee retention, competition is fierce, and a good portion of the workforce are employees that are willing to move jobs, often for far less in wage increases or benefit advantages than in past... Read more »