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 »
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 »
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 »
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 »
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 »
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 »
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 »
Ohio voters decided to join a growing number of states on November 7 by legalizing marijuana for recreational use for adults over the age of 21. Ohioans will soon be able to buy and possess up to 2.5 ounces of marijuana and 15 grams of marijuana extract. They can also possess marijuana plants to cultivate... Read more »
FGKS Law's 40th Anniversary Open House On October 25, 2023, FGKS Law celebrated its 40th anniversary with an open house at its newly renovated home office in Sidney, Ohio. The event brought together clients, employees, and former staff members, including founding partners John Garmhausen, Ralph Keister, and Jim Shenk. Also in attendance was Bonnie Faulkner,... Read more »
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 »
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 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: 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 »
Will Your A-B Trust Leave Your Family Paying More In Capital Gain Tax? An A-B Trust, also known as a Credit Shelter Trust or Bypass Trust, is a very popular type of trust that can be drafted in a number of different ways. The goal of this type of trust is to “shelter” a particular... Read more »
IRAs in Payout Status Are Exempt Assets For many retired individuals and couples, retirement accounts comprise some of their most valued assets, often eclipsing even the house. Historically in Ohio, IRAs have been counted as an available resource for Medicaid eligibility purposes. What this means, is, assets in an IRA were viewed by the local... Read more »
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