BM Law

Archive for March, 2011

The U.S. House of Representatives passed The Sarbanes-Oxley Act in 2002. It seeks to bring in better ethics and accountability in the operations of companies in the United StatesThe Sarbanes-Oxley Actrequires companies to disclose internal controls, ethics codes and the structure of their audit committees on annual reports. Most businesses today make use of information technology for all their financial reporting processes. Data, documents and other key operational processes are managed electronically. Information Technology plays a vital role in internal control. Chief information officers are responsible for the security, accuracy and the reliability of systems that manage and report financial data. Although the Act places responsibility in corporate financial reporting on the chief executive officer (CEO) and chief financial officer (CFO), the chief information officer (CIO) also plays a significant role in financial reporting.The Act requires a company to perform a self-assessment of risks for business processes that affect financial .. more»

Business transactions can be complex, so it's important to have an experienced business attorney on your team to make sure your interests are protected and the transaction runs smoothly. If you are regularly involved in business transactions, it's a good idea to use one law firm for all of your business law needs. Working with the same firm on a regular basis helps you to develop a relationship with your attorney and can prevent vital information from slipping through the cracks because you worked with one attorney on one transaction and then a second attorney on another transaction. Knowing when to use a business law attorney can help you avoid costly mistakes that can make business more difficult.Business DisputesIf you're involved in any kind of business, a dispute can arise at any time. Business disputes can include breach of contract, construction disputes, commercial real estate disputes, failure to deliver goods, .. more»

New regulations regarding financial controls and statements have necessitated an overhauling of collection, retention and management procedures as far as information is concerned.What is Regulatory Compliance? Regulatory Compliance Acts make it mandatory for public companies to evaluate, review, restructure and make a detailed report of the internal controls in place for financial statements. The report has to be given a "clean chit" by external auditors. These Acts seek to prevent financial misstatements, and reduce fraud in public companies.Data Management: IT is an important tool when it comes to data management to ensure regulatory compliance. IT tools are used for accessing and maintaining records, and protecting the financial systems from misuse. Here are some tips to ensure good data management practices.1) The appropriate management must be notified of data management ownership and they must understand their responsibilities.2) Data systems should be listed, their managers notified, and the number of databases, types of information .. more»

All congressmen should be required to read "The Law," by Frederic Bastiat. This 70-page book explains, like no other, what the role of the law and government should be. Having been written about one hundred and fifty years ago, it is amazing how relevant this book is today.Today, the law has many purposes. If we think something is wrong or not as it should be, we are very quick to suggest a law that will fix the problem. We use the law for things for which it was not intended.The law, Bastiat explains, is a collective force made up of individuals. Because of this, it should not be allowed to do what an individual himself should not be allowed to do. Legal Plunder, as Bastiat calls it, is an example of something that would be illegal for an individual to do, but it is considered legal when done by the .. more»

If husband and wife own real estate in Rhode Island and are getting divorced and have no minor children then there are many possible dispositions concerning the marital domicile.The parties agree to sell the property There may be negotiations during the Rhode Island (RI) Divorce concerning one spouse buying out their husband or wife's share in the property. The parties can agree to a single appraisal or hire their own appraisors. Some parties simply agree to the fair market value and do not need an appraisal. If husband and wife's appraisals are different then they can negotiate the fair market value of the property. After determining the fair market value of the property, the parties should look at all mortgages owed and determine the equity of the property. The equity in the property is the difference between the fair market value and all liens and mortgages. This article only pertains .. more»

In many respects, Virginia has been more conservative about modifying the common law than its sister states. To the extent modifications have been approved, many restrict rather than expand the rights of the victims of medical negligence. For example, Virginia has adopted three major modifications of medical malpractice law: a damage cap, screening of proposed lawsuits by a medical review panel, and a state fund to compensate victims of birth-related neurological injuries. Much of the legislation specific to medical malpractice can be found in the Medical Malpractice Act, Va. Code Ann. ?? 8.01-581.1 to 8.01-581.20.Statutes of LimitationsAll medical malpractice actions for injury (as opposed to death) must be brought within two years from the date the cause of action accrued. Va. Code Ann. ? 8.01-243(A). In ? 8.01-230, a cause of action "accrues" at the time of injury: "the cause of action shall be deemed to accrue and the prescribed .. more»