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Tilting the Scales Business Issues with a Legal Slant

Category Archives: Money

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Divorce – Four Business Reasons for a Prenuptial Agreement

Posted in *BTW - Noteworthy, Family Issues, Legal Risk Management, Money

With an ongoing Oklahoma divorce case in mind last month Tilting wrote about Tigh A. Knott, his wife Lucy Knott and how a business owner’s divorce can impact his business and affect his partners. The real players were Harold Hamm and his wife Sue Ann. Last week the court granted Oklahoma oil tycoon Harold Hamm… Continue Reading

Divorce – Impacting Your Meddlin Hands Partners!

Posted in *Way Out - Advice, Family Issues, Legal Risk Management, Money

To the other four minority owners who enjoyed the meteoric rise of Meddlin Hands Cleaning Products, when Lucy Knott sued their majority partner Tigh A. Knott for divorce, the divorce was anything but routine. Lucy wants half of the business and day to day participation. With no company agreement, the other shareholders face the prospect… Continue Reading

Whistleblowers, Do Tell?

Posted in *Way Out - Advice, Constitutional Rights & Issues, Employment & Labor, Money

Whizzle Blour, a professor of surgery at University Medical School, complained to his supervisor that trauma residents at University Hospital were treating and operating on patients without an attending physician’s supervision in violation of Medicare and Medicaid law.  After agreeing to settle those federal claims, University Hospital stripped Whizzle of his faculty chair position claiming… Continue Reading

Domain Names – Possession is 9/10ths of the Law

Posted in *Way Out - Advice, Employment & Labor, Money, Social Media & The Internet

As 2013 was winding down, the law firm of Dewey, Cheatum & Howe also known as www.BestLawfirmEver.com was calculating its partners’ year end distributions. Before the ink was dry, Dewey announced he was leaving, taking an associate AND the law firm website www.BestLawfirmEver.com. Cheatum and Howe were convinced that the domain name and the website… Continue Reading

Lost or Stolen: Liability for Unauthorized Credit Card Charges

Posted in *Way Out - Advice, Legal Risk Management, Money

On a brisk January day, Mary A. Richman opened her mailbox and was confronted with the sobering sight of thick envelopes from Visa, American Express and MasterCard each containing a month’s worth of extravagant Christmas purchases.  Although she expected the bills to be large, she didn’t expect them to be this large.  When she carefully… Continue Reading

Wanna Bet? Betting About Baseball Returns to the News

Posted in *BTW - Noteworthy, Money, Sports & The Outdoors

In 2011, Milwaukee Brewers star Ryan Braun became the first MLB player to successfully challenge, and evade, a 50-game suspension for suspected use of performance enhancing drugs (PEDs).  Coincidentally, that same year, Braun went on to win the National League MVP award.  Although many thought that Braun escaped on a technicality, Braun was not without… Continue Reading

Mistakes Have Consequences – British Petroleum’s Settlement

Posted in *BTW - Noteworthy, Legal Risk Management, Money

Three years ago, Tilting told tales of oil spill legal problems suffered by Forrest Gump, Bubba Gump Shrimp Company, Wok Ann chu-gumm Seafood Restaurants, Chef Red Fishy and Bishop Carp. Tilting predicted class action lawsuits against British Petroleum and big settlements. Bubba, Chef Red and Bishop Carp ignored Tilting’s advice and never joined a lawsuit…. Continue Reading

The Tax Man Cometh to Cyberspace

Posted in *Way Out - Advice, Money

Rose Pettle is the owner of Florist Gump, a chain of flower shops throughout Texas.  Ever the entrepreneur, Rose launched Bloomarama.com, an internet business selling many floral items in her brick and mortar stores.  Bloomarama.com is a separate Florida corporation with no physical location or offices in Texas.  However, for the convenience of its customers,… Continue Reading

IRS Going For The Gold: Do Olympic Medal Winners Have to Pay Taxes on Their Winnings?

Posted in *BTW - Noteworthy, Money, Sports & The Outdoors

Justin Thyme is a member of the U.S. Olympic swim team and is returning from London with a gold medal in the 400 meter individual medley.  After 10 years of dedicated training, Thyme secured first place when he edged out the next closest finisher by a mere .0007 seconds.  After the medal ceremony, Thyme is… Continue Reading

Limits on Gifts to Teachers and other Public Servants

Posted in *Way Out - Advice, Family Issues, Money

Dana Plato is a 6th grade student at a public school in south Texas.  Plato’s favorite teacher is Mr. Socrates, who teaches world geography.  Unfortunately, world geography is Plato’s worst subject.  In fact, Plato is dangerously close to failing the course.  Whether or not she passes is dependent upon how she scores on the final… Continue Reading

What to do when a Client Files for Bankruptcy

Posted in *Way Out - Advice, Legal Risk Management, Money

Much of the corn that Ethan Awl raises is sold to Beau Plymouth for Beau’s company Plymouth’s Pride to feed its turkeys. Ethan’s payment terms are net 30 days. As the economy worsened and alternative fuels gobbled up corn supplies dramatically increasing feed costs, Plymouth’s formerly prompt payments from Beau are well beyond 30 days… Continue Reading

Understanding the Tort of Negligent Misrepresentation

Posted in Legal Risk Management, Money

Ty Coon was furious after Tightwad Bank’s internal bank audit of Leaven and Earth’s books revealed the company’s inventory and accounts receivable levels materially lower than the company’s audited financial statements. Those financial statements, upon which Tightwad Bank relied, were prepared by Leaven and Earth’s outside auditors Cook, Books & Hyde and were a requirement… Continue Reading

Is there a Tax Benefit to Dying in 2010 rather than 2011

Posted in Money

The good news is, Ty Coon is a billionaire. The bad news is, Ty Coon recently turned 98-years-old and is sick…very sick. In his younger years, Coon amassed a billion dollar fortune as the owner of an international Mexican fast food chain. While Coon always found time for tacos, he never had time for sophisticated… Continue Reading

Protesting Property Tax Valuations

Posted in Money, Property Issues

Ward and June recently received their property valuations from Comfort County. Their broker son Beaver Cleaver told them that, because county property valuations are intended to reflect the market value of the property as of January 1 this year, widespread foreclosures, declining building permits and high office vacancy rates should send Comfort County property values… Continue Reading

Complying with Bank Loans

Posted in Money

A year ago Standup Stanley bought Hotel 8 Properties. Stan’s banker Betty Maekit-hapen was able to get him the purchase money and an operating line of credit loan from DaytonaMac Bank. Hotel 8 was able to use its valuable Arizona real estate and cash flow as collateral without Stan’s personal liability so long as Hotel… Continue Reading

Entertainment Business Tax Expenses

Posted in Legal Risk Management, Money

Snidely Whiplash, a personal injury lawyer, was trying to get business from his friend “Attila” who is a chiropractor. Attila’s common law wife Hun loves mud-wrestling matches.  “If I could arrange something to please Hun,” thinks Snidely, “surely Attila will send me some business!” Snidely learns that the world mud wrestling playoffs are coming to… Continue Reading

Debt Collection Tactics

Posted in Money

With times getting tougher, Greeda Greenshade at ShortCircuit City noticed that her customers were paying their invoices much later. So, Greeda hired an outside firm StrongArm Collectors to collect the aging receivables. ShortCircuit did get a little concerned, however, when one of its best customers Delia Dish called to complain about StrongArm’s collectors who left… Continue Reading