Articles Tagged with commercial law

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In 2012, President Obama signed the treaty allowing Israelis to obtain investor’s visas in the U.S.  However, the treaty was not formally agreed upon and signed by the Israeli government until now.  On March 30, 2014, the Israeli government in its weekly meeting approved the reciprocal investor’s visa treaty for American Investors.

E-2 Investor Visas allow people, from a select group of countries, to enter the United States and work on a “substantial” investment within the country. While the visas need to be renewed every five years, they can last for a potentially unlimited period of time. However, they are not meant to serve as a path to immigration, and showing intent to immigrate could hurt the chance for an extension. The visas are useful for entrepreneurs who have a great deal of money, no other visa options available, and no intent to become a citizen of the United States

According to a government official responsible for pushing this issue forward, “Following government approval, we’ll need to amend prevailing regulations and draft procedures, but I hope that these steps will be completed as soon as possible.”  This means that once the procedural terms are defined by Israel for Americans investing there, the treaty will take full force and effect and Israelis will be entitled to obtain investor’s visas in the U.S.

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Florida lawmakers are looking to rewrite the state’s gambling regulations in 2014. They want to change the industry in a way that hasn’t been done since the 1996 statewide lottery vote.

The issue of gambling in Florida came to a boiling point when, three years ago, Genting proposed building a massive casino at the former site of the Miami Herald and Omni commercial complex. The Malaysian company promised the new complex, which they called Resorts World Miami, would create 100,000 jobs. However, lawmakers resisted changing Florida gambling laws that would allow the project to move forward.

Two republican Florida state representatives, House Speaker Will Weatherford of Wesley Chapel and Senate President Don Gaetz of Niceville, are pushing a constitutional amendment for the upcoming general election ballot requiring future gambling expansions to go before voters statewide. To enact the constitutional amendment, which would in effect change the course of history for Florida gambling laws, a 60 percent “yes” vote is required.

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On June 14, 2013, after unanimous passage by Florida legislators, Governor Rick Scott signed the Florida Revised Limited Liability Company Act into law, providing the first major overhaul to the way LLCs do business in Florida in 14 years. LLCs formed after January 1, 2014 will be required to work under the law, which will then be extended to all Florida LLCs by January 1, 2015. However, existing LLCs can elect to adhere to the law any time after July 1, 2014.

Operators of Florida LLCs should be intimately aware of the effects of the law before the approach of these deadlines. The new act is based largely on the Revised Uniform Limited Liability Company Act, created by the Uniform Law Commission, a promoter of uniformity of laws among states. Here are some of the important changes being initiated.

Like all LLC Acts, the new one is a “default statute”, meaning LLC operating agreements may deviate from the rules unless expressly prohibited. The new act raises the list of these non-waivable provisions from six to sixteen. Included in these provisions is an increased ability to remove a member after misconduct, the ability to sue or be sued in the name of the LLC, and many others. Like before, in the absence of established guidelines put forth by an operating agreement, stipulations of the new act will become binding. Those working with an LLC should carefully examine the full extent of the new waivable and non-waivable provisions.

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