Articles

Tax Treatment of the Sale of Social Club Assets Upon Liquidation

Written By Steven B. Long

Since 1916, Congress has exempted from income taxation clubs formed to facilitate social interaction between its members.  As a result, country clubs, hunting and fishing clubs, college sororities and fraternities, a…

Easing the Burden: The Gift of Planning for Incapacity

Written By Virginia S. Carter and Eldridge D. Dodson

Normal aging can be challenging, but caring for an aging family member with dementia is particularly difficult.  Over the years, we have often seen caregivers suffer from exhaustion, compromising their mental and phys…

Decoding Success: A Discussion of the In-House Experience

In a question and answer session moderated by Ken Gray, leader of Ward and Smith’s Labor and Employment Practice Group, two in-house attorneys from prominent North Carolina businesses shared real-world advice on a va…

FTC Charges Forward with Sweeping Non-Compete Ban

Written By Genesis E. Torres, Hayley R. Wells, and Devon D. Williams

On April 23, 2024, the Federal Trade Commission ("FTC") narrowly voted (3-2) to issue a final rule banning almost all non-compete agreements nationwide.  The rule is set to take effect 120 days after it is published …

Raising the Rate: DOL Expands Overtime Protections to Millions of Workers

Written By S. McKinley Gray, III and Avery J. Locklear

On April 23, 2024, the U.S. Department of Labor ("DOL") announced a final rule that will increase the Fair Labor Standards Act's ("FLSA") minimum salary threshold for overtime exemptions (the "2024 Rule"). Starting July 1…

Charging Order Limitations – You Can't Charge What They Don't Own

Written By Lilian L. Faulconer and Lance P. Martin

In North Carolina, a creditor who obtains a judgment against an individual with an ownership interest in a limited liability company or limited liability partnership may enforce its unsatisfied judgment by petitioning the …