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Indiana Supreme Court Curtails Attempted Expansion of Exceptions to General Rule Regarding Successor Liability in Corporate Transactions

The Indiana Supreme Court recently issued an opinion in New Nello Operating Co., LLC v. CompressAir that clarifies the elements to be met when establishing that a buyer of a business will be liable as the successor to the obligations of the target.  Now, to fall under either of two exceptions to the…

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Governor Holcomb Signs Legislation Modifying Indiana’s Zero Tolerance Per Se Driving Law for Marijuana or Marijuana Metabolite

On April 15, 2021, Governor Eric Holcomb signed Indiana Senate Bill 201 (the “SB 201”) into law, modifying the state’s zero tolerance per se law concerning marijuana and its metabolites codified at Indiana Code Section 9-30-5-1. SB 201 provides an affirmative defense for drivers operating a motor…

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Secure and Fair Enforcement (SAFE) Banking Act Passes U.S. House…Again

On Monday, April 19, 2021, the U.S. House of Representatives passed the Secure and Fair Enforcement Banking Act of 2021 (the “Act”).  The legislation was reintroduced in Congress in late March through a bipartisan effort involving members of both the U.S. House of Representatives (House) and the…

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Indiana House Votes to Reverse Indiana’s Ban on Smokable Hemp

On Wednesday, February 17, 2021, the Indiana House of Representatives (“Indiana House”) approved House Bill 1224 (“HB 1224”) by a vote of 69 to 28. The bill, which now advances to the Indiana Senate, could result in a reversal of Indiana’s 2019 ban on smokable hemp. Lifting the ban would, according…

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Indiana Supreme Court Affirms Freedom of Contract Principles in Closely Held Company Valuation Case: Choose Your Words Carefully

On January 28, 2021, the Indiana Supreme Court affirmed freedom of contract principles and upheld discounts of over thirty percent in the fair market valuation of shares in a dispute over the buyback provision in a shareholder agreement among all of the shareholders of a closely held company.  In …

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2021 Hemp License Application Now Available Online

Earlier this month, the Office of the Indiana State Chemist (“OISC”) began accepting applications for licenses to commercially grow and process hemp using its new online licensing software (the “Application”). The new Application is live following approval of the Indiana State Hemp Plan (the…

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Corporate Transparency Act: New Obligations to Disclose Beneficial Ownership in Private Companies

On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA” or the “Act”) as part of the greater National Defense Authorization Act for Fiscal Year 2021.  The CTA requires certain domestic and foreign companies to disclose beneficial ownership information to the U.S. Department of…

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A PPP Holiday Stocking Stuffer

Congress finally agreed on a new COVID relief package, passed the Consolidated Appropriations Act, 2021 (the "Act") after months of intense negotiations about scope and dollars, and has sent the Act to President Trump for his signature. The President has tweeted objections about some provisions of…

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IRS Deflates the Hope Balloon of PPP Borrowers

On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51, which, respectively, provided additional guidance regarding the IRS position on the non-deductibility of expenses funded with Paycheck Protection Program (PPP) loan proceeds and a…

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