Law Commons^™

Taxing The New With The Old: Capturing The Value Of Data With The Corporate Income Tax In Virginia, Coleman H. Cheeley

University of Richmond Law Review

The Commonwealth of Virginia markets itself as “The Largest Data Center Market in the World.”In 2019, the Northern Virginia market alone was the largest in the United States by inventory, with room to grow. In 2021, data centers in Northern Virginia required an estimated 1,686 megawatts of power; that number is expected to increase by 200 megawatts in the near future, reflecting data centers currently under development. For reference, in 2022, it was estimated that more than 100 homes could be powered by one megawatt of solar power in Virginia. Historically, data centers have been located in the Commonwealth due …

Covid-19 And Rule 10b-5, Allan Horwich

University of Richmond Law Review

The COVID-19 pandemic presented wide-ranging challenges for businesses. Not the least of these is compliance with federal securities laws, including the prohibition—most notably under SEC Rule 10b-5—on materially deceptive statements made to the public. Both the SEC, in its role as enforcer of the law, and private parties, seeking to represent classes of aggrieved investors, have filed complaints asserting that corporations and others have engaged in deception of investors regarding matters pertaining to COVID-19. Some of these claims relate to disclosures regarding testing kits for the virus as well as development of vaccines. Other complaints allege faulty disclosure on the …

Mergers, Macs, And Covid-19, Brian Jm Quinn

University of Richmond Law Review

The conventional wisdom is that MAE/MACs in merger agreements provide an opportunity for buyers to renegotiate merger agreements in the event of intervening adverse events. However, the experience following the COVID-19 outbreak suggests that the conventional wisdom is incorrect or at least overstated. In fact, MAE/MACs shift the risk of exogenous adverse events (like COVID-19) to buyers while leaving only the risks of adverse endogenous and semi-endogenous events with the seller. The consequence of this risk-shifting is to strictly limit the circumstances under which a buyer can credibly lean on a MAE/MAC to threaten to terminate a merger agreement and …

The Corporate Chameleon, Megan Wischmeier Shaner

University of Richmond Law Review

This Article seeks to address what is currently missing from corporate law—a clear way of determining “officer” status as that distinct legal role is contemplated in corporate jurisprudence. Part I discusses the three primary actors involved in the internal governance of the corporation—directors, stockholders, and officers—and how the law defines each one. While corporate law clearly contemplates officers as a distinct role, a quick comparison of the three reveals a failure to identify with any precision the bounds of “officer” status. Part II looks to other areas of the law for guidance in defining and identifying the officers of the …

Corporate And Business Law, Laurence V. Parker Jr.

University of Richmond Law Review

This year there were a number of significant legislative changes to the Virginia Stock Corporation Act (“VSCA”) and the Virginia Limited Liability Company Act. Part I discusses certain statutory changes related to Virginia Corporations. Part II summarizes the changes to VSCA, including changes related to ratification of defective corporate acts, appraisal rights in asset sale transactions, multiple changes related to interspecies transactions, improving and making the effect of merger, domestication, and conversion language more uniform, refining the process for abandoning fundamental transactions, regulating the second step merger following a tender offer, modifying the corporate opportunity doctrine, allowing for a court …

Partnership Lost, Christine Hurt

University of Richmond Law Review

A century ago, two distinct business entities existed that could best be defined by describing either one of them as simply not the other. The corporation and the general partnership were mirror images of one another and opposites on a spectrum of corporate governance, limited liability, and taxation. Partnerships, seen as small, livelihood enterprises between active-owner partners, had personal liability but pass-through taxation. Corporations, seen as larger, capital-intensive enterprises with passive-owner shareholders, had limited liability but double taxation. The tax distinctions survive today, but the stereotypical partnership does not; in fact, the modern partnership is more corporation-like than partnership-like.

Today, …

Private Ordering And Improving Information Flow To The Board Of Directors: The Duty To Inform Bylaw, Jennifer O'Hare

University of Richmond Law Review

It seems that almost every day there is another report of a corporate scandal at a public company. Whether the scandal involves sexual harassment by senior management or widespread illegal conduct by employees, the first question asked by investors and the media is usually, “Where was the board?” And the board’s response is almost always, “We didn’t know.” Directors of public companies rely on officers to provide the information the board needs to manage the corporation, but, strangely enough, officers may not even be legally required to provide information to the board. The Delaware General Corporation Law is silent on …

Corporate And Business Law, Christopher L. Mclean

University of Richmond Law Review

The past two years have produced a number of pieces of legislation from the Virginia General Assembly that serve to bring the set of Virginia business entity statutes up to date with its peers around the country. Part I highlights changes to the Virginia Stock Corporation Act (“VSCA”) and the Virginia Nonstock Corporation Act (“VNSCA”). Part II highlights changes to the Virginia Securities Act (“VSA”) and other statutes affecting Virginia business entities. Part III reviews two significant cases that the Supreme Court of Virginia decided over the past two years with respect to Virginia corporate law. Those decisions provided guidance …

Private Ordering In The Old Dominion: A Solution To Frivolous Litigation Or The Elimination Of A Fundamental Shareholder Right?, Rebekah Biggs

University of Richmond Law Review

No abstract provided.

Corporate And Business Law, Laurence V. Parker Jr.

University of Richmond Law Review

Over the past three years, there have been a number of legislative changes to Virginia's business entity statutes. In Part I,this article highlights the changes to the Virginia Stock Corporation Act ("VSCA") and the Virginia Nonstock Corporation Act ('"VNSCA"). Part II highlights changes to the Limited Liability Company Act ("LLC Act"). Part III summarizes Virginia's new intrastate crowdfunding law. The Supreme Court of Virginia has also addressed several significant issues over the last three years, including the applicability of appraisal rights in a stepped transaction. Part IV reviews several of the significant cases during this period.

Corporate And Business Law, Laurence V. Parker Jr.

University of Richmond Law Review

No abstract provided.

Corporate And Business Law, Laurence V. Parker

University of Richmond Law Review

In the 2011 session, the Virginia General Assembly passed House Bill 2358, Benefit Corporations, to be codified as article 22 (the "Benefit Corporations Article") of the Virginia Stock Corporation Act ("VSCA"). The Benefit Corporations Article is largely based on legislation prepared in other states and allows a Virginia corporation to elect in its articles of incorporation to be treated as a "benefit corporation." These for-profit corporations are required to pursue not only profitability but also a general public benefit and, if one so elects, one or more specific public benefits. In Section II of this article, the author discusses the …

Congress, Corporate Boards, And Oversight: A Public Law/Private Law Comparison, Paul S. Miller

University of Richmond Law Review

No abstract provided.

Corporate And Business Law, Laurence V. Parker

University of Richmond Law Review

No abstract provided.

Branding The Small Wonder: Delaware's Dominance And The Market For Corporate Law, Omari Scott Simmons

University of Richmond Law Review

No abstract provided.

Reconciling Shareholder Limited Liability With Vicarious Copyright Liability: Holding Parent Corporations Liable For The Copyright Infringement Of Subsidiaries, Joshua M. Siegel

University of Richmond Law Review

No abstract provided.

Corporate And Business Law, Allen C. Goolsby, Louanna O. Heuhsen

University of Richmond Law Review

No abstract provided.

The Irrelevance Of State Corporate Law In Governance Of Public Companies, J. Robert Brown Jr.

University of Richmond Law Review

No abstract provided.

Racial Stereotypes, Broadcast Corporations, And The Business Judgment Rule, Leonard M. Baynes

University of Richmond Law Review

No abstract provided.

When Good Mergers Go Bad: Controlling Corporate Managers Who Suffer A Change Of Heart, Celia R. Taylor

University of Richmond Law Review

No abstract provided.

Corporate And Business Law, C. Porter Vaughan Iii, David I. Meyers, W. Lake Taylor Jr.

University of Richmond Law Review

No abstract provided.

Annual Survey Of Virginia Law: Corporate And Business Law, Lyman P.Q. Johnson

University of Richmond Law Review

This article reviews changes in Virginia corporate and business law for the period from June 2000 through May 2001. Part II examines legislative changes in corporate and other business statutes (excluding public service corporation and insurance law issues) based on Virginia General Assembly action in the 2001 session. Part III reviews judicial decisions during the year, including decisions addressing agency law, partnership law, and corporate law issues and principles. This article describes these decisions and, in several instances, it also critically analyzes the outcomes. Part IV summarizes a May 25, 2001, Order of the Virginia State Corporation Commission amending the …

University Of Richmond Law Review

University of Richmond Law Review

No abstract provided.

University Of Richmond Law Review

University of Richmond Law Review

No abstract provided.

Annual Survey Of Virginia Law: Corporate And Business Law, Peter E. Broadbent Jr., John E. Russell

University of Richmond Law Review

Virginia corporate and business law changes in the last year continue to challenge the practitioner to stay abreast of such developments in order to provide accurate advice to clients. This article summarizes the developments in the law in Virginia occurring from June 1999 through May 2000, with the legislative changes described based on Virginia General Assembly action in the 2000 session. Part II examines those legislative changes in corporate and business law (excluding public service corporation/public utility law issues). While many of the legislative changes are not significant, three new uniform laws (revised Article 9 of the Uniform Commercial Code …

Annual Survey Of Virginia Law: Corporate Law, A. Eric Kauders Jr.

University of Richmond Law Review

Despite its widely held reputation as being a bastion of all things conservative, Virginia has long been a leader on the frontier of corporate and partnership law. As a recent example confirming its progressive reputation, one need look no further than the 1991 passage of legislation permitting the formation of limited liability companies. While the amount ofactivity in corporate law this year was far from notable, the legislation and judicial decisions from the past year continue to demonstrate Virginia's "corporate activism."

University Of Richmond Law Review

University of Richmond Law Review

No abstract provided.

University Of Richmond Law Review

University of Richmond Law Review

No abstract provided.

Annual Survey Of Virginia Law: Corporate And Business Law, Robert L. Freed

University of Richmond Law Review

Corporate and business law has undergone a variety of changes in the past two years. This article summarizes the developments that occurred in this area of the law from June 1996, through June 1998. In 1997, the Virginia General Assembly amended numerous provisions of the Virginia Code. The amendments became effective January 1, 1998. Virginia state courts and the federal courts have issued opinions which have impacted the law in this area. Part II examines the abundant legislative changes made to title 13.1 of the Virginia Code and the recent judicial decisions affecting corporations. Most of the changes discussed were …

The Corporate Opportunity Doctrine-Recent Cases And The Elusive Goal Of Clarity, Harvey Gelb

University of Richmond Law Review

Diane, a director and public relations executive of a corporation called Discount Department Stores Inc., ("DDS"), which owns fifteen department stores, was having lunch in a restaurant located next to the DDS headquarters building. She was approached by Alice, a real estate agent, who had met Diane sometime ago at a soccer game involving their children. Alice asked Diane if she could join her for lunch, indicating that she had a business matter she wished to discuss. Alice told Diane that she was the selling agent for the owner of a large piece of real estate with an asking price …