Thompson Burton has added real estate and M&A attorney Jon Field as a partner. Field was previously the founder of Field Law. At Thompson Burton, he will work with real estate developers, physician groups and investors. “Jon has quickly and easily woven his practice into the firm and we’re excited to see how he will grow our corporate practice area and supplement our real estate team,” said Walt Burton.
Continue ReadingIn the ‘The Boss’ column about leaders of Music City businesses, the Nashville Business Journal interviews Walt Burton for his perspective on Thompson Burton, commercial real estate and Middle Tennessee. Read the full article here.
Continue ReadingTo ease the economic impact of the public health crisis caused by COVID-19, Congress recently enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a $2 trillion stimulus package designed to provide aid to states, industries, and workers during the COVID-19 outbreak. The CARES Act creates a $500 billion lending program for businesses and local governments. The CARE Act incentivizes businesses to retain employees and expands access to federal unemployment insurance and other benefits. Many of the provisions of the CARES Act may be crucial for both businesses and lenders to weather the COVID-19 crisis. Lending Program for Businesses. The CARES Act authorizes $349 billion for the Paycheck Protection Program, which grants the U.S. Small Business Administration (“SBA”) the power to provide forgivable loans to small businesses to use for payroll expenses, such as employee salaries, rent, and utility payments. A business is eligible if it is […]
Continue ReadingWhen purchasing commercial real estate, it is common, for tax and liability reasons, to form a single purpose entity to own the property. Many times, the entity that is formed is a limited liability company. Forming an LLC is generally relatively cheap, fast, and shields the members of the LLC from liability. However, when forming an LLC in Tennessee, or any other entity that provides limited liability to owners there are tax implications to consider that may not arise in other states. Tennessee does not collect income tax from individuals on most forms of income. Instead of imposing income taxes, Tennessee imposes various other taxes, including two forms of taxes for the privilege of doing business in the state. In Tennessee an excise tax and franchise tax are imposed on corporations, subchapter S corporations, limited liability companies, professional limited liability companies, real estate investment trusts, limited partnerships, and registered limited […]
Continue ReadingWhat is a Statement of Partnership Authority? In Tennessee, most types of business entities require specific documents to be filed with the Secretary of State in order to be recognized as a legitimate legal entity. One major exception exists for general partnerships, however, which can exist with no formal documentation. Under the Revised Uniform Partnership Act (the “RUPA”), a “partnership” is “an association of two (2) or more persons to carry on as co-owners of a business or other undertaking for profit.” Tenn. Code Ann. § 61-1-101 (7). By this definition, individuals carrying on a business together may form a partnership without intending to, or even being aware that they are partners. See In re Copeland, 291 B.R. 740 (2003) (“under Tennessee law, there is no requirement that the parties actually intended to become partners”). In situations where it is unclear whether a partnership has formed, courts will consider […]
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