Tag: business transactions

Five Stories That Matter in Michigan This Week – May 10, 2024

  1. Fraser Trebilcock’s Growth Continues With Grand Rapids Office Relocation

Fraser Trebilcock Davis Dunlap & Cavanaugh, P.C., one of Michigan’s well established law firms with a history of providing excellent legal services, is pleased to announce it has relocated its Grand Rapids office. This move is a testament to the firm’s continued ability in taking a proactive approach in providing comprehensive legal solutions across a wide range of practice areas, helping clients capitalize on potential opportunities.

Why it Matters: In late April, Fraser Trebilcock’s Grand Rapids office moved to 300 Ottawa NW Suite 810, located within walking distance of all downtown restaurants, entertainment venues, museums, municipal buildings, and the Medical Mile. The office offers the full range of the firm’s legal services, including litigation, business, tax, real estate, trusts and estates, and other areas of specialty. Clients can expect the same level of professionalism and personalized attention that Fraser Trebilcock is known for. Read more.

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  1. DOL Finalizes Rule to Raise Overtime Salary Threshold

The Department of Labor (DOL) recently announced a final rule that will significantly increase the annual salary threshold required to classify employees as exempt under the Fair Labor Standards Act (FLSA). The rule will raise the minimum salary requirement in two stages, from the current level of $35,568 per year to $43,888 per year on July 1, 2024, and then to $58,656 per year on January 1, 2025, with recalculations every three years thereafter.

Why it Matters: The DOL estimates that the rule will impact approximately 1 million employees initially and another 3 million employees after the second salary increase. Employers must now decide whether to increase salaries to maintain exempt status for affected employees or reclassify them as non-exempt workers entitled to overtime pay, considering factors such as overtime hours worked, labor costs, and administrative burdens.

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  1. CRA Issues Bulletin Regarding THCA

The Cannabis Regulatory Agency recently issued a bulletin to answer questions regarding tetrahydrocannabinolic acid (“THCA”), its status, and how businesses in the state can obtain and possess THCA.

Why it Matters: THCA is a non-intoxicating cannabinoid that is converted into THC when it goes through the process of decarboxylation (increasing temperature between 200-290 degrees). Under the Michigan Regulation and Taxation of Marihuana Act, THCA is included in the definition of THC. Licensees can obtain and sell marijuana that contains THCA, and they are allowed to convert THCA into THC as long as they abide by state laws under the MRTMA.

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  1. June Business Education Series

Most entrepreneurs and business leaders face similar frustrations – employee conflicts, lack of sales, profit woes and inadequate growth. Decisions never seem to get made, or, once made, they fail to be properly implemented. There is a solution, and it is not complicated or theoretical.

Why it Matters: The Entrepreneurial Operating System (EOS) is a practical method for achieving the business success you have always envisioned. More than 100,000 companies have discovered what EOS can do. Learn more and to register.

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  1. Fraser Trebilcock Attorney Robert D. Burgee Recognized as a ‘Michigan Go To Lawyer’ for Business Transactions by Michigan Lawyers Weekly

Fraser Trebilcock attorney Robert D. Burgee has been recognized by Michigan Lawyers Weekly as a ‘Michigan Go To Lawyer’ in 2024 for business transactions. “I am honored to have been recognized by Michigan Lawyers Weekly as a ‘Michigan Go To Lawyer’ for business transactions,” said Bob.

Why it Matters: Mr. Burgee serves as Co-Chair of the firm’s Business & Tax Department and Chair of the firm’s Employee Benefits Department. He has over a decade of experience assisting business clients and entrepreneurs with startups, acquisitions, succession, and growth planning, as well as more general legal guidance, including navigating civil matters, regulatory compliance, employee benefits, and human relations. Read more.

Related Practice Groups and Professionals

Cannabis Law | Sean Gallagher
Labor, Employment & Civil Rights | David Houston
Business & Tax | Robert Burgee

Five Stories That Matter in Michigan This Week – May 3, 2024

  1. Michigan CRA Plans to Open State-Run Testing Laboratory

Crain’s Detroit Business reported this week that Michigan’s Cannabis Regulatory Agency plans to open a new testing lab by January of next year in order to promote and enforce safety standards. While funds have been allocated for the establishment and operation of a testing lab, CRA regulators reportedly are asking Michigan legislators to pass a bill that would give the agency more explicit authority to take this action.

Why it Matters: Having an independent, state-run lab would, according to regulators, help establish trust in products and root out potential corruption in the legal cannabis industry.

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  1. Fraser Trebilcock Attorney Robert D. Burgee Recognized as a ‘Michigan Go To Lawyer’ for Business Transactions by Michigan Lawyers Weekly

Fraser Trebilcock attorney Robert D. Burgee has been recognized by Michigan Lawyers Weekly as a ‘Michigan Go To Lawyer’ in 2024 for business transactions. “I am honored to have been recognized by Michigan Lawyers Weekly as a ‘Michigan Go To Lawyer’ for business transactions,” said Bob.

Why it Matters: Mr. Burgee serves as Co-Chair of the firm’s Business & Tax Department and Chair of the firm’s Employee Benefits Department. He has over a decade of experience assisting business clients and entrepreneurs with startups, acquisitions, succession, and growth planning, as well as more general legal guidance, including navigating civil matters, regulatory compliance, employee benefits, and human relations. Read more.

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  1. June Business Education Series

Most entrepreneurs and business leaders face similar frustrations – employee conflicts, lack of sales, profit woes and inadequate growth. Decisions never seem to get made, or, once made, they fail to be properly implemented. There is a solution, and it is not complicated or theoretical.

Why it Matters: The Entrepreneurial Operating System (EOS) is a practical method for achieving the business success you have always envisioned. More than 100,000 companies have discovered what EOS can do. Learn more and to register.

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  1. Marijuana to be Rescheduled by DEA

It was announced this week that the DEA is planning to reclassify marijuana from a Schedule I drug to a Schedule III drug, following a recommendation from the Health and Human Services Department.

Why it Matters: While this move is still subject for review by the White House Office of Management and Budget, this clears a significant regulatory hurdle. Marijuana will still not be legal on the federal level for recreational use following this reclassification.

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  1. FTC Issues Final Rule Banning Non-Compete Agreements Nationwide

On April 23, 2024, in a 3-2 vote, the Federal Trade Commission (FTC) issued a final rule banning non-compete clauses in most employment agreements nationwide. The rule is scheduled to go into effect 120 days after it is published in the Federal Register.

Why it Matters: Under the final rule, “Non-compete clause” is defined as “a term or condition of employment that prohibits a worker from, penalizes a worker for, or functions to prevent a worker from: (i) seeking or accepting work in the United States with a different person where such work would begin after the conclusion of the employment that includes the term or condition; or (ii) operating a business in the United States after the conclusion of the employment that includes the term or condition.” Read more from your Fraser Trebilcock attorneys.

Related Practice Groups and Professionals

Cannabis Law | Sean Gallagher
Business & Tax | Robert Burgee
Labor, Employment & Civil Rights | David Houston
Business & Tax | Andrew Martin