Henry Kopf Presents to Life Science Companies

Research Triangle Park, NC – On April 26, 2018, Henry Kopf of Revolution Law presented a seminar on critical legal issues faced by life science companies in both everyday business transactions as well as more robust contractual transactions.  Attendees received information on tips for negotiations and key points to address in clinical trials agreements, joint development agreements, and agreements for outsourcing services.  Important legal issues related to routine purchases of goods were also addressed.

The seminar was hosted by the North Carolina Center of Innovation Network (“NC COIN”) and held at the First Flight Venture Center. The attendees consisted mostly of senior executives from local early stage life science companies.

“As a former successful life science entrepreneur Henry continues to provide attendees of these events clear, concise, and understandable explanations of complex legal issues in terms that help our entrepreneurial community.  Henry’s efforts to share his knowledge is a testament to his ethics and commitment to the community”, said Joseph Magno, Executive Director of NC COIN, “we are pleased Revolution Law is a member of NC COIN.”

SNAP CPAP, LLC Receives FDA Clearance

Cary, NC - Congratulations to Revolution Law client, SNAP CPAP, LLC d/b/a Bleep, on receiving FDA clearance for the Bleep DreamPort. The Bleep DreamPort is an innovative “maskless” CPAP device designed to enable patients to get a better night’s sleep. 

"One of the reasons I formed Revolution Law was to help companies move forward and develop their businesses.  I started working with Stuart when SNAP CPAP’s revolutionary device was solely an idea.  It has been a pleasure to be a part of their progress from an idea to an FDA cleared product. I am looking forward to working with Stuart, and the rest of the SNAP CPAP team, as they finalize their manufacturing line and prepare to ship to customers," said Henry Kopf, Manager and Founder of Revolution Law.

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Henry Kopf Named to the 2018 North Carolina Rising Stars List

We are pleased to announce Henry Kopf's selection to the 2018 North Carolina Rising Stars list. This is an exclusive list, recognizing no more than 2.5 percent of the lawyers in the state. To be eligible for the Rising Stars list, a candidate must be either 40 years old or younger, or in practice 10 years or less.

Super Lawyers, part of Thomson Reuters, is a research-driven, peer influenced rating service of outstanding lawyers who have attained a high degree of peer recognition and professional achievement. Attorneys are selected from more than 70 practice areas and all firm sizes, assuring a credible and relevant annual list.

The objective of Super Lawyers is to create a credible, comprehensive and diverse listing of exceptional attorneys to be used as a resource for both attorneys and consumers seeking legal counsel.

The Super Lawyers and Rising Stars lists are published nationwide in Super Lawyers Magazines and in leading city and regional magazines and newspapers across the country, as well as in the North Carolina Super Lawyers Digital Magazine.

Please join us in congratulating Henry Kopf on his nomination. For more information about Super Lawyers, go to SuperLawyers.com.

Henry Kopf Trains Attorneys on Buying and Selling a Business

Henry Kopf Trains Attorneys on Buying and Selling a Business

RALEIGH, NC - On December 11, 2017, Henry Kopf led a seminar titled "Vital First Steps of an Acquisition." Henry's session was part of a day-long seminar hosted by the National Business Institute™ titled “Handling the Sale of a Business.” The seminar was attended by experienced transactional attorneys and accountants working with business owners. This seminar provided attorneys and accountants with guidance on a variety of topics including beginning the sale process, traditional and alternative financing options, business valuation, tax saving structures and strategies, structuring and drafting acquisition documents, and ethics in business acquisitions. 

Without proper legal counsel and preparation, buying or selling a business can be a grueling and stressful process. Henry provided the group with practical legal strategies on developing a sales process, creating effective teaser summaries on the business, entering confidentiality and non-disclosure agreements, drafting letters of intent, and conducting due diligence to help start, and keep, the sales process on the right path. Many of these practical legal strategies were witnessed first-hand while Henry was an entrepreneur himself prior to becoming an attorney.

The invitation to teach accountants and fellow attorneys is a rewarding way for Revolution Law attorneys to share and educate fellow service professionals using real-life examples that they face in the course of representing high-growth businesses going through the mergers and acquisitions process. 

Henry Kopf Presents on Transfer Pricing

WILMINGTON, NC – On August 10, 2017, Henry Kopf, Revolution Law, and Chad Wouters, Earney & Company, presented a seminar on transfer pricing at the Wilmington Chamber of Commerce.  The audience consisted of attendees from multi-national companies doing business in the United States and internationally. The presentation provided international companies with information on crafting transfer pricing programs to withstand scrutiny from taxing authorities.

Transfer pricing policies were established to curb companies from shifting profits to lower tax jurisdictions using related entities. In recent years, Wilmington, North Carolina has seen a rise in U.S. based companies with offices overseas and foreign companies forming U.S. headquarters. The IRS’ recent crackdown on loose transfer pricing policies of multi-national companies has forced companies of all sizes to focus on their own transfer pricing programs. Therefore, it is critical to address transfer pricing in advance of any inquiry from a taxing authority to prevent significant penalties or violations.

For more information on transfer pricing, see our article published on WRALTechWire here

Congratulations to SNAP CPAP, LLC on closing recent Series A funding!

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Chapel Hill, NC - Congratulations to Revolution Law client, SNAP CPAP, LLC d/b/a Bleep, on closing its recent Series A funding round. SNAP CPAP, LLC is a medical device start up that is developing a revolutionary mask-less CPAP device unlike anything in the market place. The product has undergone stringent testing and is scheduled for commercial launch upon receiving FDA clearance. 

Funding in SNAP CPAP, LLC's Series A round came predominantly from outside the state of North Carolina, including Illinois, Indiana, and Georgia. "We are grateful for the support from our original seed investors and welcome aboard our new investors for instilling their faith into our product and our company. I would also like to thank Revolution Law for their help and advice in guiding us through the fund raising process," said Stuart Heatherington, Manager and Founder of SNAP CPAP, LLC.

Exporting Pitfalls That May Surprise You

In today’s global economy, many companies are already doing business internationally or at least have opportunities to do business internationally.  All US organizations and individuals exporting goods, software, or technology from the US are required to comply with export regulations.  These regulations are intended to: (1) protect national security; (2) control items that are in short supply; (3) comply with multilateral arrangements, nonproliferation agreements, and UN sanctions; and (4) prevent proliferation of technology and weapons to supporters of international terrorism. 

Export regulations cover a broad range of activities beyond just the sale of a product into another country.  For example, export regulations and corresponding license requirements address the sharing of technical information with non-US persons whether physically present inside or outside the US.  Moreover, companies are subject to export regulations even if the non-US person is an employee of the company and receives the technical information through the normal course of their employment.

Unfortunately, making faulty assumptions about exporting that turn out to be costly and even life-altering is not an uncommon occurrence.  The burden and obligation of knowing and complying with export regulations falls on the company and key employees.  Claiming ignorance of export requirements does not protect you or your organization from civil or criminal penalties for violations.  It is critical that you and your organization understand the finer points of export regulation compliance since the penalties for violations include substantial financial penalties and incarceration.

Below are six key points to help you get started with export regulation compliance:

#1:  There are Multiple US laws, Regulations, and Agencies that Oversee Exports

Primary sets of export regulations include: (1) Export Administration Regulations, administered by the Bureau of Industry and Security of the US Department of Commerce; (2) International Traffic in Arms Regulations, administered by the Directorate of Defense Trade Controls of the US Department of State; (3) The Foreign Trade Regulations, administered by the Census Bureau of the Commerce Department and enforced by US Customs and Border Protection; (4) The Foreign Assets Control Regulations, which set forth various embargoes and economic sanctions programs administered by the Office of Foreign Assets Control of the Department of Treasury; and (5) Antiboycott Laws and regulations enforced by the Commerce Department’s Office of Antiboycott Compliance and the Treasury Department’s Internal Revenue Service.  It is common that a given transaction requires compliance with multiple regulations and oversight by more than one agency.

#2:  Understanding what "Exporting" Means

Selling a product or facilitating the sale of a product overseas is generally understood to be an export. Further, US export regulations also applies to the transfer of software code and technology itself outside of the US in any manner, a key point that is often overlooked in company export compliance policies.  Additionally, a “deemed export”, which is the release or transfer of technology or software code to a foreign person or entity in the US, is also considered an export.

#3:  Dual-Use Products Can Be Problematic

Prior to becoming a business attorney, I worked with technology used to manufacture biopharmaceuticals.  While biopharmaceuticals have improved healthcare across the world, the same technology used to produce biologically based cancer treatments can also be used for the production of biologics for nefarious purposes.  Therefore, fully understanding export regulations when working with dual use technology, even when you know the end user is only interested in the proper use of your dual use technology, is paramount.

#4:  Be Careful About Knowledge Transfer

In reference to the meaning of an export discussed above, be extra careful when dealing with technology and knowledge transfer.  This can come in the form of opening a subsidiary, allowing access to your technology in the US, transfers by email to overseas partners, and any other method of communication.  Many aspects of regular, ordinary business practices may require an export license that is not initially obvious when first considered.

#5:  Understand Who the End Users Are

It is important to understand who the ultimate end user of your export is when determining if an export license is required.  There are export restrictions based on the country of ultimate use, specific end user entities, specific individuals, the end use activity, and value/size of the transaction.  Also, the exporter is responsible for knowing all the parties in the supply chain before the product reaches the ultimate end user.  Therefore, knowing the ultimate end user beforehand when reviewing export requirements will mitigate risk related to export non-compliance.

#6:  Get Help

State and federal level departments of commerce provide some amount of assistance, but it is often limited in scope.  Generally speaking, government commerce officials can point you in a general direction or help you get started with the export review process, but ultimately, you are on your own and responsible for making the right decision.  Reviewing, understanding, and complying with exporting and export license requirements yourself, especially with limited experience, is a difficult and daunting task.  If your business makes a mistake regarding export license compliance, the consequences are severe. Therefore, working with an attorney knowledgeable about export compliance requirements that can readily navigate through the various bodies of regulations is well worth the expense when compared to the alternative.

Conclusion

Bottom line, understanding the nuances of export licensing is critical, because if not, mistakes are likely and can lead to adverse consequences.  To avoid these consequences, strongly consider seeking assistance from an attorney experienced with export license requirements before “exporting” or conducting business internationally.

3 Ways to Maximize the Benefits of your IP

3 Ways to Maximize the Benefits of your IP

Intellectual property (“IP”) can be a valuable business asset but securing rights to the IP can also be a drain on limited corporate resources.  Developing a plan for IP in advance is prudent and can help your company more efficiently allocate resources. Unfortunately, many inventors and small businesses don't plan for IP as well as they should. Working with professional service providers who have first-hand experience with IP creation, commercialization, licensing, and business growth can help better plan how to leverage the IP.

Most people understand that patents are valuable assets but often overlook trademarks, copyrights, and trade secrets as valuable parts of a company’s overall IP portfolio.  It is important to look at all forms of IP, not just patents, when considering IP assets.  We have all heard about companies with staggeringly successful exits with little, to no revenue.  These companies typically had well defined IP and a solid IP plan to offer their acquirer.

Inventors and small companies often look for ways to replicate the model and have successful exits early in the business cycle.  For many, the first thing that comes to mind is to file for a patent, and then build a prototype product or license the patent to benefit from a wildly successful early exit.

Less obvious are the reasons that a patent by itself may have little, if any, value.  Legally, a patent provides the right to exclude others but does not provide any affirmative rights for the patent holder.  Additionally, just because a company has a patent does not mean the company has the skills to commercialize the cover invention.  In other situations, the product might be novel, but the market might not be ready for the benefits it provides.  Alternatively, the idea might be timely but the patented idea is never built into a product by the patent holder or the party who licensed the patent.

Without an IP plan that covers the development and commercialization lifecycle of the patent, you may find that your patent drives far less revenue than you expected.  The reasons why the company generated less revenue than expected may not be blatantly obvious.

Following are 3 ways to improve the potential value of your IP, including patents.

#1: Make Conscious Business Decisions About IP

No one makes an unconscious business decision about IP, but they do make decisions that have unknown, unintended, or misunderstood consequences which they often regret later.  For example, you could disclose what you intend to later patent at a trade show or sell a functioning early design of a product you plan to patent as you are excited about the business opportunity.  However, these types of public disclosures typically prevent a patent from later being granted.

It is important to think through when, how, and where you inform the world of your new invention as the nature of everyday business combined with fund raising efforts create multiple opportunities for unintended consequences related to IP.

#2:  Have a Plan

Just because you've filed for a patent, or even have several issued patents, doesn't mean you have an IP plan in place.  A good IP plan includes an inventory of what you have, what you need, and identifies any licenses needed related to third-party IP.  Your IP plan should also address trademarks, copyrights, and trade secrets.  When developing your IP plan, try to think through the lifecycle of the underlying technology in order to maximize the protection received from your IP.

If you're planning to file international patents, remember to budget for the costs associated with filing patents overseas.  Quite often, international patents will be part of the business plan, but their associated costs are not always accurately included in the financial plan.

Another common pitfall is overlooking what it's going to take to bring products protected by patents to market.  Will you need a team of engineers, space to develop the product, equipment, or are you going to license your IP to another business that will build products instead?

#3:  Get Help Early On

A few hours spent with a business attorney, not just a patent attorney, who understands and works with clients on multiple types of IP and also has business and commercialization experience with IP can help minimize the risks and headaches associated with IP filings.  Seasoned executives in companies with extensive IP portfolios understand the value of an overall IP plan.  Inventors and small business owners tend to focus on obtaining a patent rather than how their IP should be protected and how their IP relates back to their overall business.

A good attorney, especially one with business and IP experience, can help you understand the potential associated with your IP and how to maximize the value of your IP in moving your business forward.  That may mean pointing out additional risks you hadn't consider, explaining the scope of licensing options, drafting licensing terms, and helping you assess the value of your IP.

Conclusion

Great inventions should be protected.  Great inventions should also be successfully commercialized. 

If you have IP you think is worth protecting, you're wise to get seasoned advice as soon as you can to help avoid many of the common mistakes inventors wish they'd considered earlier.

Henry Kopf admitted to U.S. Court of International Trade

Revolution Law is pleased to announce Henry Kopf's admission into the United States Court of International Trade, based in New York, NY. The United States Court of International Trade was established to fulfill a special role in the federal judicial system due to the importance of international trade on the U.S. economy. 

Henry Kopf, Manager of Revolution Law stated, "Due to our growing international client base and the global nature of business for many of our domestic clients, international trade is a growing area for our practice. Therefore, my admission into the United States Court of International Trade was a natural next step in order for our firm to provide greater value to our clients."

Revolution Law regularly serves clients with import and export transactions, international clients making direct foreign investments and has assisted clients with transactions in countries such as Germany, Kuwait, China, India, United Kingdom, Taiwan, Switzerland, Brazil, Australia, and Canada.

Additional information on the United States Court of International Trade can be found here.

Congratulations to Peak Demand, Inc. on moving into its new manufacturing facility!

WILSON, NC – Revolution Law congratulates Peak Demand, Inc. on the opening of its new factory facility in Wilson, North Carolina. Peak Demand is a start-up focused on the supply of electrical transmission and power distribution products to North, Central, and South America with local customer-focused service and support. Peak Demand will use its new factory space to begin manufacturing, distribution, and supply of products across the Americas.

Details about Peak Demand, Inc can be found at: www.peakdemand.com.

Congratulations to TiO Home, Inc. on closing recent fundraising round!

RTP, NC - Revolution Law congratulates TiO Home, Inc. (formerly Anuva Automation, Inc.) on its recently closed funding round.  Key investors in this round came from The Launch Place, VentureSouth, and angel investors in the region. The additional capital will help TiO Home continue to grow their home automation business and increase their ability to work with regional and national home builders.

Details about TiO Home, Inc can be found at: www.tiohome.com.

3 Things Every Entrepreneur Should Do

Being an entrepreneur can be one of the most rewarding, frustrating, and downright scary experiences a person can have.  When times are good, they're great.  When times are bad, they're beyond awful.  To help your business be successful over the long term, you should leave as little to chance as you can by consciously minimizing common risks that all small businesses face.

Over the years, I've noticed three things that consistently impact the success of small businesses: the CEO/leader’s ability to mentally recover from the pitfalls and joys of building a business, whether the business uses written employee documents, and whether the business uses written agreements with its business partners.

All of those things are within an entrepreneur's control, and yet, some business owners are so busy chasing opportunities, they fail to manage these risks adequately.  Then, after the business fails or a lawsuit arises, it becomes clear that some simple precautions would have made a significant difference.

Take Care of #1, Keeping Your Mind Clear as the Leader of a Small Business

Every entrepreneur experiences a constant stream of ups and downs.  Even if you're unusually resilient, the emotional rollercoaster can eventually get the best of you and beat you down over time. 

The good days can make you feel invincible, and the bad days can be worse than you can imagine.  To keep from getting beaten down over time it’s important that you find your own personal release to escape and give yourself rest for the cycle of ups and downs sure to come.  Make sure you do whatever it takes to clear your head.  Go for a run, play your guitar, spend time with your kids.  Do whatever works best for you.

How well you manage to keep your head clear day in and day out will at least partially determine the success or failure of your business.

Use Written Employee Documents

Every employer should have written employment documents for all their employees and independent contractors.  These written documents should be given to and signed by all employees and independent contractors at the start of their term with the company.

A solid bundle of employee documents includes the following:

·       Confidentiality or non-disclosure provisions that prohibits the employee from disclosing sensitive information;

·       Non-solicitation and non-competition provisions that prohibit the employee from stealing your customers or working for a competing business;

·       Intellectual property (IP) assignment provisions that define IP ownership as well as ensure that the IP vests with the company; and

·       A compensation plan that clearly describes when employees are entitled salary, commission, bonuses, and/or stock options, if applicable.

If you fail to state your policies in writing, defending your position will be much more difficult later.

Use Written Agreements with Business Partners and Contract Service Providers

No matter how well you know someone or how familiar you are with a company, have a written agreement that clearly defines the roles, what's expected, what happens when IP is created, and who owns or has rights to any IP created.  Similar to employee documents, include a confidentiality agreement or NDA.  If you're sending samples to someone, make sure you have a materials transfer agreement that specifies for which purposes the samples can and can't be used.  If equity is involved, what milestone triggered it to be granted?  When does it vest? What's being exchanged for in return for equity?  Does the equity revert back to the company?  If so, under what circumstances?

Some entrepreneurs enter into business arrangements without written agreements either because they think they're unnecessary or because they think written agreements convey a lack of trust.  Without such agreements, business owners can face legal fees, damages, and time away from the business they hadn't anticipated.  In the worst cases, such disputes can be fatal to the business.

Bottom Line

Don't leave your business vulnerable to chance when a few simple things can make the difference between order and chaos.  If you're serious about building your business, invest a few hours working with an attorney who can review and draft agreements for you.  That person can ensure that the language included in the agreement does, in fact, protect your interests.

Legal Disclaimer:  The information contained in this blog post is intended for informational and educational purposes only, and does not constitute legal advice.

 

 

Closing the Deal & Why Preparation Matters

So you just finished the last of a series of stressful negotiation sessions and signed a letter of intent for a major transaction that will dramatically enhance your business’ future.  Time to celebrate?  Unfortunately, not yet because now you have to paper and close the transaction to enjoy the rewards from all the hard work already done. Signing and closing a merger, acquisition, joint venture, licensing agreement, or other strategic transactions involves many moving parts that are often overlooked or not fully understood for their complexity.

In most transactions, the final agreement is not simply one contract drafted and negotiated by the lawyers, and then signed by the parties at closing.  A more typical final “agreement” is actually a package of documents that includes the main contract, a long list of schedules and disclosures of items related to the business, employment agreements with key individuals, board and shareholder resolutions, and approvals or consents from third parties.  In an ideal situation, the “seller” in the transaction hopefully began preparing for the ultimate closing before negotiations even began. A seller can help to streamline the closing process by preparing and organizing the typically required documents in advance.  In the real world, it is often very difficult for small or midsized companies to devote the resources required to prepare this type of information in advance of the final rush just prior to the scheduled closing date.

Retaining the services of professional service providers that are truly value-added professionals is beneficial to support the close of transactions.  For example, a value-added attorney should assist you in not just drafting the contracts and handling the legal negotiations but also prepare and guide you through the overall closing process.  The closing process is part legal, part business, part negotiating savvy, and a large part project management. Project management is a significant part due to what appears to be an endless number of different agreements that must be finalized, schedules that must be created, approvals or consents from third parties that must be obtained, and corporate approvals that are required.  Managing and scheduling the process of completing all of the required documents in a coordinated and timely manner will test the project management skills of both your attorney and your organization.

Using good project management practices like drafting a closing checklist and keeping in mind certain practical and legal considerations before, during, and after closing helps manage the closing process and prevent oversight of any last-minute issues. However, the parties to the transaction and their attorneys should be prepared for and expect any last minute issues, as they are bound to happen in a majority of transactional deals. Most issues can be prevented altogether or the impact of such issues can be lessened through careful advanced planning.  Below is a summary of items to consider when planning for the close of your transaction:

1.     As simple as this sounds, creating and circulating a consolidated list of the points of contact for each party with their contact information is extremely beneficial. At the very least, the list should include the parties themselves, the opposing counsel and staff, and accountants for both parties.

2.     A comprehensive closing checklist is a critical tool to manage the overall closing process. Typically, the buyer’s attorney is responsible for preparing the closing checklist; however, it is not uncommon for the seller’s attorney to prepare the closing checklist. A closing checklist should include: (a) all agreements for the given transaction; (b) any requisite regulatory approvals required for the transaction; (c) transfers/assignments of any permits or licenses; (d) third party consents; (e) payoff letters and lien releases; (f) management certifications; (g) board, shareholder, and/or member consents; (h) closing statement; and (i) certificates of good standing.

3.     Be sure to include due dates and assign responsibilities for each item on the closing checklist.

4.     Third party consents always take longer than expected to obtain, so be sure to start the process early.  Also, it is important to consider the potential business ramifications of requesting a consent to assign a lease or contract with a key customer, so carefully consider the timing and approach before making such request.

5.     The parties to the transaction and their attorneys should stay in regular contact regarding the status of items to be completed for closing.

6.     Consider whether the closing of the transaction will occur simultaneously with signing the documents or the closing of the transaction will occur at a defined time in the future.  While simultaneous closings are cleaner, they are not always practical.  When the transaction requires a separate signing and closing date, pay careful attention to how the business is operated and how the risk is allocated during the intermediary period between signing the documents and the actual closing of the transaction.

7.     Consider whether the closing will be held in person or virtually. Traditionally, closings were held in person, either at the attorney’s office or at the place of business. Multiple copies of the closing documents were signed and exchanged at this time. Now, technology allows closings to occur virtually with the use of email, phone, wire transfers, and electronic signatures.

8.     Don’t forget the Closing Statement! The closing statement is a critical document that shows how the funds and certain debts and credits will be applied at closing. Final payoff amounts and fees may not be available until a few days prior to closing (at best) to a couple hours into the closing day (at worst). It is imperative that the parties understand and prepare for the creation of accounting schedules required in the specific transaction. No matter how skilled your attorney or outside CPA is, running the final inventory, accounts payable, or accounts receivable reports can only be done with timely assistance from management, while management is also dealing with the stresses of wrapping up everything else required for closing.

9.     The final steps of signing the documents and transferring funds can range from a celebration to a tense and stress filled environment.  Reviewing the process of exchanging the signature pages and how payment will be released in advance can help to ease any tensions.  Plans for payment release should be made if the closing occurs after business hours or is too late for a wire transfer to occur that day. Be sure to check with your bank on cut-off times for wire transfers. Problems with releasing payments can cause tremendous frustration and cause the purchasing party to look unprofessional.

10.  There are typically at least a few items that occur after the closing.  Some common post-closing items are: (a) post-closing filings; (b) valuation adjustments; (c) earnout or royalty calculations; (d) issuing new stock; and (e) public announcements of the transaction.

11.  Remember, the “negotiations” are not done just because the agreements are signed and closing has past. It is common that the parties to a transaction will have items and issues pop up after closing. Be prepared to keep negotiating, if and when required.

As a final point, the closing of a transaction is often an inflection point in the relationship between the parties.  Prior to the closing, each party is primarily focused on protecting their own interests and getting the best terms for their side in the final agreements.  Once the transaction is closed, the parties often have an ongoing working relationship where their success or failure is now tied together.  Making this transition from “adversaries” to “collaborators” can often be difficult, especially if the negotiations were difficult. A smooth closing, that also includes an element of celebration, can assist the parties in making this transition, while a poorly organized closing can have the opposite result.

 

The information contained in this article, and in material referenced within, is intended for informational and educational purposes only, and does not constitute legal, financial, accounting, or other professional advice.

Henry Kopf Presents at Workshop on IC-DISC Entities

MORRISVILLE, NC - In partnership with Earney & Company, L.L.P (http://earneynet.com), Revolution Law co-hosted a workshop titled "Tax Strategies for Exporters: IC-DISC Workshop" on December 14, 2016 at the Morrisville Chamber of Commerce. Interest Charge Domestic International Sales Corporations (IC-DISC) entities provide tax benefits to companies that manufacture goods in the U.S. and export internationally.

Henry Kopf, founder of Revolution Law, and Chad Wouters, partner and CPA at Earney & Company, presented on the accounting and legal aspects of properly forming an IC-DISC entity. "Given the number of companies in the Research Triangle Park that manufacture locally and export goods overseas, this workshop was an excellent opportunity for Henry and I to educate companies on the benefits of this tax saving strategy created under the Internal Revenue Code," said Chad Wouters.

IC-DISC entities have been around for decades but many companies are unaware of their existence and the tremendous tax savings they provide to major exporters. The workshop focused on the features of using IC-DISC entities and the practical strategies to properly form and operate IC-DISC entities in relation to the operating company. For more details on IC-DISC entities, please contact the attorneys at Revolution Law.

Henry Kopf Instructs Legal Course on M&A Issues

RALEIGH, NC - On December 13, 2016, Henry Kopf instructed on Pre-Closing, Closing, and Post-Closing Considerations and Checklists at a seminar attended by in-house counsel and practicing business attorneys. The session was part of a two-day continuing legal education training course on Buying and Selling a Business: Start-to-Finish held by the National Business Institute™.

Over the course of both days, the training covered a deep dive of strategies, procedures, and pitfalls that transactional attorneys face when assisting a client with buying or selling their business. Henry's topic covered real-world examples of strategies that can help experienced attorneys manage the closing process from the time a letter of intent is signed to even after closing the deal.

Revolution Law regularly counsels small and medium sized businesses on a variety of corporate transactional law issues. However, the invitation to instruct at the Buying and Selling a Business: Start-to-Finish course was a rewarding way for Revolution Law to teach and help further refine the skill sets of experienced transactional law attorneys.

We've moved!

Revolution Law is pleased to announce that we have moved our offices. Our clients are based throughout the Research Triangle region and beyond. We hope the new central office location will provide better access and availability to our clients. Our new office address is:

140 Towerview Court, Suite 111
Cary, NC 27513

Revolution Law Assists Peak Demand, Inc. with NC Economic Incentive Package

RALEIGH, N.C. – On September 6, 2016, the Governor of North Carolina, along with the North Carolina Commerce Secretary and the Economic Development Partnership of North Carolina (EDPNC), announced an economic incentive package awarded to Revolution Law client, Peak Demand, Inc.

Peak Demand is a start-up focusing on supplying North, Central, and South America with electrical transmission and power distribution products. The company was founded by a group of industry veterans working in partnership with Nanjing Zhida Electric Co. Ltd. Peak Demand’s long-term vision is to not only become a global supplier of electrical transmission and power distribution products, but also to provide localized customer-focused service and support.

The Peak Demand team worked with Revolution Law to investigate the mid-Atlantic region for potential manufacturing and assembly sites. Peak Demand will bring over 35 manufacturing and executive level jobs to Wilson, North Carolina as it gets the company’s manufacturing facility operating. Many of its products, once made off-shore, will eventually be manufactured in the United States for distribution throughout the Americas.

“The Revolution Law team made it easy,” said Jon Rennie, President & CEO of Peak Demand Inc. “They helped us understand all the state and local incentives we qualified for and they identified a wide variety of potential sites in our target locations. In the end, we found the right home for our new business and we couldn’t be happier.”

“Peak Demand is an exciting story for the State of North Carolina and I commend the entire Peak Demand team on their hard work to make this happen. It feels good to help a company bring overseas jobs to North Carolina” said Henry Kopf.

Details of the announcement can be found at: http://governor.nc.gov/press-release/peak-demand-bring-37-jobs-wilson-county

 

About Revolution Law

Revolution Law provides collaborative legal services and advice to help businesses progress and move forward. Our real world business experience allows Revolution Law to serve clients with legal support based on the mix of law, business, technology and life. Revolution Law works arm in arm with our clients to be a true value-added service provider, helping them understand how legal and business issues interact with each other to get the professional help each client truly needs. For more information please visit www.revolutionlaw.net. 

The Medtech OEM's Guide to Contracting for Services

RALEIGH, NC - Revolution Law attorneys, Henry Kopf and Amish Patel, recently co-authored an article titled "The Medtech OEM's Guide to Contracting for Services," published by Medical Device + Diagnostic Industry (MDDI) in their online and print publication. The article is the second part of a two-part series and focuses on practical information on contracting for services in the medtech industry. The second article can be found here.

How to Minimize Vendor and Supplier Disputes in Medtech

RALEIGH, NC - Revolution Law attorneys, Henry Kopf and Amish Patel, recently co-authored an article titled "How to Minimize Vendor and Supplier Disputes in Medtech," which was featured on the front page of the Medical Device + Diagnostic Industry (MDDI) online publication. The article provides practical information on contracting for goods specifically tailored to the highly regulated medical device industry. The article is the first of a two-part series on the basics of contracting in the medical device industry. The first installment can be read in its entirety at: MDDI.

Henry Kopf Presents at Raleigh (Triangle) Hacking the Law

RALEIGH, NC -  Revolution Law attorney, Henry Kopf, presented at Raleigh (Triangle) Hacking the Law on October 28th on The Art of the Start for Tech Companies. The event featured a chance for entrepreneurs to engage with a local attorney on startup business issues including intellectual property protection, contractual provisions, and fundraising options.

The event was hosted at Campbell University School of Law and organized by Professor Kevin P. Lee. The goal of the monthly series, led by Professor Lee, is to promote collaboration amongst entrepreneurs, lawyers, hackers, thinkers, disruptors, and innovators on the emerging issues of law and technology.

The Art of the Start for Tech Companies provided attendees with an opportunity to ask specific questions and discuss obstacles to avoid as they build out their idea. “Given Henry’s first hand experience growing and successfully exiting with his own start up company, he is an excellent resource in the Triangle community for entrepreneurs to hear from. Henry has ‘been there and done that,’ which gives him a unique opportunity to provide context around the legal and business principles that he shares with entrepreneurs.”

Raleigh (Triangle) Hacking the Law meets on a monthly basis and each meeting focuses on a different issue in the area of law and technology. For more information and a chance to attend the next event, please see the following link for more details: Raleigh (Triangle) Hacking the Law.