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CALIFORNIA CORPORATE & SECURITIES LAW

Will DOC Employees be Reduced to Minimum Wage?

As noted in a post last Friday, employees at the Department of Corporations have returned to working on the first three Fridays of each month.  This is good news for state employees because they will now get paid for those days.  However, this good news is tempered by the fact that Governor Schwarzenegger has ordered…

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Happy New Year!

California began a new fiscal year on July 1 without a budget (again).   The California Constitution (Art. IV, Sec. 12(c)(3)) is very clear:  “The Legislature shall pass the budget bill by midnight on June 15, of each year.” In order for the state to spend money, two conditions must be satisfied.  First, there must be legal…

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It’s Gut AND Amend (GANDA) Time and Your Bar Card May be at Risk!

In recent blogs, I’ve attempted to explain the reasons for a phenomenon that we’ll be seeing from now until August 31.  Why August 31?  We are in the second year of the biennium of the legislative session.  Under the California Constitution (Art. IV, Sec. 10(c)), no bill may be passed on or after September 1…

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Will Your Next Construction Contractor be an LLC?

Speaking of professional services, the Beverly-Killea Limited Liability Company Act generally does not authorize domestic and foreign limited liability companies to engage in professional services.  Consequently, a limited liability company cannot obtain a license as a construction contractor in California.  Last year, Senator Florez introduced SB 392 to permit LLCs to obtain a contractor’s license. …

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U.S. Supreme Court Decides Fate of Legislative Platypus

This morning, the U.S. Supreme Court issued its opinion concerning the constitutionality of the Public Company Accounting Oversight Board (PCAOB). The Court held that the dual for-cause limitations on removal of PCAOB members contravene the U.S. Constitution’s principle of separation of powers.  (See my article in which I concluded “This violates Article II of the…

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Supreme Court Set to Decide Constitutionality of the PCAOB

Although this blog is dedicated to California corporate and securities law topics, I couldn’t resist a post regarding this pending decision.  At the Supreme Court session this morning announcing opinions, the Chief Justice confirmed that the Court will complete its work next Monday and go into recess until the Fall term.  Among the four cases argued…

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