An assignment provision is undoubtedly one of the most important clauses in a commercial lease agreement. These agreements can last anywhere from three to five years — or even ten or more, with renewal options — and they are signed with no idea as to the future success, failure, or ownership of the tenant. If that tenant's ownership changes, will their lease remain the same? Those considering whether to acquire or merge with a business [...]
The electric vehicle (EV) market continues to break records. In 2022, nearly eight percent of all automobiles sold in the United States were EVs and there were more than 10 million EVs sold worldwide, up 55 percent from 2021.1 This growth trend is expected to accelerate, as federal and state governments create incentives for the continued production and consumer purchase of EVs. The International Energy Agency projects that 12 percent of all automobiles sold in the [...]
Was your community association lucky enough to come in under budget last year? On the surface, this might appear to be a bonus, but if not handled properly, it can quickly turn into an unexpected tax burden. Taxation of Community Associations Almost all community associations in North Carolina are formed as non-profit corporations, which are taxed as corporations. This means community associations should file an IRS Form 1120 ("U.S. Corporate Income Tax Return") at the federal level. However, a [...]