| Volume 72 Number 4 |
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The People’s Lawyer’s Tip of the Day
Starting a new business can be risky, and the type of business determines your individual liability. If you run a business in your own name, or as a partnership, you are responsible for all the liabilities of the business. To protect yourself, consider operating the business as a corporation or limited liability company. An attorney can help you make the right choice. Click here for more.
IRS Expands Program for Unemployed
Were you unemployed for at least 30 days in 2011 or 2012? In an expansion of the "Fresh Start" program instituted in 2008, the IRS will grant a six month extension on failure-to-pay penalties for people unemployed for at least 30 days in 2011 or early 2012. Furthermore, the program will also expand to include self-employed people who suffered at least a 25% drop in income. In order to qualify, your individual income must not exceed $100,000 ($200,000 for family) and you must not owe the IRS more than $50,000. Do you qualify? Click here for more.
Apple Introduces the New iPad
Don't dare call it the "iPad 3"! On Wednesday, Apple unveiled the third generation iPad tablet computer, stripping it of its conventional numbering. The new iPad will feature a high definition screen, 4G capability, an A5X chip, and an upgraded camera. Much like the iPhone 4S, the new iPad is not a dramatic departure from its predecessor. The new iPad will feature the same pricing structure as previous generations. Will the changes be enough to maintain a significant lead over tablet competitors? Click here for more.
Stanford Found Guilty in Ponzi Scheme Trial
Houston businessman Allen Stanford was found guilty for his involvement in orchestrating a $7 billion Ponzi scheme. The federal jury convicted Stanford on 13 of 14 counts of fraud and obstruction. Each count carries up to 20 years. Stanford was arrested in 2009 and was moved from prison to a medical facility after he was assaulted by another prisoner. The jury will now decide how much money Stanford will be forced to forfeit. Click here for more.
Your Money
What will it take to save a million dollars? Click here for more.
For the Lawyers
Arbitration clause unenforceable under state law. The Missouri Supreme Court held that an arbitration clause and class action waiver in a title loan contract was unconscionable and unenforceable. The court in an earlier decision concluded that the clause was unconscionable and unenforceable given the nominal amount the plaintiff could anticipate recovering on an individual claim. The U.S. Supreme Court vacated that decision, however, in light of AT&T Mobility v. Concepcion. Applying “traditional Missouri contract law,” the Missouri court revoked the arbitration clause in its entirety on the ground of unconscionability in the formation of the agreement. Click here for more.