Legal Updates

Public Reporting Requirements for Major Company Events

Major events for public companies must be made public through the filing of Form 8-K with the Securities and Exchange Commission. Form 8-K must be filed within four days after the events outlined in Sections 1 through 5 and 9 below.

Sarbanes-Oxley Act of 2002

Employers have a general duty under the Occupational Safety and Health Act (OSHA) to provide a workplace free from "recognized" hazards. A violation of this duty can lead to criminal sanctions in addition to civil penalties. An employer can also be exposed to liability under occupational safety and health regulations promulgated by the Secretary of the Department of Labor. Directors and high-level executive officers must act to reduce or eliminate workplace dangers or risk OSHA liability.

Off-Exchange Foreign Currency Trading

Trading in foreign currency futures and options contracts by retail customers outside of an organized exchange is unlawful unless the party offering the futures and options contracts is a regulated entity described in the Commodity Exchange Act enforced by the Commodity Futures Trading Commission.

General Partnership Basics

Partnerships are a traditional form for doing business. General partnerships are made up of two or more persons or entities, each of which takes part in and is responsible for the management of the partnership. Other partnerships and companies may be partners in a general partnership.

Registration of a Public Offering with the Securities and Exchange Commission

A company that decides to sell its stock to the public must file a registration statement with the Securities and Exchange Commission. The registration statement is made public as it is filed. However, the company may not sell its securities described in the registration statement until staff of the Commission has declared that the registration statement is effective.