With offices in California, New York and Singapore, MagStone Law, LLP is a modern law firm dedicated to providing solution-focused, cost-effective, and high quality legal services to our clients. We are all experienced lawyers with backgrounds from the most prominent international law firms. Our practice covers all aspects of corporate transactional law, including business formation, financing, licensing, corporate governance, mergers & acquisitions and SEC compliance. We also provide legal services in intellectual property, real estate transactions, tax controversy, litigation and dispute resolution services. Known for our expertise on U.S.-China cross-border transactions, we have become the go-to law firm for many Chinese companies exploring the U.S. market and U.S. companies entering into the Chinese market.
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News
September 21, 2020: Court Temporarily Halts the WeChat Ban
On or around September 20, 2020, a federal judge granted a nonprofit organization’s motion for a nationwide preliminary injunction against the implementation of an Executive Order banning transactions related to WeChat (the “EO”). As a result of the preliminary injunction, users can continue using WeChat as usual. The EO was signed....... September 17, 2020: California Expands the Exemptions to Independent Contractor Statute A new California law, Assembly Bill 2257 (“AB 2257”) became effective on September 4, 2020, AB 2257 modifies an earlier Assembly Bill 5 (“AB 5”), which codifies a strict ABC test for determining whether California workers should be classified as employees or independent contractors and had a huge impact on numerous industries. Under the ABC test, hiring entities ....... September 8, 2020: SEC Amends “Accredited Investor” Definition to Allow More Participation in Private Offerings On August 26, 2020, the Securities and Exchange Commission (SEC) amended the definition of “accredited investor” to add new categories of qualifying natural persons and entities and to make certain other modifications to the existing definition, thereby allowing a larger pool of investors to have access to private offerings. The Amendments...... September 1, 2020: Delaware Court of Chancery Bars Stockholder of a Delaware Corporation from Pursuing Stockholder Inspection Rights Under California Corporations Code On August 13, 2020, the Delaware Court of Chancery (the “Court”) issued an opinion, JUUL Labs, Inc. v. Grove, C.A. No. 2020-0005-JTL, holding that under the “internal affairs doctrine,” a stockholder of a Delaware corporation headquartered in California could not seek to inspect the corporate books and records pursuant to California’s inspection statute. Click here for details August 17, 2020: IRS Issues Proposed Regulations Providing Guidance on Taxation of Carried Interest from Investment Partnerships under Section 1061 On July 31, 2020, the Internal Revenue Service (“IRS”) and the Department of the Treasury released proposed regulations (the “Proposed Regulations”) providing taxpayers with definitional and computational guidance regarding how to interpret the carried interest rules under Section 1061 of the Internal Revenue Code of 1986, as amended (the “Code”). Section 1061, which was added to the Code ....... August 10, 2020: 2020 Amendments to the Delaware General Corporation Law On July 16, 2020, the Delaware legislature amended the Delaware General Corporation Law (the “DGCL”) in part to respond to the COVID-19 pandemic. Section 110 of the DGCL was amended to include and clarify additional circumstances ....... July 28, 2020: Amendment to Definition of “Private Fund” under Cayman Laws The Cayman Islands Private Funds Law, 2020 (the “PFL”) has recently been amended. The amendment has, among other things, widened the scope of the definition of a “private fund” and subjected more entities to the requirement of registering with the Cayman Islands Monetary Authority (“CIMA”). In the amended definition ...... July 21, 2020: California Privacy Rights Act – California’s New Privacy Act on the Move Just a few days before the California Consumer Privacy Act (the “CCPA”) became enforceable on July 1, 2020, a new act, the California Privacy Rights Act (“CPRA”), had gathered enough signatures to be put on the California ballot in November, which, if adopted, will impose even stricter requirements on ...... |
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