California Business, Insurance And Environmental Law Blog

If you own a business in San Diego, you probably already have some experience with contracts. For instance, you may have entered into a contract with a vendor where the vendor supplies you with product and you pay the vendor. Both you and the vendor get something you want. Unfortunately, sometimes things go wrong and one person either cannot or does not perform according to the contract. When this happens, it is a breach of contract.

While you and your vendor may have had a good relationship for some time, there could come a day when the vendor delivers the wrong product or doesn't deliver the product at all. Do you know what to do or what legal remedies are available when there is a breach of contract?

Businesses that are formed in California are likely able to structure themselves as a limited liability company, or LLC. This may be possible whether the company has a single member or multiple members. Members can include individuals, other LLCs and corporations in both the United States and throughout the world. By default, single-member LLCs are considered disregarded entities while those with two members are classified as partnerships. However, an LLC can choose how it would like to be taxed by filing Form 8832.

Generally speaking, any election to be taxed as a corporation must take effect no more than 75 days before the declaration is made. Furthermore, it cannot take effect more than 12 months after it has been made. Companies may be able to ask the IRS for additional flexibility if there is a need for it. The process for doing so is laid out within Form 8832.

Two defense technology companies with customers in California and across the country are working to complete a merger after they received regulatory approval for the acquisition. Harris Corporation set a closing date of June 29 for its all-stock merger with L3 Technologies. After the merger is completed, the new company will take the name L3Harris Technologies, Inc. Shares of the company's stock will trade on the New York Stock Exchange under a new symbol, replacing both companies' earlier presence for investors. People who own L3 stock will receive 1.3 shares in the new company for each share they currently own.

The president of Harris Technologies praised the merger plans, saying that the regulatory approvals are evidence of the success of the companies' vision for the future. He also said that the merger is one of the largest in history between two companies involved in the defense industry and technical development. As part of receiving approval for the merger, Harris sold off one of its businesses, called Night Vision. While the sale has not yet been completed, an agreement has already been made with another defense firm, Elbit Systems, to buy that area from Harris.

A couple of the largest aerospace companies in the world, which have locations in California and other states, have decided to merge into one giant company that's expected to generate more than $74 billion in sales per year. After the merger, the shareholders in the smaller of the two companies will own 43% of the new company's stock while the shareholders in the larger company will own 57%. The headquarters of the new company will be located in the Boston Metro area.

The two companies merging have been responsible for developing a lot of important advancements, including satellite transmission technology and microwave ovens. Representatives from the companies have stated that the merger will allow for even more advancements in aerospace and defense. While the board of directors of both companies have already give the go-ahead, the merger has yet to be approved by federal regulators.