An International Asset Protection Trust (IAPT), also known as an Offshore Asset Protection Trust or Foreign Asset Protection Trust, is a legal structure established in a foreign jurisdiction with the purpose of protecting assets from potential creditors, lawsuits, or other financial risks. It is commonly used by individuals, families, and businesses to safeguard their wealth
Hospitality
Safeguarding Your Business Assets: A Guide to Setting Up an Effective Asset Protection Plan
As a business owner, safeguarding your assets is crucial to secure the long-term success and sustainability of your business. An effective asset protection plan acts as a shield against potential legal and financial risks. In this blog post, we will explore the key steps involved in setting up an asset protection plan, empowering you to…
Navigating Uncertainty: A Guide to Preparing for an Upcoming Recession
In the ever-changing landscape of the global economy, periods of growth and contraction are inevitable. Economic cycles, like the ebb and flow of tides, present us with both opportunities and challenges. While we may not have control over when a recession strikes, we do have the power to proactively prepare ourselves and our finances for…
DiPasquale & Summers is investigating a potential multi-million dollar scam involving bogus "vanity" awards for Best of Waikiki and Best of Honolulu.
DiPasquale & Summers is investigating a potential multi-million dollar scam involving bogus “vanity” awards for Best of Waikiki and Best of Honolulu. Unlike legitimate awards issued by the Star Advertiser and other reputable publications and news outlets, less scrupulous companies are engaging an a deceptive practice intended to dupe businesses out of their money, and…
DiPasquale & Summers secures $3 million dollar jury verdict against former owner of waikikibeachrentals.com
On Friday, May 13, 2022, a Federal Jury returned a $3 million dollar verdict against the former owner of waikikibeachrentals.com for breach of contract, fraud and civil conversion (theft), awarding the Plaintiff over $1.5 million dollars in fraud and punitive damages. James D. DiPasquale of DiPasquale & Summers, LLP, represented the Plaintiff. In the case…
HOW CAN I PROTECT MY RESTAURANT’S NAME AND LOGO?
Restaurant owners often go to great effort and expense to choose a name or logo that both fits the theme of the restaurant and that its customers will easily remember. A successful restaurant will soon develop a reputation, and the goodwill associated with its name or logo can have significant value. Besides protecting itself and…
COVID-19:Understanding force majeure clauses in your lease and other contracts
Force majeure is a contractual provision that excuses a party’s performance if an unforeseeable event prevents them from fulfilling their obligations under the agreement. Not all agreements (especially lease agreements) contain these provisions, but some of them do. Landlords frequently object to the inclusion of these provisions for practical reasons. However, that does not mean…
Hospitality Update: COVID-19 – NYS Liquor Authority – Delivery of Alcohol
As of this morning, the NYS Liquor Authority is permitting all On-Premises licenses to sell and deliver beer, wine and liquor. This is a significant departure from the prior restriction limiting the sale and delivery to only beer. Additionally, if you are overstocked, you are now permitted to return for a credit any and all…
WHO OWNS THE REFRIGERATOR?
Restaurants spend huge amounts of money on special equipment and trade fixtures, such as refrigerators, stoves and ovens, to build out a space. When a restaurant space is leased, who owns these assets: landlord or tenant? Restaurant tenants should be sure to focus on this important term when negotiating a restaurant lease. Commercial landlords often present…
HAVE A GREAT CHEF? BETTER HAVE AN EVEN BETTER LOCATION.
If you are looking to start a restaurant, you are probably familiar with McDonald’s stance that it is not a hamburger establishment, but a real estate investor. This giant corporation believes that location is more important than any other factor in determining success of a food establishment, and it is absolutely correct. When looking to…