Business Law Committee - Minutes for November 18, 2011

Report by Chris Kelleher on the results of the "The Missouri Bar Listens to Businesses" campaign including a showing of a Public Service Announcement made by the Bar that demonstrates the many ways in which lawyers can help a business grow.

Report by Brian Rogers on the Committee's review of MoBar's current public information booklet "Business Organizations."

Report by Brian Rogers on the status of his subcommittee's review of he proposed Model Registered Agent Act. The initial report indicated that there were some features of the proposed Act that would need further discussion and review. It was agreed by all that a representative from the Missouri Secretary of State's office should be added to the committee.

Report by Chris Kelleher on proposed legislation in Washington allowing "crowd funding." Crowd funding would be a major revision to the securities laws and would ideally permit smaller businesses to raise capital without having to comply with many of the existing securities laws and regulations. All agreed that this Committee should not study this proposal at this time because it concerns changes to federal not Missouri securities laws.

Report by Brian Rogers on Section 431.030 which appears to limit the party's ability to contractually change statutory statutes of limitations in a contract between the parties. All agreed that Brian will lead a subcommittee and recruit members to study this with a report due at our next meeting.

Chris Kelleher congratulated Brian Rogers on his being named vice-chair of the Business Law Committee.

There was also a CLE presentation on Tax Issues by Michael S. Kisling, General Counsel, Taxation Division, Missouri Department of Revenue.