The number of minor league and team acquisitions and divestitures are on the rise throughout the United States. The cause? It can mostly be attributed to the growth of summer collegiate sports, new sports (such as Ultimate Disc, eSports, etc.), and the continual transition of mom-and-pop businesses being acquired by larger portfolios. But this recent trend is causing some unique hurdles in sports business.

Unlike purchasing a business in the open market, there's one more layer of bureaucracy to overcome in a sports. That extra layer is the league’s approval or disapproval of a new buyer (i.e., the Miami Marlins acquisition attempts). Sports team purchases come with great uncertainty as closing can't occur until the league approves its new "partner." And this process can be quite complicated depending on the league. So, below we've outlined the typical considerations and steps during the purchasing process in order to help leagues and buyers ensure their acquisition or divestiture deals go as smoothly as possible. This information comes from years as a sports executive, owner, lawyer, and now league commissioner.

A client contacted us and asked: “What is a family foundation, and should I have one?” This isn't the first time the question has come up, so I wanted to share our answer.

A family foundation is a way to obtain a charitable income tax deduction today while distributing the money to charities in the future.  It is a not-for-profit organization that holds funds and then disburses those funds to charitable organizations.  They are recognized as 501(c)(3) organizations and the person contributing to the foundation is allowed a charitable deduction when the property is transferred into the foundation.  (There are limits on the amount that can be deducted.)   So, someone puts their money into the foundation, and then the foundation distributes it to charities.

Should you have one?  It depends.

If you're not an attorney in Indiana, it's likely you've never heard of The Indianapolis Bar Association’s Bar Leader Series program. But don't let that take away from its importance. The Bar Leader Series is designed to connect young, energized lawyers with leaders in Central Indiana in order to help them grow into future leaders themselves.

I'm honored to say I recently participated and graduated from this program.

The concept of sustainability is virtually unavoidable in today’s world. Less open space, fewer natural resources, more mouths to feed, and a number of state and federal regulations to navigate. But even under these circumstances, Bio Town Ag, Inc. (BTA) is finding ways to improve the way we produce food, fuel, and fiber, all while revolutionizing sustainability in agriculture.

BTA is a multigenerational farm located in Reynolds, IN, a rural community, where farming is a way of life. BTA's farm operations consist of cattle and hog production, which also doubles as a Concentrated Animal Feeding Operations (CAFOs). Its cattle and hog production, combined with the neighboring row crops, are a microcosm of the area's agricultural interests and resources.

At Gutwein Law, we understand navigating tax credits can be difficult. So, we've put together a list of tax credits for Midwestern states to help you get started. Today's post? I'll walk you through our firm's home state, Indiana.