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Traditionally, covenants not to compete were designed to prevent unfair competition and were confined to corporate executives, persons with knowledge of trade secrets, sales persons and client-based professionals (e.g., physicians and accountants).
Regardless of whether a covenant not to compete is entered into in connection with the acquisition of a corporation or partnership through direct purchase of the assets or indirectly through the purchase of stock or partnership interests, the covenant is considered an Internal Revenue Section 197 intangible and must be
An essential part of every practice sale/purchase is the non-compete clause or, as it is sometimes called, the covenant not to compete. This clause or agreement is essentially a protection for the buyer that spells out what a seller cannot do in regards to performing accounting, tax and related services after the sale.
In a sale of business contract, a covenant not to compete prevents the party selling their business from creating a second business which would compete with the one sold for a specified period of time. The legality of non-compete agreements differs from state to state.
In this context, a restrictive covenant is an agreement between an employer and employee that limits an employees ability to compete after leaving the employer. The most common and restrictive type of agreement is a non-compete agreement.
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Normally, the execution of a covenant not to compete between an employer and an employee does not effectuate the acquisition or transfer of a capital asset to the employer corporation (Hamlins Trust, 209 F. 2d 761 (10th Cir.
The Internal Revenue Code states that a substantial portion of the assets must be purchased in connection with a covenant not to compete in order for the covenant to be considered a Section 197 asset.
Courts consider several elements when determining the reasonableness of a covenant not to compete, including (1) the time and territory encompassed by the covenant, (2) the territory in which the employee worked, (3) the area in which the employer operated, (4) the nature of the business and (5) the nature of the
Duration: Non-compete agreements cover specific time frames, such as six months or one year. Long-term agreements are prohibitively restrictive for employees because they can keep them from finding work after leaving an employer.
The well-known general rule is that a covenant not to compete is only enforceable if its terms are reasonable and necessary to protect the legitimate business interests of the employer.

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