Business Law

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How to Deal with Business Disputes

When business partners have different ideas of how things should work in their business or how to address new problems, conflicts arise. Addressing the way conflicts are dealt is a good practice right when the business starts up. Yet, many partners or business associates never set up these practices so when a struggle arises, each has a different way to attack the problem. Businesses have been destroyed by conflicts—those big and small—and your business’s survival could hinge on finding a solution. Some of the disputes commonly experienced between business partners are: Problems with confidential information and protecting data Libel and slander between partners Issues between shareholders and partners Competition and antitrust matters Litigation Relative to Securities Arguing and suing one another will not bring the solution of business disputes. Finding an amicable way to resolve disputes will help you now and as your business grows. Here are Four Strategies for Resolving Business [...]

2019-01-09T00:26:24+00:00February 16th, 2018|

Five Ways to Improve Your New York Merger or Acquisition Success

For many reasons, business owners and boards arrange to join or to be bought or sold as a strategic move for mutual benefit to both businesses. Careful planning cannot be overstated as a vital first part of the process. Naturally, the best-laid plans often produce unintended circumstances. Reaching out to counsel experienced in mergers and acquisitions at the very start is key to learning many details for a successful transition. As you consider your business’s next steps toward a merger, take time to learn more before you dive into growing your business through an acquisition or a merger. Here are five areas to focus on at the start. Stretch Out Your Hand to Become Acquainted When you first get the idea of considering a merger or acquisition, get to know all you can about your possible future partner. Take time to interview the owner and the company leadership. Find [...]

2019-01-09T00:32:47+00:00January 19th, 2018|

Can I Protect My Assets with a Trust?

A common misconception of a trust is that they are only for the wealthy, but in reality, if you own assets at any level should consider having a trust established. Establishing a trust can protect your assets from creditors, lawsuits, and ensure that your assets are distributed in the manner you decide upon death. Protection from Creditors In some cases, it may be best to establish a trust for keeping your assets away from those whom you owe money to. This type of trust is what is called an irrevocable trust; an irrevocable trust has the following provisions: It locks in assets. The term “irrevocable” literally means the trust cannot be edited, changed, or removed from A trustee must control the trust, someone other than you The trust is required to file an individual tax return Establishing an irrevocable trust creates a separate legal entity that has control over [...]

2018-12-07T20:40:41+00:00January 15th, 2018|

Business Law 101: The Basic Elements Necessary for a Valid and Enforceable Business Contract

Every day, people all over New York enter into business contracts. They buy or sell property, sign partnership or vendor agreements, and become employers or employees. Unfortunately, many of these parties simply sign on the dotted line without confirming that the contract has all the provisions required to make it enforceable. Don’t let yourself be one of them. In New York, there are four basic requirements in a valid and enforceable business contract. In addition, both parties must be competent adults with a legal ability to enter into a contract and the subject matter cannot be illegal or a violation of public policy. An offer. Offers consist of three main elements. The first is one party’s statement of intent to enter into a contract. The second is a specific proposal with certain terms, and the third is a direct identification of the person receiving the offer. Unless all three [...]

2018-12-07T20:43:03+00:00June 20th, 2017|

It’s Time For New York To Stop Giving Away Taxpayer Money

It Is Time To Stop Giving And Start Raising Revenue Without More Taxes And Instead Look For Fees For Services There was a time that New York reigned supreme in the financial markets and Wall Street was the capital of the Financial World. Now China, Hong Kong, London, and possibly a post-Brexit France or Belgium will gobble up the taxes and fees New York earns from the trickle down effect of the IPO market and financial markets in general. Hedge funds did not relocate to Florida and Connecticut¹, and Goldman Sachs did not move to New Jersey for no reason at all. Certainly, for everything from financial fraud to not believing in climate change, one New York Attorney General after another persecuting company hasn't helped either. An aggressive anti-corporate stance by our city and state is depleting the economy of much-needed high-paying jobs. We're being taxed out of our [...]

2018-12-07T20:44:39+00:00May 2nd, 2017|

It’s About Timing: Protecting Your Assets Well Before a Lawsuit

Frequently, when someone learns they're being sued, their first instinct is to protect their assets — their home, car, jewelry, or their business, the building, office equipment, and company vehicles. Whether it's a civil litigation, bankruptcy proceedings, or even a divorce, there's a very real possibility of losing everything to creditors or in a civil judgment. The easiest solution is to have separate holding companies that hold your assets with specific assets being grouped together based upon common business themes. For example, if you had your own business, you would have a separate holding company that owned your building, or the equipment, or the vehicles, or the office furniture, and so on. You would then rent and/or lease all those items from the holding company to the company that is performing the work. For example, a Real Estate holding company holds the property, then leases the property to another [...]

2018-12-07T20:44:47+00:00April 28th, 2017|

Considering Bankruptcy? Here’s What Not to Do

Financial hardship can hit anyone, and like most mishaps, it strikes at the worst time. You get laid off after you buy a new house. You become too disabled to work, and the credit card bills start piling up. There are other ways that debt can overwhelm you, but it doesn’t have to ruin your financial future or your health. You can start over by filing bankruptcy in New York. When you file for personal bankruptcy, you benefit from an automatic stay. Creditor and debt collector calls stop. So do wage garnishments and collection lawsuits. You get some breathing room and the chance to not only rebuild, but do better than ever. Bankruptcy can provide you with a fresh start- provided you don’t sour the opportunity by making serious mistakes. Below are five of the most common missteps made by those who plan to file, and why you should [...]

2018-12-07T20:45:11+00:00April 20th, 2017|

Financing From the Masses: Crowdfunding Your Business Venture

The crowdfunding phenomenon took flight around 2008, and since then over $35 billion has been invested into creative ideas by people eager to get in on the ground floor of an exciting new product or concept. Title III of the Jumpstart Our Business Startups Act (JOBS Act) established provisions for crowdfunding that allowed startup businesses to offer and sell securities. The Securities Exchange Commission adopted Regulation Crowdfunding to implement these provisions, and  the new rules took effect on May 16, 2016, allowing the general public to invest in business startups—whereas before only accredited investors could finance news businesses. All the hoopla and all that money is motivating more and more small businesses to jump on the crowdfunding bandwagon and cash in on what appears to be an amazing opportunity, which it can be if you are mindful of both its advantages and disadvantages. Crowdfunding: The Advantages Cheap and easy [...]

2018-12-07T20:45:46+00:00March 10th, 2017|

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