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With every new year comes new laws that go into effect in New York. Some of these laws will affect businesses, so it’s important to know what laws affect you. Here is a rundown of things you can expect in 2016. Death and Taxes We all know that we can rely on death and taxes, but the tax side is…
As of January 1, 2016, covered employers in New York City are required to offer commuter benefits to certain full-time employees. Commuter benefits enable employees to purchase eligible transit on a pre-tax basis. This pre-tax deduction benefits both employers and employees by reducing taxes to be paid. What Employers are Covered by the Law? Both for-profit and not-for-profit employers with…
On October 30, 2015, the US Securities and Exchange Commission approved rules to allow companies to use crowdfunding to offer and sell securities. This is what is called regulation crowdfunding, and it has certain rules in place that allow investors and companies to benefit under the law. What is Regulation Crowdfunding Exactly? No doubt you have heard of crowdfunding. If…
Preemptive rights give the incorporators of New York corporations the opportunity to protect shareholders from dilution in the event additional shares are issued in the future. Unlike most states, preemptive rights are not default rights and should be explicitly included in the certificate of incorporation if the incorporators want the rights to apply to all shareholders. In order to allow…
After forming a limited liability corporation (LLC) in the state of New York, the entity must publish two separate public notices of their formation within 120 days. These publications need to take place in two different general circulation newspapers, one daily-circulation and one weekly-circulation, that are both published in the county of the LLC’s origin, as directed by the…
Disputes with vendors, employees or customers are inevitable for most businesses. However, litigation for resolving such disputes can be both time-consuming and costly, resulting in time spent in court rather than in the office. As a result, most businesses seek alternative solutions such as arbitration and mediation. Besides consuming less time and being less expensive, placing a dispute in arbitration…
No matter the size or industry, running a business is incredibly difficult, and depending on how your company is formed, there are legal ramifications you must consider. This is why lawyers recommend that companies draft operating agreements for protection. In New York, it is recommended that every LLC draft and execute an Operating Agreement to establish the rules of operation…
One of the most important questions any small business owner should ask before forming an entity is what is the difference between an LLC and an S-corp? For the most part, the majority of business owners choose the entity that allows them to keep more money in their pocket. This post assumes that the business has a single owner. What…
It takes a very entrepreneurial spirit and a real go-getter to get a small business up and running. A startup company is a very hard thing to get started. However, if you do it right, then you can be very successful with a startup. It is important to know all of the legal ins and outs of starting a small…
As the backbone of the American economy, small businesses play a major role in the everyday activities of Americans. From restaurants to grocery stores, small businesses are everywhere. So it is no wonder that many people dream about owning their own small business one day. For those ambitious few, starting a business is both exhilarating and nerve wracking. However, it…