If you are planning to own a business in New York, two of the most popular options are starting up a new business or purchasing a franchise. Understanding the practical differences between these choices is essential for making an informed decision tailored to your...
Business Formation & Planning
Understanding buy-sell agreements
If a person is new to business, they may not know what a buy-sell agreement is and how it applies to their operations. Buy-sell agreement overview A buy-sell agreement is sometimes also called a buyout agreement and it is used by business owners to plan for future...
Here’s why your business may need an employee handbook
A lot of business formation and planning is focused on finding the structure and practices that best strike a balance between operational control and risk mitigation. It’s not an easy feat, although the process can seem rather simple at first glance. To best protect...
What defines a closely held business?
Businesses can come in one of several legal formats, each with its own advantages and disadvantages. These can range from relatively straightforward sole proprietorships to highly complex corporations. Somewhere in between these extremes is the closely held business....
The risks and rewards of a partnership
There are a lot of different ways that you can structure your business, which makes it an important consideration as you’re getting your endeavor off the ground. That’s why you should take the time needed to educate yourself on your options so that you can choose the...
Funding is a critical step in getting a business off the ground
Formally creating a business is only the first step of a lengthy and difficult process. Businesses also have to set up agreements with suppliers and customers, and there may also be issues with insurance and the hiring of employees. But the biggest problem for a...
What should be addressed in a buy-sell agreement?
Business owners in the New York City area have a lot on their plates. Managing the day-to-day operations of their business is a full-time job. It can be easy to neglect some long-term concerns, such as considering what happens when you or a business partner want to...
Make your dream of owning a franchise a reality
Have you ever dreamed of owning a McDonald’s restaurant? Or maybe a Holiday Inn hotel? Or perhaps you have always wanted to own a Walmart. If so, you may be interested in franchising. Franchising is a great opportunity to own a business without having to start it from...
Two options if you are considering incorporating your business
You may have built a business in New York from the ground up, perhaps with several partners. It has seen significant success and has attracted investors. In such a situation, you may decide that you want to incorporate. The following is an overview of two corporate...
What to include in a partnership agreement
Partnership disputes are a concern most new partnerships wish to avoid. For that reason, parties entering into a partnership agreement should be familiar with what to include so they can help avoid a partnership dispute down the road. Elements of a partnership...