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...
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Business Law
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...
Closely held businesses getting a tax break this year
When the last tax bill passed, there was a lot of press around the State and Local Tax Deduction, otherwise known as the SALT deduction. This deduction allows taxpayers and businesses to write off the amount of state and local taxes they pay to reduce their federal...
Defining contractual terms to avoid breach of contract claims
Businesses form new contracts with regularity. Whether they are hiring new employees, working with new contractors, or re-establishing relationships with existing associates, Brooklyn business entities live and die by the agreements they hold. Often, contracts operate...
New York passes a new, more expanded whistleblower law
For business owners throughout the country, the potential of business litigation is a major source of stress. Thanks to a new law, New York businesses have one new source of litigation to worry about is whistleblower lawsuits. Expanding private whistleblower exposure...
UnitedHealthcare and Prisma Health contract dispute solved
As readers of this blog know, contract disputes between businesses are common throughout the country, across all industry sectors. And, yet another example is the recent contract dispute between UnitedHealthcare and Prisma Health. The contract disputes Reportedly,...
How can companies remedy a breach of contract?
Businesses in New York generally cannot conduct business without relying on other companies and individuals to provide products and services to them. For example, a company may need a certain part in order to complete their product that only another company produces....
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...