Many individuals decide to incorporate their business to protect themselves against liability. Unfortunately, this strategy can fail if the business owners fail do not pay attention to the corporate formalities, they may lose the protection of the corporate form....
Business Law
Reasons to dissolve your business
The creation and dissolution of a business can be compared to a marital union. Much like a marriage takes effort and planning, especially when it comes to important details relating to finances, a business needs to be formed with a business plan and financial planning...
Your options for defending against alleged breach of contract
A contract dispute can leave your business facing several risks. An allegation of breach can not only threaten your bottom line, but it can also damage your business’s reputation. Together, the losses can be significant, and it may take you a long time to rebuild if...
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...
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...