Contracts form the bedrock of many business relationships in New York. Vendors, suppliers, subcontractors—there is a different type of contract for any given relationship. Unfortunately, sometimes even the most carefully crafted contract isn’t enough to prevent...
Business Law
Protect yourself and your business with a partnership agreement
Compared to forming certain types of business entities, such as a corporation or an LLC, it's relatively easy to form a partnership. Technically, any time two or more people decide to jointly manage a business and share its profits together, they are creating a...
NFL free agent alleges breach of contract against Nike
Celebrity lawsuits are always interesting as they often involve damages in the millions that we can only dream of. Football fans of Odell Beckham Jr. may be interested to learn that the NFL free agent is embroiled in a lawsuit with the sportswear company Nike,...
Unwinding a closely held businesses can be a delicate affair
Many closely held businesses in the New York City area are owned by members of the same family or friends who have known each other for a long time. It is a hard fact of life that even when owners are related, conflict between them can tear a closely held business...
New York receivership law
Business litigation scares even the savviest businesses owners. Why? Because, quite literally, business owners could lose their business, either through bankruptcy due to an extremely large judgment or through receivership. And, what some business owners may not know...
The meaning of ‘piercing the corporate veil’
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....
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....