Nobody in New York or elsewhere likes to think about death. However, if you want your wishes honored after you die, you must create an estate plan. This process can be even more difficult for business owners. In this case, setting up a business trust may be the best option for avoiding probate. Estate planning
Performing due diligence tasks is one of the most important steps prior to combining your business with another New York company. The due diligence process may discover the presence of ongoing lawsuits, regulatory issues or other problems that might hurt your company if it were to buy or merge with another organization. How to perform
Suppliers serve a vital purpose in a business-to-business model. They sell products to other businesses for resale. An example would be supplying clothing to a retail store for resale. Such agreements between businesses usually involved contracts established under New York law. A contract breach could cause legal complications for everyone involved, so it may be
Employers in New York and elsewhere can choose to reduce their workforce in an effort to save money or meet other goals. Companies may choose to either furlough their excess staff or lay them off in an effort to cut costs on a temporary or permanent basis. An overview of a furlough A furlough involves
Starting a new business in New York can be a busy time in anyone’s life. Before opening a business, you typically need ideas, capital and a space to work. Another critical step in this state is creating an operating agreement for your limited liability company. An operating agreement officially establishes your business and clarifies this
In New York, when parties to a potential business transaction enter into preliminary discussions about a merger or other project, they usually document their objectives and the characteristics of the proposed deal in a memorandum of understanding. Knowing when and why to use this tool and its pros and cons can help you effectively protect
It isn’t uncommon for businesses in New York to fund their operations by taking out loans. In some cases, these loans may be little more than unsecured credit cards or lines of credit secured by a home or other assets. However, your company may also qualify for microloans or other lines of credit targeted at
If you think your New York business has been wronged due to the malicious actions of another party, you may be able to pursue a tortious interference claim. However, in order to prevail, you must prove four elements: Existence of a valid business relationship or expectancy You need to demonstrate that the relationship between you
Unilateral is a type of business contract that you could draft in New York. The parties entering a unilateral contract don’t have to follow through unless one of them begins to complete the requested work. In a bilateral contract, the worker can’t change their mind later because of contractual obligations. What is a unilateral contract
In the state of New York, there are several different business structures for entrepreneurs to choose from. Each structure operates differently under the law and produces different outcomes regarding administration, taxation and more. Take your time researching the different options available before coming to a decision. Types of Business Structures Business law in the US
