When your competitors deliberately try to steal your customers or hire away your best employees, they engage in business poaching. This practice can hurt your company’s stability, market position and financial health. While you can take steps to prevent it, knowing your legal rights is key to protecting your business. Your legal options The law
The world is full of potential business partners. So how do you narrow down your search if you’re taking on a partner? Many people just turn to someone they already know. While this may seem easy, it is still important to consider the same things you would if you were conducting a wider search. Here
One thing that sometimes holds prospective business owners back is that they know they’re going to have to take out substantial loans. They’re worried about the liability that this creates. They do believe that their business idea is going to be successful, but what if it’s not? For instance, you may have an idea for
If your company is large-scale or intends to be large-scale, then you’re most likely going to need some help. Many business owners opt to create a partnership. Having a business partner comes with numerous benefits. You can share the financial burdens, liabilities and workloads and utilize one another’s expertise. With that being said, business partnerships
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
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
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
