Newsmax Finance reported on a little-known item in the new tax law that will do away with special interest tax breaks and loopholes, among them the elimination of a company’s ability to write off entertainment as part of its business expenses. Continue reading “New Tax Law Cracks Down on Entertainment Expenses for Businesses”
The New York State Department of Taxation issued a report for the governor’s office detailing options to raise revenues for the state. One of the options the agency suggested was to impose taxes on “pass-through” businesses.
A “pass-through business” is a company in which income is generated through profits from a partnership. Under the new federal tax law, state and local deductions are limited to $10,000, but any taxes paid in operating a company at the entity level continues to be considered as a business expense, and, as such, can be written off. According to the Brookings Institution, approximately 95% of U.S. businesses are “pass-throughs.” Continue reading “NYS May Impose Taxes on Pass-Through Businesses”
New York City’s continued wait for access to Verizon’s FiOS service has resulted in a lawsuit. Verizon promised the city in a 2008 contract to provide access to its fiber-optic FiOS service to all New York City residents by the year 2014. Three years later, Verizon has not come close to meeting the goal. The original contract was agreed upon by the parties in order to provide New York City residents more options for receiving affordable cable television service. Continue reading “New York City Sues Verizon in Contract Dispute”
Starting a partnership can be a very exciting time for new entrepreneurs. When starting a partnership in New York, there are several steps to follow. While drafting a partnership agreement is not mandatory in New York, it is recommended so that there are no misunderstandings between you and your business partners. Executing a well-drafted partnership agreement can help your partnership plan for any future occurrences and help your business run smoothly. In drafting a partnership agreement, there are several things that should be covered. Continue reading “What to Consider When Drafting a Partnership Agreement”
Currently, under the federal Family and Medical Leave Act (FMLA), an employee can take time off for family events, such as to care for an ill family member or when a child is born. Employees are only eligible when they work at companies with 50 or more employees, unless they work at designated governmental organizations or schools. Under FMLA, an employee can take up to 12 weeks of work off that are uncompensated. Although the employee is not paid for the time they do not work, their job is secure for that period of time.
When starting a business, there are many legal forms the venture can take. Two of the more well-known types are limited liability companies (LLC) and limited liability partnerships (LLP). Although both LLCs and LLPs have similar characteristics to corporations and partnerships, the way these structures are managed and taxed, as well as potential liability can differ.
The Suffolk Times reported that in June, 2015 a North Fork winery was named in a lawsuit for alleged employment discrimination against a transgendered man who worked in the Manhattan store location. The plaintiff claims that he was discriminated against based on being a transgendered male, and that his superiors spoke to him in a disrespectful manner, reduced his hours, assigned him to “menial tasks,” and eventually let him go citing downsizing, while still continually hiring new staff.
There are many complexities when starting a business, such as proper incorporation, complying with codes and regulations, accounting issues, and if there are employees, employment issues dependent on the number of workers. Seeking legal advice from an experienced business attorney is essential to adhering to proper laws and regulations.
One challenge in starting a business with multiple employees is the possible issue of labor unions. Labor unions have representatives who are well versed in how to organize workers, and know the ins and outs of labor law. The Department of Labor has regulations business owners must abide by, especially if the business owner is engaging in “persuader” activities.
When you decide to sue, before you make that first move, you need to think through where you are going to file the lawsuit. Selecting a forum may have a major impact on both the costs and the results of the litigation. In many litigations there is more than one forum in which the lawsuit can be started.
In New York State, it can be brought in the county where the plaintiff lives, the county the plaintiff’s business is in, the county where the performance of the contract was to take place or the county in which the event giving rise to the suit occurred. Continue reading “Deciding Where to Initiate a Lawsuit”
Sure there are some times when one size can fit all. Tents, for example. Bathrobes. Umbrellas. But when it comes to starting a business, it really doesn’t work that way.
If you’re a restaurant, or a dry cleaner, or some other kind of business that requires people to walk in your front door all the time, location is the most important consideration.
But what if you’re a wholesaler of electronic parts? If your marketing plan or sales force are good enough, you can be anywhere. Continue reading “When One Size Does NOT Fit All for Business Start Up”