Most people starting out with their new business are going to have their hands full, simply thinking about whether incorporating is right for them. When they learn there are multiple kinds of corporations, they can start to feel overwhelmed. However, it’s not quite so complicated as it first appears, and there are just a few basic things you need to keep in mind if you’re deciding on how you want to incorporate your business. Continue reading “C-Corps vs. S-Corps: Which Are Right for You?”
When you first start your own business, there’s a chance that you didn’t give much thought to how it was organized. Or, even if you did, the needs of your business can change over time, and what worked for your company when it was first starting out might not work now. Either way, there’s a decent chance that your current business organization needs an overhaul, and here’s how you can tell. Continue reading “When Should You Consider Reorganizing Your Business?”
A Limited Liability Company (LLC) is one of the many business entities that one can form in New York. An LLC is defined as a company that combines elements of a partnership, sole proprietorship, and a corporation. In this type of business structure, the owners, or members, are generally not personally liable for the LLC’s losses and lawsuits.
Operating an LLC may not always go as planned. If you no longer wish to operate your business under the LLC, you may dissolve it. However, it is necessary to properly and officially dissolve the LLC in the State of New York. Failure to properly dissolve the business entity can lead to legal complications and monetary penalties.
Continue reading “Dissolving a Limited Liability Company in New York”
Even though corporations are an omnipresent part of day-to-day life in the modern world, many people don’t know what a corporation is, or why someone would want to incorporate their business in the first place.
A corporation put simply, is a legal entity that exists independently of the people who own and run it. Due to what is known as “the legal fiction of corporate personhood,” corporations are treated as legal “persons” for a variety of purposes, most significantly for the purposes of legal and financial liability. In other words, when a business loses money or gets sued, it would normally be the business’ owner or owners that are held responsible for paying off the business’ debts or paying for any legal judgments. However, when a business is incorporated, those losses and judgments are generally incurred by the corporation, not the owners, and so the owners generally aren’t held responsible if the company can’t pay for everything and goes bankrupt.
Continue reading “Why Incorporate?”
These days, with everything from email to banking accounts to home utilities available online, it can feel like the world is literally at your fingertips. People often gravitate towards online accounts for their accessibility and convenience. However, many individuals often fail to account for their online assets in their estate plans, leaving their heirs unable to access and benefit from them. It is crucial for those who are looking to create an estate plan for the first time to specify any digital assets they own and how to access them within the estate planning documents. For those with an existing estate plan, it is essential that the estate plan is updated regularly as new digital assets are acquired. Continue reading “Estate Planning Considerations for Digital Assets”
On April 18, 2019, the New York City Council passed the Climate Mobilization Act, which seeks to reduce New York City’s greenhouse gas emissions. The 10-bill legislation is the largest single carbon reduction effort that any city, anywhere, has enacted. The Act, which will require buildings that are 25,000 square feet or larger to make a substantial reduction of fossil-fuel consumption, has raised concerns from New York City landlords. Continue reading “Landlords Fear Impact of NYC Greenhouse Gas Emissions Standards”
Each year, hundreds of homeowners fall behind on their mortgage payments or own a home that is worth less than the outstanding balance on their mortgage. As a result, a homeowner in this circumstance may elect to sell their home in a short sale or let it go into foreclosure. Both financial options differ from one another in the timeline and potential ramifications. Continue reading “What is a Short Sale? How is it Different from a Foreclosure?”
When contracting on behalf of your small business, it is important to identify whether you would like to include an arbitration clause. Many small business contracts include arbitration clauses that mandate all disputes arising out of the claim to be brought in arbitration rather than litigated in court. Before entering into a contract including an arbitration clause, or including one in a contract of your own, it is important to gain an understanding of the process. Continue reading “Are Arbitration Clauses Right For Your Small Business?”
In this segment, Jim Clark, Partner with Blodnick, Fazio & Clark, answers the most popular questions that come up through his interactions with landlords and real estate investors through his presentations to local organizations, networking, one on one conversations as well as direct posting through his web site and social media. Continue reading “Landlord & Investor Q&A Presented by Attorney Jim Clark for March 2019”
In February 2019, New York City released new guidelines that would provide legal recourse to those who have faced harassment, punishment, or termination due to their hair or hairstyle. As reported by The New York Times, the legal enforcement guidelines, which were released by the New York City Commission on Human Rights (NYCCHR), specify that targeting individuals based on their hair or hairstyle at work, in school, or in public spaces can now be considered racial discrimination. The law is applicable to New York City. Continue reading “New York City Takes Steps to Combat Discrimination Based on Hair”