Owning a successful business takes years of hard work and dedication. But failing to establish an estate plan that accounts for your business, could place your business in jeopardy upon death. While many individuals shy away from estate planning because of the chilling thought of death, assuring your business remains viable upon death could mean the difference in providing for your family, employees, and loved ones in the long run. Proper estate planning can take into account various aspects of business ownership and help ensure that your business continues to operate as you see fit. Continue reading “Estate Planning for Business Owners”
Category: Business Law
President Trump’s Executive Order May Seek to Limit Dodd-Frank
On Friday, February 3, 2017, President Donald Trump issued an executive order directing the Secretary of the Treasury to consult with the heads of the member agencies of the Financial Stability Oversight Council, within 120 days, and report on which existing laws, guidance, treaties, record-keeping requirements, and other policies do not promote or inhibit the order’s Core Principles for Financial Regulation. These six generalized principles prioritize investor choice, economic growth and international competition, as well as traditional goals of financial oversight, such as analyzing and reporting risk, increasing accountability, and preventing taxpayer-funded bailouts. Although the Dodd-Frank Wall Street Reform and Consumer Protection Act was not specifically mentioned in the executive order, it is expected that the legislation will take a big hit. President Trump has been quoted as saying, “We expect to be cutting a lot of Dodd-Frank.” Continue reading “President Trump’s Executive Order May Seek to Limit Dodd-Frank”
Governor Cuomo Signs Executive Orders Intended to Eliminate Wage Gap
With the gender wage gap only improving by 8% in the last 20 years, New York Governor Andrew
Cuomo signed two executive orders aimed at decreasing the wage gap between men and women. The executive orders which were signed on January 11, 2017 come at a time where New York State women are making only 89% of their male counterparts. Women of color see the largest gap in wages as compared to their white male counterparts. By the signing of the two executive orders governor Cuomo hopes to level the playing field for women who are applying for new jobs. Continue reading “Governor Cuomo Signs Executive Orders Intended to Eliminate Wage Gap”
Second Circuit Looks to New York State Court of Appeals for Guidance Regarding NYCHRL
The United States Court of Appeals for the Second Circuit is seeking clarification from the New York Court of Appeals in a case involving an employee who is suing her employer and two of her co-workers under Title VII and the New York City Human Rights Law (NYCHRL). The claim alleges that the employer engaged in pregnancy discrimination following her termination while on maternity leave. In reviewing the case, Chauca v. Park Management Systems, the court is seeking guidance from the Court of Appeals regarding the appropriate standard for awarding punitive damages under the NYCHRL. Continue reading “Second Circuit Looks to New York State Court of Appeals for Guidance Regarding NYCHRL”
Federal Judge Blocks Implementation of New Overtime Exemption Rule
On November 22, 2016, a federal judge in Texas issued an injunction against the Department of Labor’s new overtime exemption regulations that were scheduled to take effect on December 1, 2016. The regulations would have required employers to pay time-and-a-half to their employees who work more than 40 hours a week and earn less than the annual salary threshold of $47,476. The suit was brought on behalf of 21 states and dozens of business groups who feared the new regulations would hurt retailers and other small businesses by adding to their labor costs. Those against the new overtime exemption rule also said that it would have forced employers to convert full-time jobs to part-time jobs. Continue reading “Federal Judge Blocks Implementation of New Overtime Exemption Rule”
Making Websites More Accessible For the Disabled
Beginning last July, lawsuits began flooding the federal courthouse in Pittsburgh claiming corporations’ websites were not accessible to the blind and other individuals with disabilities, thus violating the Americans with Disabilities Act (ADA). Companies such as Foot Locker Inc and Toys R Us were some of the household names, among others, that were targeted. Continue reading “Making Websites More Accessible For the Disabled”
House Votes to Delay Updates to the Overtime Exemption Rules
Recently, the U.S. House of Representatives voted to delay the Obama Administration’s revisions to the overtime exemption rules that were scheduled to go into effect December 1, 2016 until June 1, 2017. On May 17, 2016 the Obama Administration released their Final Rule to the Fair Labor Standards Act (FLSA). The key update will be to the overtime exemption for full-time employees which will double the annual salary limit from less than $23,660 to $47,476, under which 4.2 million Americans would qualify for overtime pay. Currently, only 7 percent of full-time workers qualify for overtime pay. Continue reading “House Votes to Delay Updates to the Overtime Exemption Rules”
How Updates to the Overtime Exemption Rule Affect New York Businesses
Recently, the United States Department of Labor released the final updates to the Fair Labor Standards Act (FLSA), doubling the annual salary threshold from less than $23,660 to $47,476, under which most salaried employees fall. The update will extend overtime availability to 4.2 million workers to receive time-and-a-half wages for every hour they work beyond 40 hours a week. Continue reading “How Updates to the Overtime Exemption Rule Affect New York Businesses”
New York’s Proposed Paid Family Leave Act Benefits Businesses
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.
Continue reading “New York’s Proposed Paid Family Leave Act Benefits Businesses”
Things to Consider When Choosing an LLC or LLP
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.
Continue reading “Things to Consider When Choosing an LLC or LLP”
