New York City is the first city to implement a law to protect its 1.3 million freelance workers against nonpayment. The Freelance Isn’t Free Act (FIFA) mandates that employers sign a contract for freelance work that is valued at $800 or more, either for a single job or total services contracted within a 120-day period. The contracts must include the date the freelancer will receive payment; if they do not include the date of payment, businesses must compensate the freelancer within 30 days of completing the work. FIFA seeks to protect freelance workers against employer retaliation and can increase financial consequences for employers who violate the new rules. Continue reading “New York Law to Protect Freelance Workers Goes Into Effect”
Tag: Business Law
How a Government Shutdown Can Affect New York Businesses
It was recently announced that, if Congress does not pass a spending bill by April 29, 2017, the federal government will run out of money and shut down. Congress has yet to present a spending bill and, without one in place, the federal government is not authorized to pay its expenses. The last government shutdown lasted 16 days in October 2013 and cost American taxpayers $2 billion for lost productivity, according to the Office of Management and Budget. When the federal government shuts down, it not only affects federal government workers, but also businesses and the U.S. economy overall. Continue reading “How a Government Shutdown Can Affect New York Businesses”
New York City Sues Verizon in Contract Dispute
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”
New York Employer Guidelines for Wage Garnishment
When an employee does not pay off his or her debt, a creditor may turn to wage garnishment as a means of collecting the money that is owed. Under New York State law, creditors are restricted in the amount that they can garnish from an employee’s wages for repayment of debt. It is important that New York employers accurately and appropriately manage wage garnishment while remaining in compliance with the law. Continue reading “New York Employer Guidelines for Wage Garnishment”
What to Consider When Drafting a Partnership Agreement
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”
Forming a Limited Liability Company
The first step to forming a business in New York State is to decide what type of entity is best. Each type of entity has their own benefits, but the decision is often made based on the structure, liability, tax, and management considerations surrounding your future business. A Limited Liability Company (LLC) offers a significant amount of flexibility and allows the business the liability protection of a corporation with the tax treatment of a partnership. Continue reading “Forming a Limited Liability Company”
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”
