As you probably know, the Small Business Administration (SBA) makes loans available to small businesses which would otherwise not qualify for a commercial loan. However, the SBA does not lend the money itself, rather it guarantees loans made to small businesses by commercial banks. Many business owners think that SBA loans are a lot of […]
Drafting Non-Compete Agreements in IowaNote that non-compete agreements are governed by state law. While the outlined principles pretty much apply in New York, you must consult New York laws when drafting a non-compete agreement for New York parties. Partnership Basics.Forbes.com explains the basic principles of partnership law. You can find New York’s partnership laws here. […]
At a great networking event sponsored by the National Association of Women Business Owners, I talked to a buy-sell insurance specialist. This woman sets up businesses with insurance to protect them from the event that a business owner becomes disabled or dies (for an explanation on how that works and why it is important, see […]
Section 609(a) of the New York Limited Liability Company Law provides that an LLC member is not personally liable for the debts and obligations of the LLC. That is the beauty of having formed a limited liability company. If the LLC goes under, you keep your house. However, as illustrated by a recent New York […]
Articles on choice of business entity are a dime a dozen. Here is one that stands out from the crowd: FAQ on Choice of Entity. (Another big firm resource free for the taking) See also Choosing between an S corporation and an LLC – The New York Perspective, by Yours Truly.
Picture this: Amy formed Ace LLC, a Nevada Limited Liability Company, for her New York business. She thought that LLCs are cheaper to form in Nevada, would incur fewer taxes and save her from complying with New York’s costly LLC newspaper publication requirement . Ace LLC was about to enter into an important transaction with […]
One of the FAQ on corporations on the website of New York’s Department of State reads: Question: Can I incorporate nationally? Answer: No. There is no mechanism in the United States to incorporate on the federal level. A company interested in incorporating (or forming a partnership or limited liability entity) must contact each state’s licensing […]
Small Foreign Businesses considering doing business in the United States are well advised to seek legal counsel in smaller law firms, since large law firms don’t really want or need their business. However, there is no reason why you shouldn’t use big firm resources, such as this great guide: Doing Business in the United States […]
Gone are the times when small businesses had only local dealings. Many small businesses sell or purchase goods internationally. When drafting an agreement for an international sale of goods, you must be aware of the potential applicability of the United Nations Convention on Contracts for the International Sale of Goods (CISG). The CISG applies to: […]
As a borrower you may find yourself in a situation where you negotiated and entered into a loan agreement but are still denied a loan advance, because your lender just doesn’t feel like it. Or at least that is the picture that presents itself from your end of the table. Most likely the lender will […]