Courtesy of Mybloglog, I can actually see what people were searching for when they clicked on my blog. One of the google searches that caught my attention was: "Can an LLC pay its members a salary?" Lonely internet surfer at 4:32 a.m on a recent Monday, this belated answer is for you: Not really. Absent […]
As a business owner you will encounter conflicts; particularly with your fellow business partners. As in any relationship, it helps to deal with these conflicts rationally. Easier said than done, I know. My favorite blog about blogging (Problogger by Darren Rowse) has a post about "10 steps to conflict resolution." Darren recommends: 1. […]
The scenario is all too common. You and one or more of your friends "go into business together." You start spending money on the business, take in some first profits, and share everything equally. Since you are all friends, there are no lawyers and no paperwork to hold you back. For reasons discussed in […]
Did you know that your employees have a right to pretty much do whatever pleases them outside of work? New York law (New York labor law Section 201-d 1.b.) prohibits employers from firing employees for "engaging in legal recreational activities outside work hours." "Recreational activities" are "…any lawful, leisure-time activity, for which the employee receives […]
See Part 1 here; Part 2 here; Part 3 here; Part 4 here; Part 5 here; Finally, the day of the closing on your small business purchase has arrived. The parties and their attorneys come together for the final handshake on the deal. All of the remaining agreements are executed, documents are exchanged, and money changes hands. Usually, the sales […]
See Part 1 here; Part 2 here; Part 3 here; Part 4 here; Part 5 here; The purchase of a small business requires many legal agreements and documents to effect the transaction. Obviously, you need an experienced attorney to draft and/or review all of these documents and explain their significance to you. While you were the one to negotiate and […]
What is a New York Limited Liability Company (“LLC”)? Who can form an LLC? How do I form an LLC? How much does it cost to form an LLC? What ongoing requirements are there for maintaining an LLC? How does an LLC pay taxes? Is an LLC a good choice for my new business? Read […]
(See Part 1 here; Part 2 here; Part 3 here; Part 4 here; Part 5 here😉 Due diligence is the process of investigating the business you are planning to buy inside and out; lots of files to look at, numbers to crunch and agreements to review. You want to know that the price you are paying for the business is […]
Via MyShingle I learned about this telling article by a leading law firm consulting company. According to the article, small businesses are bad news for big law firms. Short of telling the client to hit the road, they recommend these ways to get rid of small business clients: Eliminate discounts. Most businesses provide price discounts […]
Most attorneys and law firms still charge by the hour. Even though flat fees seem to be more common nowadays for certain routine agreements and matters, the meter usually starts running as soon as you start talking to your attorney. Here are a few tips on how to keep legal fees under control.