What: A Promissory Note (also known as “note” or “negotiable instrument”) is a written statement that evidences that money is owed to you by the author (also known as “maker”) of the statement. You can transfer the note to other people who can then demand payment from the person or entity that owed money […]
D.B.A. or “Doing Business As” is not only a cool bar in the East Village, it also refers to individuals (sole proprietorships), partnerships, corporations and other entities that do business under a name different from their real name. For example, Joe Smith operates a computer service business under the name “Computer Geeks to the Rescue,” […]
See Part 1 here; Part 2 here; Part 3 here; Part 4 here; Part 5 here; Once you have found a business that seems like a worthwhile acquisition (a “target”), you are ready to negotiate the terms of the transaction. But what are the typical terms of a small business purchase? What is there to consider? In other words, what […]
Many lawyers draft contracts that are too long, too complex, and just badly written. Bad agreements are hard to eradicate, because everybody copies everybody else without thinking twice about it. Agreements should be easy to read and should make sense from a legal and logical perspective. Fortunately, Ken Adams and his blog have come to […]
See Part 1 here; Part 2 here; Part 3 here; Part 4 here; Part 5 here; This is the first in a series of five posts working through the process of buying a small business in New York. This series will focus on the legal aspects of such a transaction and an attorney’s contribution to […]
If you are determined to pay no more than $99 dollars for your business incorporation, why not do it yourself? Here is how:
Great – you have found people who share your vision to own and grow a business. But don’t forget that going into business with other people requires you to think ahead and be clear about the relationship. This is your livelihood and future. Do not think for a minute that conflicts can be resolved as […]
If you thought you were immune to liability as a shareholder of a New York corporation, know this: In New York, the ten largest shareholders, as determined by their shareholding, of every closely held corporation are personally liable for all salaries due to any of its employees for services performed by them for the corporation. […]
Once you know there will be a written agreement, someone has to draft it. Should it be your lawyer or the other party’s lawyer? Some say make your lawyer insist on preparing the first draft. I tend to agree with that. It gives you the opportunity to set the stage for later negotiations and control […]
1. You’ve heard it before: Get it in writing. No exceptions. All terms should be expressly stated in the agreement, in detail. 2. Make sure the parties to the agreement are properly identified. You can save yourself a lot of trouble by checking the proper name of the other party and making sure […]