An Operating Agreement is a key document for a New York Limited Liability Company that has more than one owner (the owners are "Members" in LLC terminology). If a Company was like a marriage, the Operating Agreement would be like a prenup, parenting agreement and divorce settlement all in one.
This question becomes more important, as New York and the federal Government are increasing their enforcement actions to root out employers who misclassify their workers as independent contractors. Don’t wait with an answer until the Task Force on Employee Misclassification comes knocking at your door.
This video is priceless and exactly what most people need to understand this ubiquitous term: EBITDA (i.e. Earnings before Interest, Taxes, Depreciation and Amortization). As a business lawyer, I encounter this term in all kinds of agreements, for example in Loan and Security Agreements or in Share Purchase Agreements/Membership Interest Purchase Agreements.
Having all the right kind of contracts in place at the beginning of a business venture manages expectations and prevents conflicts with your business partners, customers, vendors, lessors…you get the idea. Thus, I present you with a list of the most commonly needed agreements for any business startup:
Big Law Firm Orrick put a Start-Up Forms Library on its website. Rest assured that a simple start-up of a business in New York does not need all these documents. But if you are forming a Delaware entity and have aspirations of raking in a lot of money soon, they may come in handy as […]
My new website just went live at www.ratschko.com. A shout-out goes to the people at Joomla Shack, Joomla Forms and Joomlaworks. Because I was so busy figuring out Joomla (yup, I did it all myself), I kind of neglected to play with my new 64gb iPad. But here are my initial impressions. It is good […]
Sales tax, the stuff that keeps you awake at night. In New York, you are required to collect sales tax from your customers on receipts from the sale or rental of tangible personal property and certain services (except for food, drugs and medicine). Tangible property is usually stuff that you can touch. What about […]
I am a big believer in bootstrapping and DIY, especially when it comes to starting a business. One, you don't have much money to waste, and two, knowledge is power. Thus, before you pay some incorporation service to essentially operate a fax machine for you, you may as well do it yourself all the way […]
I recently got a pleasant letter from Dun & Bradstreet, acting as a debt collector for the New York Workers' Compensation Board. Supposedly, I owed the New York Workers Compensation Board $60,000 in penalties and outstanding insurance premiums for a household employee of mine. 100 phone calls and letters later (I am only slightly exagerating), […]
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