Seal of Approval for Forfeiture for Competition Agreements
Business Contracts, EmployeesYou may know that non-compete agreements between an employer and an employee are problematic since there is always the real possibility that a court may find that the restrictions put on the employee in the agreement are unreasonable. …
Confidentiality Agreements between a Business and an Employee
Business Contracts, EmployeesA confidentiality agreement (also known as a Non-Disclosure Agreement) is meant to protect a business from misappropriation of valuable proprietary information by employees. Often it is a good idea to have one in place with your employees.
When…
The Art of Using Recycled Agreements and where to find them
Business ContractsIn a recent article on Legal Technology, Justin Hectus writes that much of an attorney's work consists of the "recycling of documents and information that has proven successful in the past."
So why, you ask, do attorneys get…
End-of-Year Resolution: Clean up your Corporate House
BlogIn order to maintain its limited liability shield, a corporation must adhere to corporate formalities. Aside from properly forming the corporation, issuing stock, appointing directors and officers, holding annual meetings of directors and…
Board of Health approves Trans Fat Ban
BlogNew York's Board of Health approved the ban on trans fats today. See here for the full story. I know this is an extra hardship on restaurants; however, it is nice to know that you will be able to eat the occasional deep fried food…
Another Limitation of “Limited Liability”: Personal Guarantees
Business ContractsIf your LLC or corporation is getting any kind of loan financing, it is very likely that the lenders will ask you and your fellow business owners for personal guarantees. Even if your business offers decent collateral, lenders like…
SBA Express Loans
BlogAs 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…
The Blogosphere Week in Review
BlogDrafting 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…
Orchestrating an effective Adviser Team
Starting a BusinessAt 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…
Limited Liability Protection of LLC not absolute
Limited Liability CompaniesSection 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…