Or asked another way, What Types of Cannabis Businesses Can I Have in New York? Under Governor Cuomo’s proposed New York’s “Cannabis Regulation and Taxation Act” (as released in January 2019, the Cannabis Law), there are plenty of new business opportunities in the New York cannabusiness space, most of which will need to be licensed…
Has your business partner, LLC member or LLC manager harmed your business? You are not stuck! There are ways to remove a rogue member or manager from your business, LLC, or partnership (similar to removing a rogue officer or shareholder from a company). Find out more about how we can help you here. **This post…
(September 20, 2011) UPDATE: Today, Manhattan U.S. Attorney Preet Bharara’s office asked U.S. District Judge Leonard Sand for permission to add the new allegations to a civil forfeiture case filed against Full Tilt, PokerStars, Absolute Poker and other businesses back in April. Prosecutors contend that Full Tilt Poker paid board members more than $440 million…
Deciding what legal entity in which you buy and hold your real estate is important. You should to consult with your financial and tax advisors along with your New York real estate attorney to figure out the right legal entity. You should consider, among other things, the type investment property (is it undeveloped land, commercial…
When do I need to hire a corporate attorney for my business? Some scenarios are obvious — you should call a criminal defense or civil litigation attorney when you’re being investigated by government officials for tax or securities fraud, when an employee is injured on the job or when a customer is injured by one…
Organizers form an LLC in New York by filing the Articles of Organization, pursuant to Section 203 of the New York Limited Liability Company Law, with the Department of State. Organizers prepare, sign and file the Articles of Organization that creates the LLC. Any person or business entity may be an organizer (it does not…
What is the difference between a NY PLLC vs. an LLC? One or more professionals may form, or cause to be formed, a professional service limited liability company (PLLC) in New York for profit for the purpose of rendering the professional service or services that the professionals are authorized to practice. A PLLC is formed…
According to Section 417 of the New York Limited Liability Company Law, the members of a New York LLC are required to adopt a written operating agreement. The operating agreement may be entered into before, at the time of, or within 90 days after the filing of the Articles of Organization. The operating agreement is…
The Internal Revenue Code (IRC) allows an LLC to elect its tax status for income tax purposes. You should consult your financial or tax adviser about these “check-the-box” regulations and any changes. For income tax purposes, New York State law follows federal law. Additionally, New York state law (and certain other states’ laws) imposes a…
After you have found your target New York business to acquire, you (and/or your corporate attorney) have to negotiate the terms of the business purchase transaction. In this article I will outline some of the typical terms of a term sheet for the purchase of a small business and some of the things you need…
