This is intended to help outline the general process of buying a business, explaining the legal aspects of how a business lawyer can assist in a business purchase transaction (it is not intended to be construed as legal advice for your particular situation). Basically, in these 2 videos, I try to help you identify what…
This is intended to help outline the general process of buying a business, explaining the legal aspects of how a business lawyer can assist in a business purchase transaction (it is not intended to be construed as legal advice for your particular situation). Basically, in these 2 videos, I try to help you identify what…
As a New York corporate attorney and tech startup lawyer, I am frequently asked for a checklist of items to consider when starting a business. Here is a checklist of my 6 steps to starting a business outlining some of the things that need to get done in starting or buying a large or small…
Your business acquisition attorney is not only your legal expert, but also will facilitate the business purchase process. Your business lawyer will coordinate the processes, interface with all the players, and move the business transaction along, culminating in a successful closing. As your legal expert, your business lawyer will conduct the legal due diligence, negotiate, draft and review the necessary legal documents…
First you should “Determine Whether Your New York Business has Employees or Independent Contractors” by reading that post or consulting with a corporate attorney. If your New York business hires employees, then the following would apply. Workers’ Compensation. The New York State Workers’ Compensation Law (“NYWCL”) requires qualifying businesses must obtain workers’ compensation insurance before…
Regardless of whether you are buying a business as an asset purchase, a division purchase, a company stock purchase, or a corporate merger, you (and/or your corporate attorney) must conduct due diligence on the target company or corporate division. Due diligence involves an in-depth investigation of the business. It requires review of a lot of…
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…
It is critical that you, the business owner, perhaps with the help of your corporate attorney, correctly determine whether the individuals providing services are employees or independent contractors. For the most part, the employer must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an…
A Non-Disclosure Agreement (also known as an NDA or confidentiality agreement) is meant to protect a startup or existing business from its employees misusing valuable proprietary information. Often it is a good idea to have a confidentiality agreement in place with each of your employees (regardless of position). For instance, your receptionist and salesperson might…
As you may know, a “corporate kit” includes a pre-made form of limited liability company operating agreement. There is no telling how complete these are and whether or not they were prepared by a corporate attorney. Certainly an off-the-shelf operating agreement is not customized for your needs. I recommend having a New York Small Business…
