Category: Buying or Selling a Business

“Transferring” a Liquor License in New York

“Transferring” a Liquor License in New York

It is common to hear people refer to “transferring” a liquor license upon the purchase or sale of a business, but, because of how the liquor authority evaluates liquor license applications, there really is, by definition, no such thing.  But don’t take my word for it.  The Chief Executive Officer of the New York State […]

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Basics About Managing Your Corporation

Basics About Managing Your Corporation

While limited liability companies have become quite popular, businesses that are likely to grow into large businesses should generally operate as corporations. Benefits of Corporate Form  The limited liability and tax benefits of doing business in the corporate form result from the corporation being treated as a separate entity. To obtain these benefits, it is important […]

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Basics About Properly Managing Your LLC

Basics About Properly Managing Your LLC

Limited liability companies have become very popular because of their flexibility with respect to internal organization and favorable tax treatment by the IRS.  Below are a few basics to keep in mind as you operate a business using the limited liability company form of business entity. Separate Entity It is very important that you keep […]

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Limited Liability Protection of NY LLCs Limited

Limited Liability Protection of NY LLCs Limited

On December 29, 2014, Assembly Bill 8106-C / Senate Bill 5885-B became the law in New York. In part, the new law makes the ten LLC members with the largest ownership interests in the LLC personally liable, jointly and severally, “for all debts, wages or salaries due and owing to any of [the LLC’s] * […]

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Do Not Expect an Internet Operating Agreement To Do The Trick

Do Not Expect an Internet Operating Agreement To Do The Trick

I come across this issue so often, I have decided that I am going to write about it often with the hope that I can assist some people with avoiding a potentially critical early stage mistake. Oftentimes when I have a discussion with someone who had a bad partnership agreement (this is just a general reference […]

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What To Do With Your Liquor License if Your Business Closes

What To Do With Your Liquor License if Your Business Closes

Your business has a liquor license, but you are contemplating closing, selling the business, or even just closing temporarily (more than two weeks) to do renovations or for some other reason.  What do you do with your liquor license?  Well, if you would like to remain in good standing with the State Liquor Authority, you […]

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Why Well Drafted Partnership Documents Matter: Court Holds that Funds Paid to LLC By Members After Initial Capital Contributions are Loans by Default

Why Well Drafted Partnership Documents Matter:  Court Holds that Funds Paid to LLC By Members After Initial Capital Contributions are Loans by Default

The following illustrates why well drafted operating, partnership, or shareholder agreements among business partners (the type of agreement is related to the type of entity) are essential.  And it is substantially more cost effective to pay a professional to properly draft these documents up front as opposed to litigating the matter later. As the New […]

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Have Your Contracts Reviewed

Have Your Contracts Reviewed

If you have not had your business contracts reviewed by an NYC business lawyer for a while (over a year), you should seriously consider doing so now. First, even if you had your current lawyer (with whom you no doubt have an excellent working relationship and whose expertise and advice you trust without question) prepare those […]

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Why Many Small Businesses Cannot Be Sold

Why Many Small Businesses Cannot Be Sold

Many business owners have a dream of selling their business some day. But many of those businesses will never be sold. You can see this simply by reviewing the number of businesses listed for sale each month on the websiteBizBuySell.com. If you look at the site, you’ll see it offers listings for about 30,000 businesses […]

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