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“Saving Capitalism”

“Saving Capitalism”

The title of this blog post is the name of the most important documentary that I have seen recently in light of what is happening economically today in America.  With all due respect to Mr. Jeff Bezos, who I actually think is an extremely well-meaning CEO as far as I can see, what on earth […]

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Can a liquor or wine store licensee sell wine out of state or over the internet?

Can a liquor or wine store licensee sell wine out of state or over the internet?

We are often asked about the limitations of internet-based retail sales of alcohol.  Straight from the New York State Liquor Authority, the answers are as follows: (a) A liquor or wine store may sell and ship alcoholic beverages to a customer in another state as long as that state allows the licensee to make such sales […]

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“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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Getting a Liquor License in NYC for a Restaurant Requires Community Board Approval

Getting a Liquor License in NYC for a Restaurant Requires Community Board Approval

Getting a liquor license in NYC for a restaurant requires working cooperatively with the relevant community board. Each borough in New York City (Staten Island, Manhattan, Bronx, Queens, Brooklyn) has several community boards that play important advisory roles in dealing with land use, zoning matters, the City budget, municipal service delivery, public safety, liquor licensing, […]

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Starting a Business? Preparing a Business Plan is Essential For Success

Starting a Business? Preparing a Business Plan is Essential For Success

It is very common for me to speak with business people who started their businesses without creating a business plan.  This is easy to understand because creating a thorough business plan that covers all of the essential topics is time-consuming. It is also frightening because it forces the prospective business owner to face issues related to starting […]

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How to Start a Business with a Partner

How to Start a Business with a Partner

It is impossible to overstate how carefully one must approach starting a business with a business partner.  First and foremost, there must be open and honest communication about each person’s vision for the business, goals and exit strategy, roles, abilities and limitations, and there must be appropriate documentation prepared setting out what the business relationship […]

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Determining Whether You Must Pay Your Interns

Determining Whether You Must Pay Your Interns

Internships can be mutually beneficial, but not all internships may be unpaid, contrary to what it seems many believe. Set out below is guidance from the US Department of Labor on the issue: Fact Sheet #71: Internship Programs Under The Fair Labor Standards Act This fact sheet provides general information to help determine whether interns must […]

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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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Your Initial Legal Obligations As A New Employer In New York

Your Initial Legal Obligations As A New Employer In New York

When hiring employees, businesses must comply with numerous filing, reporting and insurance requirements. In addition to federal requirements, New York requires businesses to report various types of information about their employees.  The New York State Department of Taxation and Finance has prepared a comprehensive guide to hiring employees in New York, which can be found here. […]

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Things Entrepreneurs Never Should Say

Things Entrepreneurs Never Should Say

We regularly advise entrepreneurs about how to start out properly and how to deal with particular issues that are likely to arise, and this piece by small business expert Rhonda Abrams could not have said some things better. Below are seven things that she says entrepreneurs should never say, and we agree: I have come […]

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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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Protect Your Liquor License: Food, Hours, and Drink Specials

Protect Your Liquor License:  Food, Hours, and Drink Specials

Holders of a New York liquor license permitting the consumption of alcohol on premises should note the following rules related to food, hours, and drink specials: FOOD All on-premises retail licensees are required to have food available for purchase and consumption by patrons. Where the licensee will not be preparing the food but will enter […]

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The Importance of Well Drafted Employment Agreements

The Importance of Well Drafted Employment Agreements

Not every business is of the type that requires contracts with employees, particularly businesses that have high employee turnover, but, otherwise, most business owners should seriously consider whether to enter into employment agreements with their employees.  Some of the reasons for doing so are to clearly define the employee’s job and your expectations; clearly set out compensation; […]

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The Importance of Non-compete and Non-solicitation Provisions in Your Employment Agreements

The Importance of Non-compete and Non-solicitation Provisions in Your Employment Agreements

If you are going to have your employees sign employment agreements, then you should assess whether to ensure that those agreements include non-compete and non-solicitation provisions. A non-compete provision prohibits the employee from entering into a business that is competitive with yours for some period of time after the termination of their employment with your […]

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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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Stay Focused and Run Like Heck: Some Thoughts About Crisis Management For Entrepreneurs

Stay Focused and Run Like Heck:  Some Thoughts About Crisis Management For Entrepreneurs

Being an entrepreneur is not easy; there will be great days and there will be terrible ones.  Even with all the best and thorough planning in the world, there will be events that occur that were not in the plan that we must be able to deal with in a focused, decisive, and winning way. […]

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7 Steps to Starting Your Own Business

7 Steps to Starting Your Own Business

We’ve compiled a detailed list of steps for forming a business in New York, which you can find here, but this article is more broadly applicable and sets out a great roadmap: People are always asking for a list of fundamentals, a checklist they can use to start their own businesses. From your business type […]

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How Rent Control Works in New York City

How Rent Control Works in New York City

Legal Foundation The “local emergency housing rent control act” provides authority for “the city rent and rehabilitation law”, which governs rent control in New York City. The Division of Housing and Community Renewal (DHCR) in turn has promulgated regulations pursuant to the city rent and rehabilitation law that govern rent control in New York City. […]

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New York Liquor Licensing: The 200 and 500 Foot Rules

New York Liquor Licensing:  The 200 and 500 Foot Rules

If you have thought about obtaining a New York Liquor License, I am sure that you have heard, at the very least in passing, meanderings about the 200 and 500 foot rules and how they apply.  Here is how they work in a nutshell (a more detailed explanation can be found here). The 200 foot […]

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No BYOB If You Do Not Have A Liquor License

No BYOB If You Do Not Have A Liquor License

A common misconception that I often hear about the need to obtain a New York liquor license is usually stated something like: “Well I don’t really need the liquor license if I let them bring their own alcohol anyway.”  In New York, that is dead wrong and will cause you many problems if you are […]

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How to Pick the Right NYC Business Lawyer for Your Startup

How to Pick the Right NYC Business Lawyer for Your Startup

This is a great and very scary story that teaches an important lesson about choosing the right NYC business lawyer: Picking the right attorney in your startup is as important as picking the right business partner. You can’t underestimate the importance of selecting an attorney who “gets” your business model, your market opportunity, and most […]

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How to get a liquor license in New York

How to get a liquor license in New York

INTRODUCTION Preliminarily, there are many different types of liquor licenses that one can obtain in New York. This article focuses on licenses for on premises consumption and on licenses for off premises consumption. Obtaining a liquor license in New York is no easy task. Although the state liquor authority (referred to throughout as SLA or […]

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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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3 steps for dousing the flames of job burnout

3 steps for dousing the flames of job burnout

When deadlines seem out of reach, meetings are nonstop and requests from clients and colleagues are overwhelming, it can frustrate even the most upbeat employee. Nearly everyone has experienced a bad day at the office. But for some employees, that bad day can extend for weeks or even months and may result in motivational and […]

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8 Things Entrepreneurial People Do Differently

8 Things Entrepreneurial People Do Differently

– They never give up; – They do instead of fantasizing about “one day”; – They’re brave enough to commit to their dreams; – They think of their customers more than themselves; – They never stop learning; – They find and fill a need of the world; – They take old ideas and make them way, way […]

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The Special Challenges of Retiring From a Business You Own

The Special Challenges of Retiring From a Business You Own

RETIRING is challenging for almost everyone. But if you’re a small-business owner, preparing to hand your company to your children can create an even bigger knot of anxiety–worries about financial security, the legacy of your life’s work and the prospects for your offspring. The process can touch everything from spreadsheet-driven company valuations to awkward talks […]

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How to Decide if Entrepreneurship is Right for You

How to Decide if Entrepreneurship is Right for You

Ask the following very important questions: 1. Am I passionate about my product or service? 2. What is my tolerance for risk? 3. Am I good at making decisions? 4. Am I willing to take on numerous responsibilities? 5. Will I be able to avoid burnout? read more from the Wall Street Journal here This […]

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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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When You’re CEO, Your Job Is to Solve Every Kind of Crisis

When You’re CEO, Your Job Is to Solve Every Kind of Crisis

By the author: I come from an entrepreneurial family, and I always knew I wanted to do something on my own. After years of working for Victoria’s Secret and Nike, I started Noi Solutions to help retailers manufacture their goods in Bangladesh and to help Bangladeshi factories market their capabilities to retailers. That same month, […]

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