The Art of Using Recycled Agreements and where to find them
In 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 paid the big bucks for recycling work product? Justin states: "I believe that the value provided by the attorneys at my firm (and, for that matter,...
Read MoreEnd-of-Year Resolution: Clean up your Corporate House
In 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 shareholders, you are well advised to keep an organized and up-to-date corporate record book. (Look here for five reasons to keep your corporate minute book...
Read MoreBoard of Health approves Trans Fat Ban
New 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 without slowly killing...
Read MoreAnother Limitation of “Limited Liability”: Personal Guarantees
If 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 to see that you put some of your own skin in the game. Thus, even though you, as a busines owner, are not liable for the debt obligations of the LLC or...
Read MoreSBA Express Loans
As 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 to small businesses by commercial banks. Many business owners think that SBA loans are a lot of paperwork and that it takes a lot of time to actually...
Read MoreThe Blogosphere Week in Review
Drafting 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 York parties. Partnership Basics.Forbes.com explains the basic principles of partnership law. You can find New York’s partnership laws...
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