Plaintiffs’ Word Not enough to prove Damages at Inquest

What happens if you bring a lawsuit and the defendant does not defend themself, because either they fail to answer or fail to comply with a court order to participate in the litigation? You can move for a default judgment to get what you’re asking for, even if the defendant does not participate. But even … Read More

Traps for the Unwary in DIY LLC Operating Agreements

I’m all for saving money where you can, but using one of those do-it-yourself LLC operating agreements is what they call “penny-wise and pound foolish.”  I have had many conversations with LLC members who have fallen out with the other LLC members. They usually want to know what their rights are.  Then we look at … Read More

Navigating Due Diligence in your Small Business Asset Purchase

Buying a business via an asset sale means that you are not just buying THE Business as a concept; you are in fact buying all furniture, equipment, inventory, names, phone numbers, contracts, and everything else that makes the business operate. Your purchase agreement may state that you are buying “substantially all the assets of business … Read More

Navigating the Term Sheet in your Business Asset Purchase

When buying or selling a business, the parties often use a term sheet to memorialize the basic terms of the planned transaction. Term sheets are also called “letters of intent” or “memorandum of understanding”, sometimes they use abbreviations, like LOI or MOU. Term sheets are good to get clarity on certain terms and knowing early … Read More

LLC Maintenance Tasks

Keeping your LLC in Tip Top Shape

If you conduct your business through a New York Limited Liability Company, you want to make sure that you keep up with all ongoing maintenance obligations so that you do not run into problems later, such as being accused of mismanagement or someone trying to make you personally liable for LLC obligations. Failing to make … Read More

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