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Promissory Notes

Promissory notes are a common instrument in the financial world, but do you know what they are?  Here are the basics: What is a Promissory Note? A Promissory Note (also known as “note” or “negotiable instrument”) is a written statement that evidences that money is owed to you by the author (also known as “maker”) … Read More

Legal Mistakes to Avoid in Business Agreements

Legal Mistakes to Avoid in Business Agreements

What kind of legal Mistakes should you avoid in Business Agreements? I’ve seen my share of dumb legal mistakes made by any type of business owner.  New and experienced business owners alike remind yourself every once in a while of these common dumb legal mistakes when dealing with business agreements. Legal Mistake 1: Not Getting … Read More

Gig Economy Essentials: Understanding the Service Agreement

If there is one agreement that every independent contractor will encounter in this gig economy, it is the service agreement.  If you are not selling or buying widgets, you are most likely providing services.  Either you will have an agreement to present to your clients, or your clients will present you with their agreement, which … Read More

Legal Mistakes to Avoid in Business Agreements

What goes into an Operating Agreement

An operating agreement is the document that sets forth the rights and obligations of the members of a Limited Liability Company.  Section 417 of the New York Limited Liability Company Law provides that “the members of a limited liability company shall adopt a written operating agreement that contains any provisions not inconsistent with law or … Read More

How to Execute a Contract – Good Practice Checklist

You put it in writing, you aced the negotiations, and you are ready to execute the contract.  Don’t let down your guard at the last minute!  The following points are worth noting when executing a contract in New York.  While neglecting to follow the below points may not result in an invalid or unenforceable contract … Read More

Reviewing Agreements 101

Get it in Writing You’ve heard it before:  Get it in writing. No exceptions.  All terms should be expressly stated in the agreement, in detail.  While oral agreements are in many cases valid and enforceable, it is better to have it in writing.  You must have it in writing if the subject matter of the … Read More