Did you know that there are actually limits in New York as to how much a lender can charge you in interest? In general, no person or entity may charge interest in excess of 16% per annum. That is set forth in New York General Obligations Law Section 5-501 and is called civil usury. If … Read More
You may have signed a contract for your small business that you really shouldn’t have. Or you are being asked to perform under an agreement and think that such demand is not what you agreed to or just grossly unfair. So you ask yourself, “can I get out of that contract?” What does your Contract … Read More
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
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
When you enter into a contract (or agreement, same thing really) you cannot possibly foresee all future developments of the relationship that is governed by that contract. As a result, you may find yourself in a situation where you have to amend an existing contract. How do you amend a contract? By entering into a … Read More
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
Easy Money or Debt Trap? Merchant Cash Advances are often the small business owner’s last resort for cashflow. When an SBA loan or any other business loan is out of reach, Merchant Cash Advance businesses are eager to give the business owner money. It only takes a couple of days, minimal paperwork, and the money … Read More
