Kirwan Law Firm, P.C.Syracuse NY Lawyers | Business Law, Litigation Attorneys2024-03-26T01:39:24Zhttps://www.kirwanlawnewyork.com/feed/atom/WordPress/wp-content/uploads/sites/1401558/2019/11/cropped-kirvan-favicon-32x32.pngOn Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477822024-03-26T01:39:24Z2024-03-26T01:39:24ZReaffirm your commitment
February 2024 saw 436,358 applications for business licenses, and many of these entrepreneurs committed to partnerships with others. If your partner starts cutting you out, remind him or her of your dedication to the business and your shared vision. Emphasize the importance of working together as a team to achieve mutual success. Reinforce your willingness to collaborate and contribute positively to the company’s growth.
Communicate openly and clearly
Initiate a conversation with your partner to express your concerns. Clearly outline the specific instances where you felt excluded or marginalized. Avoid accusations. Focus on how their actions have affected you and the business.
Listen and try to understand the reasons behind your partner's behavior. Perhaps there are underlying issues or misunderstandings that you need to address. Then, ensure that both parties have a clear understanding of their duties and decision-making authority within the business.
Propose solutions
Offer constructive suggestions on how to improve communication and collaboration within the partnership. Propose regular meetings or check-ins to discuss important decisions and keep each other informed. Collaboratively identify strategies to address any existing issues and prevent similar situations in the future.
Document everything
Keep detailed records of all business transactions, communications and decisions made within the partnership. A written record can help protect your interests and provide clarity in case of future disputes or disagreements.
Maintain a proactive and solution-oriented mindset throughout the process. Stay committed to resolving conflicts and rebuilding trust within the partnership.]]>On Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477792024-03-07T22:29:48Z2024-03-07T22:29:48ZGeneral liability insurance
General liability insurance provides coverage for claims of bodily injury or property damage against your business. It covers accidents that occur on your business premises or as a result of your business operations. Plus, it will protect your business if you have to go to court over a claim.
Professional liability insurance
Professional liability insurance, or errors and omissions insurance, is another important type of business insurance. It provides coverage for claims of negligence or errors in the services you provide. This insurance is important for businesses that provide professional services, such as doctors, lawyers and consultants.
Property insurance
Property insurance covers damage to your business property, such as buildings, equipment and inventory. Damage may be due to events like fire, theft or vandalism. This insurance can help cover the cost of repairing or replacing damaged property. It is a big help when recovering from unexpected losses.
Business interruption insurance
Business interruption insurance provides coverage for lost income and extra expenses that result from a covered event. Events are dependent upon your specific policy and may include anything that interrupts your business operations, such as a natural disaster or fire.
You have many options regarding the types of business insurance you may get. Most people choose the general liability option, but you should decide what coverage you need based on your specific situation.]]>On Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477772024-02-28T04:25:20Z2024-02-29T04:19:03ZInvestigation and gathering evidence
The first step in civil litigation for a personal injury case involves gathering evidence. This includes collecting medical records, witness statements, accident reports and any other documentation relevant to the case.
Filing a complaint
With sufficient evidence in hand, the next step is filing a complaint with the appropriate court. The complaint outlines the details of the incident, the injuries sustained and the legal basis for holding the defendant accountable. Filing a complaint officially initiates the civil litigation process.
Discovery phase
During the discovery phase, both parties exchange information and evidence related to the case. The discovery phase allows each side to gather additional information and build their arguments in preparation for trial.
Trial
If a settlement is out of the question, the case proceeds to trial. During the trial, both sides present their evidence and arguments to a judge and jury. The plaintiff must prove that the defendant's negligence or wrongful actions caused their injuries. A verdict is then rendered based on the evidence presented during the trial.
Appeals
In some cases, either party may choose to appeal the verdict if they believe there were errors during the trial. The appeals process allows for a review of the trial proceedings and decisions by a higher court.
There were 45,523 federal personal injury cases in 2020, to say nothing of the potentially hundreds of thousands of cases at the state and local levels. The vast majority of these personal injury cases are civil in nature, rather than criminal. That is why it is so important for those pursuing a personal injury claim to understand the civil process.]]>On Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477752024-02-21T14:59:22Z2024-02-21T14:59:22ZSelf-employment tax savings
An S corporation can allow owners to save on self-employment taxes. The reason is that the arrangement divides ownership with shares instead of a partnership agreement.
Shareholders can receive income in two ways: salary and distributions. Shareholders who work in the business must pay themselves a reasonable salary, subject to employment taxes. However, they can take the remaining profits as distributions, which are not subject to self-employment taxes.
This strategy can lead to significant tax savings for S corporation shareholders while still complying with regulations. Even if a business starts an LLC, the owner or owners can register with the state and federal government for treatment as an S corporation at a later date.
Tax savings on corporate benefits to employees
An S corporation enables a company to deduct corporate benefits as business expenses for items like health insurance, retirement plans and other perks. In sole proprietorships and partnerships, such expenditures may not receive the same treatment. By leveraging the tax advantages of an S corporation structure, businesses can attract and retain talented employees by offering competitive benefits packages without incurring additional tax burdens.
Easier ownership transfers and estate planning
An S corporation can offer estate planning benefits in the way owners transfer shares to family members or heirs. For example, shareholders can gradually transfer ownership without triggering immediate tax consequences. This gradual transfer can help minimize estate taxes upon the owner's passing.
Additionally, S corporations can simplify the continuity of business operations after the owner's death. Ownership shares can easily pass to heirs without disrupting the company's structure or dealings.
S corporations offer unique benefits that are worth examining. Business owners should periodically review their company structure to determine when it might make sense to file as this entity.]]>On Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477732024-02-03T21:42:13Z2024-02-07T21:42:06ZVision and goals no longer align
When business allies do not have the same perspective and desires, it creates a rift that can harm profits. In cases where discussions about the company's direction lead to tension, it may indicate that the partnership should end.
Constant conflict
While disagreements are normal in any business relationship, knockdown fights are not. If partners cannot resolve disputes and find that their interactions are more often negative than positive, the union may be responsible for hindering growth.
Trust issues
Knowing that someone is loyal remains the foundation of any healthy business partnership. Should doubts about decisions, honesty or integrity arise, ending the partnership may be for the best. Concerns can stem from broken promises, undisclosed financial decisions or a general lack of transparency. Once trust erodes, partnerships often become unsustainable.
Inconsistent work ethics
Differing work ethics typically lead to frustration and tension. There is an inherent imbalance when one partner is always willing to go the extra mile while the other does the bare minimum. It may be impossible to get the slacking person to change.
Early recognition of these signs can avoid prolonged stress and keep a business thriving. Although the choice to end a partnership is never easy and sometimes involves litigation, parting is occasionally the wisest path forward.]]>On Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477712024-02-02T03:29:16Z2024-02-02T03:29:16Z1. Seek prompt medical attention
The first and most important step after a car crash with injuries is to seek medical attention for yourself and any passengers involved. Even if injuries appear minor or non-existent, it is important to undergo a thorough medical evaluation to assess and document any potential injuries. Delaying medical treatment can exacerbate injuries. It can also complicate insurance claims or legal proceedings down the line.
2. Notify law enforcement and document the scene
Contact law enforcement immediately to report the car crash and request assistance. Authorities will document the scene, gather relevant information and create an official accident report. While waiting for authorities to arrive, take photographs of the accident scene. Be sure to include vehicle damage, injuries, road conditions and any contributing factors, such as traffic signs or weather conditions. Collect contact information from witnesses if possible. Their statements may be valuable for insurance claims or legal proceedings.
3. Preserve evidence and exchange information
Preserve evidence related to the car crash, including vehicle damage, medical records and any correspondence with insurance companies or medical providers. Exchange contact and insurance information with the other parties involved in the crash. However, make a point to avoid discussing fault or liability at the scene. Keep communication factual to avoid inadvertently compromising your legal position.
Taking these steps can help ensure a smoother recovery process after a wreck. It can also help facilitate the resolution of any legal or financial matters arising from the car crash.]]>On Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477692024-01-25T18:26:08Z2024-01-25T18:26:08ZIncreased demand and customer base
A surge in demand for your products or services, coupled with a growing customer base, is a clear sign that expansion may be necessary. If your current operations struggle to meet the rising demand, expanding can help you keep up with customer expectations.
Consistent revenue growth
Steady and consistent revenue growth over an extended period is a positive signal. If your business consistently outperforms previous financial periods, it may be an opportune time to consider expansion. Expanding when your business is financially stable increases the likelihood of success.
Strained resources and capacity
If you find your resources consistently stretched to the limit, whether it is production capacity, office space or staff, it is a sign that expansion may be beneficial. Expanding allows you to alleviate these constraints and operate more efficiently.
Market opportunities
If there is a demand for your products or services in new geographic areas or demographic segments, expansion can help you capitalize on these opportunities and reach a broader audience. The SBA recommends updating your marketing plan with your new location(s) in mind to ensure you are accounting for additional marketing and sales costs and not just focusing on the upside.
Competitive landscape
Keeping a close eye on your competition is important. If competitors are expanding or entering new markets successfully, it may be an indication that similar opportunities exist for your business. Staying competitive often involves strategic expansion to maintain or gain market share.
Technological advancements
Advancements in technology can create expansion opportunities. If new technologies can enhance your operations, reach a wider audience or improve your products or services, it may be wise to consider expansion as a means of integrating these advancements into your business.
Diversification goals
If you have a strategic plan to diversify your product or service offerings, expansion becomes a key move. Diversification can help mitigate risks and open up new revenue streams for your business.
By staying attentive to these signs, you can make informed decisions about when to expand your business.]]>On Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477672024-01-11T20:52:30Z2024-01-11T20:52:30Z1. Business plan
Your business plan serves as the roadmap for your venture. It outlines your goals, target market, competition analysis and financial projections. Crafting a comprehensive business plan not only clarifies your vision but also helps you secure funding and attract potential partners or investors.
2. Articles of Incorporation or Organization
If you are forming a corporation or a limited liability corporation, filing Articles of Incorporation (or Articles of Organization for an LLC) is a legal requirement. These documents officially establish your business entity with the state. They typically include information such as your company's name, address, purpose and the names of initial directors or members.
3. Employer identification number
An EIN is a unique identification number issued by the IRS for your business. This nine-digit number is important for tax purposes, opening a business bank account and hiring employees. Applying for an EIN is a straightforward process you can do online through the Internal Revenue Service website.
4. Operating agreement or bylaws
For limited liability companies, having an operating agreement is important. This document outlines the rights and responsibilities of members and helps prevent misunderstandings. Corporations, on the other hand, need bylaws to establish the internal rules and structure of the company.
5. Business licenses and permits
Depending on your location and industry, you may need various licenses and permits to operate legally. Research and obtain the necessary permits at the local, state and federal levels to avoid legal complications down the road.
6. Contracts and agreements
Clearly defined contracts are important for any business. Whether it is a client agreement, partnership contract or employment agreement, having written agreements in place helps protect your interests and minimizes the risk of disputes.
The success of your business starts with proper documentation. These key documents provide a solid foundation. They ensure legal compliance, foster transparency and set the stage for a thriving enterprise. By investing time and effort in preparing these documents, you pave the way for a smoother and more secure entrepreneurial journey.]]>On Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477652024-01-03T01:42:09Z2024-01-03T01:42:09ZReasons behind the rule
More than 60% of The Empire State gets over 70 inches of snow every year. In Syracuse, at least 0.1 inches of snow falls for 65.5 days annually, totaling 127.8 inches. When snow falls for days on end, clearing it is problematic.
The storm-in-progress doctrine finds its roots in balancing responsibilities. Property owners can not predict or control when a storm will hit. Holding them accountable for accidents during a storm would be unrealistic. This rule acknowledges the challenges property owners face in dealing with hazardous conditions while a storm is still happening.
The doctrine allows property owners a reasonable timeframe to address hazardous conditions. It considers factors like the storm's intensity, duration and the property owner's ability to take necessary precautions. This doctrine also underscores the impracticality of expecting instant snow and ice removal during a storm.
Risks of slips and falls
Even with the storm in progress doctrine, slips and falls on snow and ice lead to injuries. Icy sidewalks, parking lots and snowy pathways create risky conditions, often resulting in fractures, sprains and concussions.
Walk with smaller steps, keep your center of gravity over your feet and wear slip-resistant footwear. Utilize handrails for support, and be aware of hidden ice patches. Taking these precautions ensures safer mobility and reduces the chances of accidents during wintry weather.
Proactive measures
While the storm-in-progress doctrine offers protection, property owners should still take steps to reduce risks whenever possible. This may include regular snow and ice removal, using warning signs and ensuring well-lit pathways. Addressing potential hazards promptly helps property owners contribute to overall safety.
Property owners remain responsible for maintaining reasonably safe conditions. Victims may seek compensation if they can demonstrate that the property owner failed to take reasonable precautions, contributing to their injury.]]>On Behalf of Kirwan Law Firm, P.C.https://www.kirwanlawnewyork.com/?p=477632023-12-30T03:42:06Z2023-12-30T03:42:06ZContain the breach
The first step is to contain the breach. This means identifying the source of the breach and taking immediate action to prevent further data loss. This could involve shutting down compromised systems, changing passwords or disconnecting from the internet. Quick action can limit the extent of the breach and reduce its impact.
Assess the breach
Once you have contained the breach, assess its scope and impact. Determine what information the breach compromised, how many people it affected and the potential consequences. This assessment is necessary in planning your next steps and in reporting the breach to authorities and affected individuals.
Notify the appropriate parties
New York has specific laws regarding data breach notifications. Businesses must notify all affected individuals as soon as possible. The notification should include details about what happened, what information it involved and what steps the business is taking in response. Businesses may also need to notify government agencies, depending on the severity and nature of the breach.
Review and improve security measures
After addressing the immediate concerns of the breach, review your current security measures. Identify any weaknesses that led to the breach and take steps to strengthen your security. This might include updating software, training staff on cybersecurity best practices or hiring a cybersecurity expert to review your systems.
Develop a communication plan
Effective communication is key in managing the aftermath of a data breach. Develop a communication plan to keep stakeholders, including employees, customers and partners, informed about the situation and the measures you are taking. Clear and transparent communication can help maintain trust and confidence in your business.
Experiencing a data breach can be a challenging ordeal for any New York business. However, by taking these steps, businesses can effectively manage the situation, minimize damage, and prevent future breaches.]]>