A business trust, also known as a common law trust, is a way of holding a stakeholder's rights. Like an individual trust, you appoint a trustee to manage the business trust. In New York, you can name more than one beneficiary. Additionally, the business can be owned...
For entrepreneurs starting businesses in New York, one of the initial steps they will need to complete is deciding what form it will take. Choosing a legal entity structure for a business involves determining the type of liability protection the entrepreneur needs and...
There are plenty of reasons for New York business owners to sell their companies. However, the process is often a lengthy one that requires a number of steps for both the buyer and the seller. If you’re considering putting your business up for sale, there are some...
During the planning stages of your New York partnership, you should prioritize setting up a partnership agreement. This legal document details each partner's responsibilities and can prevent future legal action. In addition, this guide will help you determine which...
The spirit of entrepreneurship is at the heart not only of New York’s economy but the United States economy as a whole. While the allure of being your boss can be very enticing, some preparation must occur before you start your own business. Writing a quality business...
If you're in New York and dealing with a contract, you might encounter the concept of anticipatory breach. Under the umbrella of business and commercial law, an anticipatory breach occurs when one party to a contract declares their intention not to perform their...
Corporate bylaws for New York corporations detail the structure that guides the internal operations of an entity. They provide a means to ensure that the company complies with state laws and has a transparent process for accountability and decision-making. Bylaws...
Two parties create a contract when one offers to perform — or not perform — a valued action or service, and the other party willingly accepts the offer. A breach occurs when one or both parties fail to fulfill their contractual obligations. This post discusses the...
If you do not want the hassles of running a business daily in New York but want to invest in a company, finding a person looking for a limited partner may be a good solution. As a limited partner, you invest capital into the business, but you cannot control any aspect...
Applying for your EIN in New York is an easy process when you apply via the Internal Revenue Service (IRS) website. The IRS offers several ways to submit your application. You can apply online, by mail or via fax. According to the official IRS website, applying for an...
