Category Archives: Business & Corporate

Should I Incorporate My Business?

  • Jan 27 2017

By: Theodore Schneider, Esq. The primary advantages of operating as a corporation are liability protection and potential tax savings. Like any important decision, choosing whether to incorporate involves weighing the pros and cons of the various business structures and requires careful research. Once incorporated, the business becomes a separate legal entity, and assets of the corporation are separated from the owner’s personal finances. As a result, the owner’s personal assets (house, cars, savings, investments),...

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Oral Contracts & The Statute of Frauds- Is The Agreement Binding?

  • Sep 26 2016

By Ted Schneider, Esq. There is a widespread misconception that verbal contracts are unenforceable.  A contract made orally with another party, without embodying the particular terms in a signed writing, can still be valid and binding. However, without a signed writing, any disagreement between the parties concerning the deal terms will create multiple problems for both parties. In order for a court to enforce a verbal contract, each party will have to try to prove...

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Forming an LLC to Purchase Real Estate

  • Aug 31 2016

By: Ted Schneider, Esq. Ownership of real property is a risky business. There are many ways in which users of real property can become injured, from tenants falling down stairs, injuries from construction equipment, or even an entire building collapsing from natural forces or faulty construction. Landowners often become defendants in lawsuits claiming damages from the use of their property. Because of the inherent risks of owning real property, owners limit that risk by...

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Common Lawsuits Brought Against Small Businesses

  • Jun 17 2016

By Ted Schneider, Esq. It is impossible to predict every lawsuit that a small business might possibly face. There is nothing to prevent angry vendors, entitled customers, or disgruntled employees from filing a lawsuit, even if there is no legitimate basis for it. The more a business owner delegates responsibilities to employees, the greater the risk that an employee makes a mistake and exposes the business to a lawsuit. Even the most vigilant, hands on business...

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Is My Business Worth More Than its Tangible Assets?

  • Feb 29 2016

Goodwill is an asset that is an intangible part of a business being purchased. In spite of its intangibility, goodwill may be worth more than physical assets, such as buildings, machinery or inventory. Goodwill is the essence of the company’s value to its customers, clients, and employees – its good name, if you will – and, as such, is a critical asset to any buyer. It is easier, as many people intending to purchase a...

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Why Should I Incorporate my Small Business?

  • Dec 16 2015

By: Roy Schneider, Esq. Why Should I Incorporate my Small Business? Not every small business needs to form an LLC or a corporation in order to function. A child selling lemonade by the side of the road has no use for a Tax ID number, nor does it seem practical to set up a new business entity to host a garage sale or a Tupperware party. As a venture starts to grow from a hobby to a...

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Negotiating a Commercial Lease

  • Oct 7 2015

By Roy Schneider, Esq.  Negotiating a Commercial Lease? Be Sure to Address These Issues When it comes time for your business to move into a new commercial space, make sure you consider the terms of your lease agreement from both business and legal perspectives.  While there are some common terms and clauses in many commercial leases, many landlords and property managers incorporate complicated and sometimes unusual terms and conditions.   As you review your commercial...

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Seven Common Mistakes Employers Make

  • Oct 7 2015

By Ted J. Schneider, Esq. American employers are subject to numerous federal, state and local laws, imposing various requirements, including wage and hour and anti-discrimination laws. Unfortunately, many employers – particularly small businesses – are unaware of their legal obligations, and often violate various worker protection laws, resulting in expensive lawsuits, civil settlements and fines. Here are some common, costly mistakes employers make, all of which are easily avoidable with proper guidance and advice: Misclassifying...

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Five Considerations for Starting a New Business

  • Sep 1 2015

By Roy Schneider, Esq. 1. Deciding on a Business Form There are various business forms to choose from.  A sole proprietorship is the easiest to set up, manage, and maintain.  There is minimal paperwork necessary to set up a sole proprietorship since there is no distinction between the business and the proprietor.  Unfortunately, if a sole proprietorship faces a lawsuit, the owner’s personal assets are at stake. This can be avoided by registering a...

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Disaster DIY: Business Law Edition

  • Aug 4 2015

By Ted J. Schneider, Esq. Have you ever watched the TV show Disaster DIY on HGTV?  The premise of the show is that many people, who have no idea what they are doing when it comes to home remodeling, try the “do it yourself” (DIY) approach anyway.  The host of the show then comes in to save the day, repairing what the DIYers have destroyed, and teaching them how to properly perform certain tasks....

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