Starting a Business

One good Reason for a Shareholders Agreement……..

….keeping control by restricting the transfer of shares. You, your best friend Jane and Jane’s cousin opened a store and online business selling luxury pet supplies under various brand names.  You run the business through a New York corporation.  Each of you has equal ownership in the corporation.  Everything goes well, your products get mentioned … Read More

Dissolving a Mistake LLC

Let’s say you formed an LLC, because all of your business friends did, but then it turns out it is really not the right form of business entity for you and your fellow founders.  You haven’t started doing business with the LLC, the LLC has no assets, no members, and you just want to make … Read More

Naming your Business – Legal Issues to Consider

Good post by Small Business 2.0 on the creative side of choosing a business name: 18 Pithy Insights into Naming your small Business. Here are a few points on the legal aspects of choosing a name for your New York business. First it is helpful to understand that "business name" can mean different things in … Read More

FAQ: Choice of Entity

Articles on choice of business entity are a dime a dozen.  Here is one that stands out from the crowd: FAQ on Choice of Entity. (Another big firm resource free for the taking) See also Choosing between an S corporation and an LLC – The New York Perspective, by Yours Truly.  

Why many Small Businesses still choose an S Corporation over an LLC

If your goal is to limit liability of your business and deduct business losses from your non-business income, your choices for a business entity basically boil down to a New York limited liability company (LLC) or an S corporation (which is a New York corporation that has elected pass-through tax treatment by filing Form 2553 … Read More

Should we incorporate our Small Business in Delaware?

More often than not, a small business operating out of New York is well advised to incorporate in the Empire State. While you could theoretically incorporate in any of the 50 states (including Delaware), incorporating in another state such as Delaware adds additional costs and almost no benefits to the small business corporation. Let’s look … Read More