Before you buy any interest in a business, it is crucial to confirm what you are buying and take all of the formal steps necessary to complete the transaction. In the case of purchasing an LLC interest, the most important document to be reviewed is the LLC Operating Agreement. An LLC Operating Agreement (or Shareholder’s Agreement … Read more
It’s common for parties who have existing or regular dealings with each other to buy and sell services or goods without a contract. Instead, the parties will simply invoice each other for payment. New York law recognizes that the parties may have an implied agreement based on such invoices and they can sue for payment even though … Read more
In July of 2014, Governor Cuomo signed the Compassionate Care Act (“CCA”) authorizing the manufacture, sale and use of medical marijuana within New York State. The CCA has created a potential issue for those employers who conduct drug testing or otherwise have a written policy against the use of recreational drugs. The open question is whether … Read more
Earlier this year, New York State and New York City enacted significant changes to sexual harassment laws that affect employers and employees. Both laws mandate sexual harassment prevention policies and annual training along with other changes. These requirements go into effect July 11, 2018 through April 1, 2019 depending on the provision. Below is a … Read more
It is usually clear from the terms of a contract how long the parties want the contract to remain in effect—the contract provides for a set term or task to be performed, possibly with options to extend it when certain criteria are met. However, in some instances, parties may remain bound by the terms of … Read more
A loan guaranty is often needed in situations where a closely held corporation or LLC is borrowing money. Since such companies generally lack the collateral a bank wants to secure a loan, the bank requires an individual (usually a shareholder or member) to personally guarantee repayment of the loan in order to make the loan. … Read more
Earlier this year, the U.S. Department of Labor through its Wage and Hour Division (the “Division”) announced a new pilot program to expedite resolution of inadvertent overtime and minimum wage violations under the Fair Labor Standards Act (“FLSA”). The program allows employers to self-report potential violations, reducing the time, money and resources spent to address … Read more
Many employees within the construction and restaurant industries in New York State claim that their employers exploit them by refusing to pay them the agreed upon amount, not paying overtime and permitting unsafe working conditions. Most, but not all, of these abuses occur in non-union employment situations where there is no organization keeping an eye … Read more
Effective January 1, 2018, all private employers (and many public employers) in New York State are required to allow employees to take paid leave in certain circumstances. The law applies to all private employers with at least one (1) employee. Although the paid family leave law only just went into effect this month, employers have … Read more
Internships are widely considered to be beneficial for students, even if they are unpaid. They are supposed to provide practical experience and insight into how the student’s education is applied in a work setting. However, just because a student agrees to an unpaid internship, this does not mean that the employer automatically avoids liability under … Read more