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Buffalo New York Legal Blog

Finding out how much do you need to pay your employees

Increases in New York's minimum wage went into effect on Dec. 31. The changes impact businesses differently depending on where in the state your business is located.

The concern about such changes goes beyond the increased costs employers will face. It is also important to note that keeping track of what to pay employees will not become any simpler.

Business startups and company growth

Owners of business startups need to pay particular attention to helping make their company grow. But business growth can present its own set of issues. It means reinvesting profits back into the business. And it can also mean revisions to the organizational structure.

One business periodical provided some tips concerning the considerations owners of startups must make. These include:

Avoiding mistakes when selling your business

When putting a business up for sale, small business owners will wish to sell their business quickly and profitably. However, it’s always a good idea to be cautious.

One business periodical discussing mistakes to avoid when selling a business speaks about insufficient preparation, and business owners not appropriately valuating the worth of the business before placing it on the market. Especially when conducting a business sale in a hasty manner, mistakes are more likely to occur.

Employee rights violations and the consequences

Employees have many avenues to air their grievances. It’s therefore important for businesses to understand the rights their employees have.

The U.S. Equal Employment Opportunity Commission (EEOC) lists some specific rights employees have under federal law. Violations of these rights can result in potential liability. It may also damage the company’s reputation.

Deciding what to pay employees who receive tips

The Fair Labor Standards Act requires restaurant owners to pay tipped employees at least $2.13 per hour in wages. The employer can then take a tip credit for differences between wages paid and minimum wage requirements.

However, many tipped employees also perform services unrelated to receiving tips. Deciding what to pay such employees can be difficult.

Requirements for holding on to your liquor license

It's a complicated process for a New York business to obtain a liquor license. And once a business obtains the license, it can sometimes be difficult to retain it.

The New York State Liquor Authority (SLA) put out a handbook specifically addressing various questions entrepreneurs may have concerning liquor licenses. The handbook describes the types of liquor licenses a business can obtain, the types of alcoholic beverages allowable to sell, and the various conditions for keeping the license.

Seeking the right advice when starting a business

Anyone starting up a new business will need to consider a wide variety of financial considerations. They will need to create a strategy for bringing in revenue and attracting customers. In almost all instances, they will have to secure a certain amount of financing. Finally, they will need to hire the right employees.

A Forbes article provides guidance for entrepreneurs. To be successful, such individuals require dedication. Every venture contains challenges and risks, and therefore it requires understanding that rewards will not always be immediate.

Time To Sell Your Business? Call A Lawyer First.

For whatever reason you plan on selling your business, it's crucial to take the right steps. Among other things, it requires you close the business, create the appropriate sales agreement, and transfer ownership.

Simply because they've been involved in the process many times before, an experienced business lawyer can provide an invaluable service. There are so many considerations concerning the sale of a business, it is impossible to keep track of all that needs to be done without understanding the entire process.

Breach of contract claims and the statute of limitations

It appears the New York courts will soon revisit the issue of contract language used to modify the statute of limitations period when it comes to breach of contract issues. The particular case involves Deutsche Bank and Quicken Loans.

This matter concerns accusations regarding the purported sale of fraudulent residential mortgage-backed securities sold between December 2006 and May 2007. In the contract language, there was a provision to cure any possible breach of warranty issues. A court earlier decided that such language was improper.

Transactions involving asset sales and stock sales

Every business transaction is unique and requires careful consideration of individual circumstances. This is particularly true when it concerns sales or purchase of your business.

Almost every deal is transacted either by an asset sale or a stock sale.

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