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Buffalo, New York Legal Blog

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.

Deciding upon a business entity

Choosing the right sort of business formation is one of the most important determinations you will need to make when creating a small business. For many entrepreneurs, It often makes sense for entrepreneurs to create a limited liability company (LLC), S-Corporation or partnership. This is due to minimal expense, ease in setup, and various tax considerations.

All three of these entities are attractive due to being pass-through entities. This means income from the business ultimately ends up reported on one's personal tax returns.

The NYS liquor license process

Obtaining the right to sell liquor in New York is complex and expensive. Renting the right location could cost several thousand dollars per month. Depending on the location, purchase of real estate for your business could prove cost prohibitive. You will need to buy several thousand dollars of inventory each week that you need to sell. And you will have to hire a trustworthy staff.

Yet you can’t even begin selling liquor without having the correct license in place. A license is difficult to obtain. Suspensions of liquor licenses due to employee misconduct, sales to underage drinkers, intoxicated customers and crimes taking place on premises are common.

Planning and opening of a new business

There are already a large number of challenges that business face in remaining solvent. Legal issues may arise. Disputes can occur due to poorly worded agreements. And sometimes the failure to take immediate action can result in problems getting out of hand.

However, owners can take certain steps that better ensure success. Common considerations for new business owners include:

NY Court of Appeals ruling presents difficulties for defendants

The New York Court of Appeals, our state's highest court, recently decided Rodriguez v. City of New York. The court held that plaintiffs do not have the burden to establish the absence of their own comparative negligence in order to win partial summary judgment.

Such a ruling will create difficulties for defendants in lawsuits. Due to this ruling, defendants can expect to see more summary judgment motions filed by plaintiffs.

Another New York discrimination suit filed

It is important to take any employment lawsuit seriously. These sorts of lawsuits disrupt business and can be expensive and time consuming. And many of these lawsuits are entirely avoidable.

A New York resident residing in Schenectady County recently brought a lawsuit against her employer regarding discrimination and sexual harassment allegations. While working for a number of years as a shift leader, the plaintiff claims to have been victim of harassment at the hands of an assistant general manager.

The challenges business startups face

Without question, startup businesses contribute greatly to both the local and national economy. Yet depending on who you believe, it is difficult to determine whether startups are doing better or worse in our nation's economy.

A recent New York Times article suggests that while there is a great deal of good news concerning today's economy, there has been a decline in the number of startup companies during the last few decades. The article goes on to say that we need to figure out a new set of policies to bring startups back, and that a decline in overall competition is contributing to this problem.

Saline in IV solutions and potential malpractice

While injuries or illnesses may result when receiving medical care, this does not mean there was a medical mistake. Such injuries may be the result of other factors.

In New York and throughout the country, hospitals use IV bags for dispensing of intravenous fluids including saline. Research now appears to indicate that the saline dispensed may result in kidney failure and even death for patients.

Obtaining and protecting your New York liquor license

There is plenty of competition for obtaining a New York liquor license. New York's Division of Alcoholic Beverage Control regulates approximately 70,000 licenses in a variety of different zones. In a state of close to 20 million residents, many other businesses would like to license as well.

Whether wholesale or retail, obtaining a liquor license is an extensive undertaking. A thorough investigation takes place by the licensing authority upon submittal of an application. There will also be an investigation of all individuals seeking the license, where sale of liquor is to take place, and the methods for financing the venture.

The key to starting a successful business

We've emphasized on this blog the importance of business planning. A strategic business plan almost doubles the chances for securing capital and business success.

According to the Small Business Administration, approximately 80 percent of new businesses will fail within the first five years. This is largely because the business owner is unsure how to market their product and services, and is also unsure how to raise finances. Many new business owners simply do not have a realistic idea as to how much money they will require.

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