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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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