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Purchasing Property with a Lease
Often when purchasing a company, certain assets pose issues not easy to discern. For example, a Purchaser can buy real estate through a purchase contract and perhaps even personal property such as furniture and furnishings, fairly easily. When purchasing real estate, title insurance can be ordered, surveys re-dated, and abstracts renewed. Information on mortgages can…
Read moreI received an unexpected offer to purchase my business. What do I do now?
Many business owners have been caught off guard by the receipt of an unexpected offer from a third party to purchase their business. Here are six immediate steps that you should consider taking if this happens to you. 1) Request a letter of intent. If you haven’t received a signed letter of intent (LOI) from…
Read moreReview Of Partnership And LLC Operating Agreements Needed Prior To January 1, 2018
In the past partnerships and limited liability companies that have elected to be taxed as partnerships[1] have rarely faced an Internal Revenue Service (“IRS”) audit. In part, this is because of the administrative burden faced by the IRS in attempting to collect tax resulting from partnership audit adjustments. The current partnership audit scheme requires partnership…
Read moreChoosing a Business Entity—Part Two
By Lindsay A. Getman, Summer Associate In part one of this series, we provided information on the benefits and disadvantages of sole proprietorships and partnerships as business entities. Part two of this series will discuss corporations and limited liability companies, two additional entity types that a business owner in New York may choose. These types…
Read moreChoosing a Business Entity
By Lindsay A. Getman, Summer Associate When forming a new business and deciding on the entity type for your business, there are a number of factors to consider. This two-part series will provide information on the benefits and hurdles of the four main types of business entities that New York State business owners might choose.…
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