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Why Your Partnership Needs a Formal Agreement

Your Business May Already Be a Partnership
Unlike other types of business entities such as a corporation or a limited liability company, a partnership can be formed without any written agreement or filing with the government. New York law defines a partnership as an association of two or more people formed to carry out business for profit as co-owners. Courts have looked to the conduct, intentions, and relationship between parties in determining whether a partnership existed. As this determination depends highly on the individual facts and circumstances of a relationship, it is a frequent source of litigation.

The Default Rules May Not Be What You Expect or What is Best for Your Business
If your partnership lacks a formal agreement, the New York Partnership law provides for many of the key provisions that are typically in such an agreement. However, much of this law represents an attempt by the State legislature in 1919 to create a set of rules for every partnership whether it had 2 members or 100. Many of these hundred-year-old, one-size-fits-all provisions may not be desirable for your particular business.
Continue reading “Why Your Partnership Needs a Formal Agreement”

Protecting Your Business from Construction Injury Claims

The owners of small businesses that provide general contracting or construction trade services know that workers’ compensation and commercial general liability insurance is expensive. Unless your company has also taken the steps discussed below, all the money spent for those policies may not fully protect your company in the event of a worksite personal injury claim. Continue reading “Protecting Your Business from Construction Injury Claims”