For start-ups, raising capital is a continuing challenge. After you’ve tapped friends and family, one way to meet that challenge is with convertible notes. A convertible note is a short-term debt that converts to equity at a pre-determined time, often when the start-up completes its first-round financing, bringing venture or external investors in for the […]
The Flag Rules
It’s finally Summer (the summer solstice is June 21), prime time for flying flags and displaying and using all sorts of flag-themed merchandise. In 1942, enacted rules, later codified in Title 4 of the U.S. Code, designed to prevent disrespect to the flag. About half of the states adopted similar rules. Herewith, a few of […]
Buy/Sell Agreements FAQs
What is the purpose of a buy/sell agreement? The name notwithstanding, a buy/sell agreement has little to do with the purchase or sale of the assets of a business. For that, we use an asset purchase agreement. A buy/sell is a contract among the owners of a business that sets the terms and conditions under […]
In California, Misclassifying Employees Just Got Harder.
Late last month, the California Supreme Court handed down a decision involving a package delivery service that had classified its drivers as independent contractors. The decision was unanimous. The court set out clear guidelines for establishing when wage orders setting minimum wages will apply to workers, stating that, in order to classify a worker as […]
Buying a Business? Insist on a Transition Services Agreement
If you are buying a business, a smooth and seamless transition to new ownership is key to maintaining cash flow and securing the foundation on which to increase market share, add customers and grow revenue. Often a buyer’s focus is on obtaining an agreement that bars a seller from competing with his former business, disclosing […]
A #MeToo Moment for New Jersey Employers?
Late last year, Senator Loretta Weinberg, (D) Bergen County, introduced a bill that would (a) bar any provision in a settlement agreement that purports to waive a substantive or procedural right or remedy; and (b) prohibit the use of non-disclosure agreements in settlements of sexual harassment claims. That bill died in committee but was re-introduced […]
Contract Review- Why It Matters
The purpose of a contract is to set down in writing the rights and obligations of the contracting parties. What will they do or refrain from doing? What is the time for performance? What will each party exchange? Are there conditions for performance? What happens if one party or the other fails to perform? What […]
New Rules on Tipping? Not Yet.
On December 5, 2017, the US Department of Labor issued a Notice of Proposed Rule Making in which it sought comments from interested parties on a proposal to eliminate a 2011 regulation dealing with tip pooling. Current regulations promulgated under the federal Fair Labor Standards Act, treat tips as the property of tipped employees, and […]
Non-Compete Agreements: When You Can and When You Should Use Them
The purpose of a non-compete agreement is to prevent departing employees from unfairly competing with a former employer by making use of confidential or proprietary information of the former employer. Non-compete agreements may not be used to prevent a former employee from all engagement in the type of work performed for the former employer. Non-compete […]
Starting a Business? You Need an Attorney
The first step in establishing a business is to identify the type of entity best suited to your proposed new business. The four most common types of entity are (a) limited liability companies; (b) corporations; (c) partnerships; and (d) sole proprietorships. Insulation from Personal Liability Corporations and limited liability companies insulate owners from personal […]
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