Despite the challenging economic times we are experiencing, it is encouraging to receive inquiries regarding how to set up Not-For-Profit (NFP) corporate entities in New York for providing scholarships to students. In response to the interest we have received on this issue, what follows is a basic idea of what is involved in getting a corporate NFP underway for this worthwhile purpose.
From April 9th, 2011 onward, employers must comply with significant new procedural obligations under New York State’s recent Wage Theft Prevention Act. The first major change is the requirement of employers to provide every employment with written notification of information such as rates of pay, allowances, the regular payday, the employer’s full name and physical address, overtime rates, etc. This information must be provided both at the time of hire and annually. Furthermore, these notifications must be in writing (not transmitted electronically), they must be provided in English as well as the employee’s primary language, employers must receive written acknowledgement that the notification was received, both the notice and acknowledgement must be preserved for six years, and employees must be notified of any changes to the information at least seven days prior.
At the end of 2010, Governor Patterson signed a new bill into law which set realistic limits on the current levels of exemption values which will reflect today’s values and households and bring New York State into accord with other states exemption statutes. This law will be a welcome face lift to the current Debtor Creditor statutes and the Civil Practice Law and Rules!
Make sure you know the rules.
The old adage “get it in writing” is critical when it comes to commissioned sales employees. In fact, the New York Labor Law provides that you must have a detailed written agreement that is signed by both the employer and the commissioned sales employee.
Your customer list is the very heart and soul of your business. Should it fall into the hands of a competitor, your business could suffer a loss of some or its entire customer base. This can jeopardize the success if not the very survival of your business. However, there are specific steps that businesses can take to help prevent the disclosure of its customer list.
It is becoming very common for contracts to contain a clause stating that “Any and all disputes arising under this contract will be settled by arbitration.” Arbitration is simply an agreement between parties that their disputes will be settled through arbitration rather than in court. Arbitration is favored by federal and state courts as a form of “Alternative Dispute Resolution” (ADR) and is one of the fastest growing means of settling disputes. The dispute is submitted to a private, non-judicial person who often has practical knowledge of the matter in dispute.
You can find just about anything on the Internet, from a meatloaf recipe to a Yorkshire Terrier. The Internet can be a valuable tool or a source of entertainment, but it is a risky place to find a commercial lease form. “One Size Fits All” Lease forms may contain seemingly appropriate legalese like “subrogation” and “condition precedent,” but if you don’t know what those terms mean, you shouldn’t use them.