The Corporate Veil: Protecting Your Personal Assets From Your Business’s Liabilities

2/14/18 – New York law treats a corporation as an independent entity, separate and apart from its shareholders, and enforces a legal buffer that stands between the corporation’s liabilities and the shareholders’ personal assets known as the “corporate veil.” However, merely incorporating the business does not automatically bring a corporate veil into existence; to be afforded the veil’s personal protection, it is imperative for shareholders to respect their corporation as its own independent body, entirely separate from themselves. A creditor may be able to “pierce the corporate veil” and pursue shareholders’ personal assets directly if the shareholders have failed to appropriately followed the necessary practices and formalities. READ MORE


Planning for Unanticipated Business Partners

12/28/17 – Virtually anyone who goes into business with one or more partners does so because those partners bring something to the table – often expertise, experience, or creativity. What happens, however, if a partner dies, divorces, files for bankruptcy, or simply wants to sell his or her share in the business? The other owners may be surprised to learn that they would suddenly be in business with their partner’s spouse, heir, or even a complete stranger who lack the qualities that were sought from the original partner, but can nonetheless make decisions on behalf of the business. In most cases, business owners can prevent these unanticipated transfers if they plan ahead. READ MORE