Business & Corporate
FTC Bans Employment Non-Competes Nationwide
Posted in Business & Commercial Law, Business & Corporate, Employment Law, Franchise, Legal Updates
After a year of uncertainty, the FTC has issued a Final Rule banning employment non-competes nationwide. The Commission has determined that non-competes themselves constitute an unfair method of competition in violation of Section 5 of the FTC Act. Citing to wage suppression, stifling innovation, and inhibiting start-up creation as factors,… Continue reading
Don’t Let Your LLC Expire: LLC Owners Should Check Formation Documents to Confirm Perpetual Duration
Posted in Business & Commercial Law, Business & Corporate
When the New Jersey Limited Liability Company Act originally went into effect in January 1994, the Internal Revenue Service required that a limited liability company have at least a majority of the characteristics of a partnership in order to be taxed as a partnership rather than a corporation. The IRS… Continue reading
The Corporate Transparency Act and Reporting Requirements
Posted in Business & Commercial Law, Business & Corporate
Current as of 1/2/2024 On January 1, 2024, the Corporate Transparency Act, 33 U.S.C. §5336, (the “CTA”) took effect and strict compliance must be met by all entities and individuals to which it applies. The CTA adds reporting requirements for particular beneficial owners in various entities. The CTA’s primary goal… Continue reading
McDonald’s Closure of Russian Locations Spotlights the Proper Way to Franchise Internationally
Posted in Business & Corporate, Franchise
Recently, McDonald’s has been receiving much attention for its closure of restaurants in Russia due to Russia’s aggression into Ukraine. As part of the coverage, news outlets have been reporting on some of the underlying infrastructure McDonald’s invested in as part of its efforts to expand into Russia. As noted in… Continue reading
New York Commercial Finance Disclosure Law
Posted in Business & Corporate
On December 23, 2020, then Governor Andrew Cuomo signed into law NY CLS Fin Serv §§ 801-812 (the “Disclosure Law”) with the intended purpose of “requiring certain providers that extend specific terms of commercial financing to a recipient to disclose certain information about the offer to the recipient.” Although the… Continue reading
FTC Issues Penalty Offenses Concerning Money Making Opportunities to Hundreds of Franchise Companies
Posted in Business & Corporate, Franchise
The Federal Trade Commission (“FTC”) has kept itself busy as of late, issuing a series of notices to over 1,000 businesses (many of them franchise companies) advising them that they could face civil penalties for conduct that the FTC has deemed unlawful. The Notice of Penalty Offenses Concerning Money-Making Opportunities… Continue reading
Appellate Division Rejects Notion That Members Can Simply Assent and Not Agree to the Terms of a Newly Drafted Operating Agreement
Posted in Business & Corporate, Litigation
On May 26, 2021, the Superior Court of New Jersey, Appellate Division issued an important decision in Premier Physician Network, LLC v. Robert Maro, Jr., M.D., et al, (Docket No. A-1152-20) concerning the governance of New Jersey limited liability companies (LLC). The issue before the Court was whether members of… Continue reading
Phase 3 of NJEDA Small Businesses Emergency Assistance Grant Program
Posted in Business & Corporate
On October 14, 2020, the New Jersey Economic Development Authority (“NJEDA”) announced Phase 3 of the NJEDA’s Small Business Emergency Assistance Grant Program. Pre-registration for eligible businesses for Phase 3 funding opens TODAY (October 19, 2020) and can be done on NJEDA.com.
The NJRA Will Launch the Small Business Lease Emergency Assistance Grant Program
Posted in Business & Corporate
The New Jersey Redevelopment Authority (“NJRA”) will launch the Small Business Lease Emergency Assistance Grant Program on August 10, 2020. The program will allow businesses in 64 eligible municipalities to apply for grants of up to $10,000 for lease costs. The program will assist small business owners impacted by the COVID-19 pandemic,… Continue reading
Paycheck Protection Program Update
Posted in Business & Corporate
On June 11, 2020, the Small Business Administration (“SBA”) issued an additional Interim Final Rule to amend the First Interim Final Rule that was issued April 2, 2020. The June 11th Interim Final Rule was released to reflect the modifications to the Paycheck Protection Program (PPP) by the Paycheck Protection… Continue reading
