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Shareholders’ Agreements

Introduction A Shareholders’ Agreement (also known as a Stockholders’ Agreement) is an agreement among some or all of a company’s shareholders which modifies shareholder standing and relations through a combination of rights, restrictions and procedures. Shareholders’ Agreements can serve as supplements to a company’s corporate governance documents and often contain provisions that directly impact management Read More

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Partnership and Operating Agreements

Introduction Partnership Agreements and Operating Agreements (jointly referred to herein as “entity operating agreements”) are contracts that govern the operation of non-corporate businesses entities. These contracts set forth the subject entity’s authorized business activities, management procedures, percentages of ownership by each partner or member, rights relating to distributions, allocation of profits and losses, dissolution, liquidation Read More

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Consulting Agreements

Introduction A Consulting Agreement is a contract between a company and a second party (the “consultant”), usually an individual, establishing the scope of work, compensation and other terms of the company-consultant relationship. A Consulting Agreement contrasts with an Employment Agreement in that it does not establish an employee-employer relationship under the law, but rather an independent contractor Read More

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Employment Agreements

Introduction An Employment Agreement is a contract between an employer and an employee, establishing the scope of employment, wages, benefits and any other terms of an employer-employee relationship. A formal agreement is not legally required to establish an employer-employee relationship, but Employment Agreements are nevertheless widely used, particularly with regard to high level executives and Read More

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What is Franchising?

Franchising vs. Licensing A license is an agreement under which a licensor of property (which may be the property owner itself or another party licensed to use and further sublicense the subject property) grants to another party (the licensee or sublicensee) rights to use the subject property. Not all licensing arrangements are franchises; but all franchising relationships Read More

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Understanding Financial Statements

Companies prepare financial statements for a number of purposes. Often, they are critical tools that a company’s management, investors and analysts use to evaluate performance. Management may also prepare new financial statements or adjust its periodic financial statements for specific purposes, such as requesting a loan, seeking an investor or buying or selling a business. Read More

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SLA Deadlines

In short, don’t find yourself with 30 days or less to meet any SLA deadline. There are some that are softer than others. For example, the deadlines to get information in for conditional approvals can sometimes be extended. If you are waiting for a certificate of occupancy (which can take some time) or some other Read More

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Eligibility to Hold a Liquor License or Permit- Citizenship

The Alcoholic Beverage Control Law states that a person who is neither a citizen of the United States or lawfully admitted to the United States for permanent residence may not traffic in alcoholic beverages. The United States is a party to numerous treaties with other nations that allow citizens of the those nations to engage Read More

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New York State Liquor Authority: Ice Cream and Other Frozen Desserts Made With Wine, Beer or Cider

Ice cream, and other frozen desserts, made with wine, beer or cider with an alcohol content of no more than five percent (5%) is not considered an alcoholic beverage. Even though it is not designated as an alcoholic beverage, if the product has an alcohol content of at least one-half of one percent (0.5%) by Read More

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New York State Liquor Authority: Confectioneries Containing Alcohol

A confectionery is not considered an alcoholic beverage if the alcohol content is no more than five percent (5%) by volume. The Authority considers “confectionery” to mean any desserts and/or snack foods that are sweet in nature or primarily sugar, such as cakes, cookies, pastries, candy, sweets, chocolate, chewing gum and glazed fruit. If the Read More

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