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Over the last few years, crypto assets have continued to grow in popularity amongst investors. One of the biggest obstacles faced by digital assets, however, is the difficulty that both large and small cryptocurrency businesses have had in securing banking services. This problem does, however, create an opportunity for banks, who until now have generally avoided offering banking services to…
What’s a 1031 exchange? Simply put, it is when you sell one property in exchange for another. The big advantage to this exchange, versus the outright sell to buy your next property is, it allows for the deferment of capital gains tax and increases your cash flow, and gives you superior equity build-up compared to stocks and bonds. The IRS…
Starting a business? You Need a Business Prenup. Just like a marriage, a business with a partner or partners is very much like a marriage—but without sharing a bedroom. There are many benefits to handling a business prenup on the front end, rather than when you have no choice but to do it parting ways. Doing this on the front…
Millions of us have had our worlds turned upside down from the COVID-19 pandemic. There are unprecedented job losses, countless small businesses, and large retail pillar brands shuttering forever, a contracting economy headed in a downward spiral which has left many individuals as well as business unable to pay their rent or mortgages. Here are some of the common defenses…
In the age of COVID and non-essentials business closings, millions of us now are relegated to working from home, forced to social distance, and find creative ways to get things done in a non-traditional way. Closing on your new home in a pandemic is no exception. Hence, the concept of “Remote Closings” has boomed. Typically, in-person round table closings consist…
Answers to some popular questions covered in our practice areas. CORPORATEWhat are the most common rights in connection with transfers of a corporation’s shares or of a limited liability company’s membership interest units? Right of first refusal – the right of a current shareholder or member to match the offer made by a third party to purchase another shareholder’s shares…
Does the prolonged nationwide shutdown entitle restaurants and other retailers to obtain multi-month free rental concessions from Landlords? Most likely no, unless an extremely broad “force majeure” clause in the commercial lease specifically includes a pandemic event. However, many Tenants also cannot graciously continue to pay full rent during a period which their revenues dropped 70% (for those that support…
Following the outbreak of COVID-19, federal, state, and local authorities are arranging loans with favorable terms and grants to businesses and individuals economically affected by the crisis. On March 27, 2020, President Trump signed into law the Coronavirus, Aid, Relief and Economic Security (CARES) Act upon unanimous approval of Congress. One of the most significant sections is the “Paycheck Protection…
As the Coronavirus spreads across the United States, small and medium businesses operating in the New York City metropolitan area are facing unprecedented challenges, and some of them see their very existences at risk.New York’s flurry of economic activity came to a sudden halt, thus causing revenues to fall dramatically, while several fixed costs (for instance, rents obligations) are unaffected, unless…
New York City is the capital for residential real estate transactions in the United States. Most transactions in New York City involve one of two forms of home ownership: – Condominium A buyer purchasing a condo unit owns a piece of real property. Each unit receives a tax bill from New York City, while common charges are paid to the condominium…