New York Corporate & Securities Law Blog

What entrepreneurs should know before leaving their jobs

If there is a time to turn a “side hustle” into full-time job, it has to be 2017. After all, not only is more startup money available given the proliferation of sources, such money is still relatively inexpensive.   Nevertheless, access to startup capital is not the only hurdle that entrepreneurs will have to clear on the road to success.  

This post will offer some helpful tips for entrepreneurs who aspire to transition from a w-2 job to their own business. 

FAA advised to reconsider seat size rules

If you fly regularly for business, or are considering the purchase of an airline, chances are that seat size and legroom are thing that affect your air travel choices. As the airline industry has evolved, some carriers believe that customers will pay more to have additional leg room or wider seats. This has become especially prevalent among “low cost” carriers such as Jet Blue, Spirit and Frontier Airlines.

Nevertheless, a federal appeals court recently suggested that the Federal Aviation Administration should be able to regulate seat sizes and the number of seats on planes. The decision comes from a challenge raised by the consumer rights group, The Flyers Rights. The group requested that the FAA write rules governing seat size and the distance between seat rows. 

Tips that new business owners won't normally hear

There are many tips and recommendations for small businesses just starting out. Many focus on how not to get in trouble with the federal government by paying taxes correctly or how to protect assets either by incorporating or signing proper non-disclosure agreements.

However, few tips focus on arguably the most important thing for small businesses to be wary of: managing money. Indeed, many entities will offer high interest startup loans but they don’t consider the ramifications against the business from a financial standpoint. Because of this, many startups operate on shoestring budgets. This post will highlight how much of a shoestring your business should consider before taking on more debt.

Business litigation is one way to address unfair salaries

There is no question that hiring practices in the United States have come a long way in the past few generations. Nevertheless, there is room for improvement, especially when it comes to discrepancies between the salaries of men and women. New York City, along with a northeastern state and another large city, recently passed laws to end practices that tend to perpetuate unequal salary offerings. However, pay inequity and other forms of discrimination can still lead to business litigation.

Lawmakers in New York City forbid potential employers from asking about a candidate's salary history. They feel the current salary one makes should have no bearing on the salary offered, even if the work is similar. By asking a candidate's current salary, the potential employer is then likely to offer pay to meet the current salary rather than paying a fair rate for the job the candidate is seeking. This tends to perpetuate low salaries, especially for candidates, like women, who may be earning less than average already.

When is a business deal 'love at first sight?'

Some may say that love at first sight is merely a myth, something to get people to buy expensive gifts for their crushes or to pursue an impromptu relationship. But who says that love at first sight is only limited to just people?

According to a recent abcnews.com report, the recent purchase of grocery retailer Whole Foods by online retailer Amazon.com was a “whirlwind courtship” and “love at first sight.” Whole Foods CEO John Mackey described the deal as such after the $13.7 billion deal was announced. By making the purchase, Amazon seeks to make significant changes in the way consumer purchase their groceries now and in the future. 

How SEC regulations can affect your crowdfunding plans

As the reach of the Internet connects more people to each other, crowdfunding has become a popular model for startup companies to generate money for inception costs. Until recently, supporters would receive small tokens for their generosity, such as t-shirts and hats to even small parts in movies.

Now crowdfunding has evolved into securities offerings where supporters receive monetary benefits for their contributions. This means that these and future gifts through crowdfunding could be governed by SEC regulations. 

Trends that could affect businesses through 2017 and beyond

Indeed, we do not regularly discuss politics or political actions on this blog, but it is naïve to believe that politics does not influence business trend. Being knowledgeable about political trends can help businesses make important decisions that could affect them for years to come.

With the winds of political change currently blowing, we would be remiss if we did not identify a few possible trends that may shape how businesses operate in the second half of 2017, or for the next few years. 

Coach and Kate Spade agree to major merger

Major mergers and acquisitions have not made very many headlines this year, but the luxury handbag market is about to experience a shakeup of major proportions. Coach announced that it will buy Kate Spade in a $2.4 billion deal.

According to a recent cnnmoney.com report, the famous luxury handbag maker will buy its major competitor in a deal that is expected to boost Coach’s profitability. The company hopes to generate $50 million in savings each year by combining Kate Spade’s and Coach’s inventory management and supply chains. Further, both companies hope to expand their international presence, even though a majority of their sales originate in the U.S.

Essential steps for startup businesses

Launching a startup business may raise the same feelings as jumping out of an airplane. The feeling can be exhilarating, yet it may be very dangerous. After all, if your chute doesn’t deploy, you won’t live to tell about it. Indeed, starting a business may not put your life in danger, but failing in a startup could have life altering implications.

So no matter how genuine an idea you believe you have, there are a number of things you should take very seriously. This post will highlight a few. 

What to do with trade secrets in a lawsuit

Most business owners don’t want to imagine this scenario, but what happens when an employee leaves the company with unauthorized trade secrets and uses them (or is about to use them) to benefit themselves or another company? Indeed, you would want to prevent the disclosure (or use) of such information as quickly as possible by taking swift action in court.

But before you obtain a temporary injunction, you may be required to disclose to the court the secrets you are trying to protect. After all, federal law requires plaintiffs to disclose them with “a reasonable degree of specificity and precision” in order to properly separate them from other terms that can be disclosed.  How can this be done without bearing important secrets?

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