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In 2021, New York created a state-run retirement program called the Secure Choice Savings Program (“Secure Choice”). The purpose of the program is to provide Roth IRAs to private sector employees who do not have access to a retirement plan through their employers. As part of Secure Choice, private sector employers must either register or … Read more
A power of attorney is a document that authorizes an individual to act on another person’s behalf. The party who is appointed (the agent) is usually permitted to act on behalf of the grantor of the power (the principal) for as long as the grantor is alive. The agent has a fiduciary obligation to act … Read more
A power of attorney is a document by which an individual authorizes another person to act on their behalf. Powers of attorney are generally granted where it is anticipated that the grantor of the power will be temporarily or even permanently unable to handle certain transactions and appoints an agent, usually a trusted friend or … Read more
Over the last two years, fights over the federal Corporate Transparency Act (CTA) have caused confusion for many business owners. The concerns were mostly resolved earlier this year, as discussed in a prior post. In the interim, New York passed its own transparency law, which will go into effect on January 1, 2026. Importantly, there … Read more
When a corporation or other entity leases commercial property, the landlord often requires the corporate tenant to provide a guarantor. Typically, this is done when the corporate tenant is a recently formed entity and has no real track record of payment, or simply as additional security in the event the corporation goes out of business. … Read more
The Full Faith and Credit Clause of the United States Constitution (Article IV, Section 1) requires that states uphold as valid judgments properly entered in the courts of a sister state. Thus, valid judgments of a court in one state can be enforced in other states. However, in a recent case, this longstanding principle was … Read more
A recent New York court decision provides a lesson in why having a well-drafted contract is so important. The case involved a mortgage broker who lost out on a commission and legal fees when the property owner found its own financing. Both parties spent money to litigate the issue, which could have been avoided had … Read more
New York is one step closer to significantly limiting the use of non-compete agreements with passage of a new bill by the Senate. A non-compete agreement is a tool used by employers to keep employees from quitting by restricting their ability to work for a competitor after they leave their jobs. Many jurisdictions have done … Read more
In New York, commercial and residential tenant rights can vary. One such area involves a commercial tenant’s ability to seek a temporary injunction preventing a landlord from terminating the lease. To obtain a Yellowstone injunction, as it is known, tenants must meet four criteria. While the criteria may seem straightforward, a recent decision of the … Read more
A valid will is essential to ensure that your assets pass to the person you want if you die. However, other laws and legal documents may get in the way of that as demonstrated in a recent decision of the New York State Court of Appeals. The case involved a live-in partner of the decedent … Read more