Purchasing a Small Business?

On December 7, 2011, in Message/News Board, by John A. Weber IV, ESQ.

Recently, there have been a number of clients who have had questions about purchasing a business.  There seems to be a few misconceptions regarding the types of agreements and the resulting tax consequences for each.  The first thing that should be stated is that the agreement being used will depend largely on the size of the business being transferred.  A publicly traded company is sold under terms and conditions which vary greatly from those under which a corner market is sold.  The inclusion or exclusion of company assets and employees also has an effect on the agreement.

As always it is prudent to speak to an attorney before entering into any agreement to buy or sell a business.  Seeking the advice of an accountant will also prevent a lot of trouble later on.   Please feel free to call (516) 858-2620 to speak with an attorney who can assist you in drafting a business purchase contract!

The Law Firm of VAUGHN & WEBER, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., #208, in Mineola, NY.  Contact us at (516) 858-2620 to arrange a consultation.

Marriage Equality Act

On July 29, 2011, in Divorce, Family Law, by John A. Weber IV, ESQ.

Recently we have received several phone calls regarding the Marriage Equality Act.  The Marriage Equality Act is the act which has changed the New York Domestic Relations Law to allow the parties to a marriage to be of the same sex.  This act also ensures that all benefits that are given to heterosexual married couples also be given to homosexual married couples; whether these benefits stem from legislation, common law, administrative or court rule, public policy or however else.  This Marriage Equality Act has gone into effect as of July 24, 2011.  In the Dickerson v. Thompson ruling, the Court points out the fact that The Marriage Equality Act also provides that valid out of state same sex marriages will be recognized and treated the same as valid in state marriages of any kind. 

As always, if you have any questions regarding The Marriage Equality Act, please feel free to call us at (516) 858-2620 to speak with a Family Lawyer!

I-485 Adjustment of Status

On July 5, 2011, in Immigration, by Kevin Pearson, Esq.

Recently, we have been receiving questions concerning the adjustment of status requirement for obtaining a Green Card.  When applying for a Green Card, you must first adjust your status from that of non-immigrant to permanent resident of the United States by filing an I-485 Application.  Where one files is determined by their category of eligibility.  Depending on their situation, one may have to file in Chicago, Vermont, Phoenix, Dallas or Nebraska.  The usual filing fee is over $1000 unless you fall under an exception such as age, refugee status, etc.  It is difficult to determine how long it will take to receive approval for an I-485 Application.  The process depends on many factors including petition category and security background checks.  You can check the status of your I-485 Application online, by phone/email or in person.  Not everyone is eligible to apply for Adjustment of Status including but not limited to persons not admitted or paroled following inspection by an immigration officer or someone whose authorized stay expired before filing their I-485 or cases of unauthorized employment.  Although not essential, it may often be beneficial for applicants to attain an Employment Authorization Document (EAD) or Advance Parole (AP) travel document.  In addition, drug or alcohol related offenses as well as arrests must be reported on the I-485 application.  If all of the paperwork is in order and satisfactory, it shouldn’t be long before one may receive their Green Card.   As always, if you have any questions regarding the immigration process, please feel free to call us at (516) 858-2620!

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