Cox Padmore Skolnik & Shakarchy LLP

New York City Business Law Blog

How can I select the right investment partner?

In business, the right partnerships are often a key component of success. If you are an entrepreneur in New York, you may be interested in bringing an investment partner into the fold to help you achieve goals and expand your enterprise. But how can you be sure that a potential partner is a good fit for you?

In terms of what to look for, Entrepreneur offers a few tips on what makes a great investment partner. You no doubt have an idea of what your business will look like in the future, and a partner should agree with these goals. Establishing a person's skill set is also important. Try to locate a partner that offers a skill set that offsets your own to ensure you comprise a cohesive team going forward.

What are some overlooked small business tax deductions?

To really take advantage of tax savings, small business owners in New York must take the right steps to ensure they are making the most of all potential deductions. These deductions can really add up at tax time, thereby freeing up some much-needed funding for essential business costs.

As illustrated by Entrepreneur, many business owners neglect important small business tax deductions. For instance, if you regularly reimburse employee expenses related to travel, you may be able to deduct these costs. In this case, keeping thorough records is crucial in the event you are asked to substantiate a deduction down the line. Reimbursements typically include travel accommodations and meals, as well as fuel money and fees for handling baggage.

How to make the most of business setbacks

Even the best New York business owners face an array of challenges on a daily basis. Although it's impossible to completely avoid all potential setbacks, there are methods that can help entrepreneurs better navigate rough waters and come out successful. Our legal team at Cox Padmore Skolnik & Shakarchy LLP has helped business owners contend with a variety of issues. That's why we recommend the following tips, which can help turn a negative situation into a positive one.

As described by Forbes, creating a plan of attack is a crucial component of tackling business problems both large and small. Thinking about the overall goal is a great place to start; once a goal has been identified, enacting a reasonable timeline (ranging from about one to three months) will provide a solid basis for when important work should take place.

Tips on finding the best employees for your business

Bright and talented workers are integral to any business's success. Here at Cox Padmore Skolnik & Shakarchy LLP, we know how many challenges New York business owners face on a daily basis. That's why we offer the following tips on finding the best employees, which can help entrepreneurs build a solid team just as passionate and accomplished as they are.

As illustrated by Forbes, identifying desirable traits in an applicant is a large part of compiling a great staff. For instance, the level of commitment that a worker expresses can be a factor in whether that person will be a worthwhile addition to the team. Prior work history is invaluable in this respect; has the candidate moved through several positions over the course of a few years? This usually indicates that the candidate will be eager to move on to the next opportunity.

Which type of legal organization is best for my business?

If you are a Manhattan entrepreneur looking to get a business off the ground, you may be considering which type of legal organization is best suited to your enterprise. This decision can have many consequences, including just how much your business will pay in taxes. Accordingly, it's vital that you fully understand your options so that you can make the right decision.

According to the IRS, the first step is to acquaint yourself with the different types of business structures commonly used. These include limited liability companies (LLCs), corporations, sole proprietorships and partnerships. Each type of structure involves the use of a distinct tax form, which will be utilized to file annual returns on behalf of your business.

Work with experienced attorney to protect your interests in child custody proceedings

In our last post, we looked very briefly at some of the factors family court judges in New York take into consideration when making child custody decisions in cases where parents cannot agree on a custody and parenting time arrangements. As we noted, the central consideration in any decision is the best interests of the child, and judges have significant discretion in weighing the various relevant factors in the case before making a final determination.

One of the important resources family courts use in making custody decisions is psychologists appointed by the court to gather information about the parents and the children involved in divorce proceedings. The service provided by these psychologists is essential, but court-appointed psychologists do have limitations and abuses certainly can occur. Unfortunately, lack of oversight of court-appointed psychologists can be a problem, as has been documented

What factors do New York judges consider when making child custody decisions?

Child custody is a particularly important issue that has to be addressed in divorce cases involving children. In a best case scenario, a divorcing couple will be amicable enough toward one another that they are able to work through their differences and reach a mutually acceptable parenting time arrangement in which both parties continue to play an equal or significant role in making decisions regarding the upbringing of their mutual children.

When parties are unable to work together and have disagreements about parenting time, a court must step in and make the best decision under the circumstances. This takes the decision out of the parents’ hands, which can be a challenge them. How exactly do New York family courts make decisions in child custody cases, though? 

How can I appeal a tax dispute?

Even the most responsible small business owners in New York may find themselves facing tax disputes from time to time. In some cases, you might even disagree with the IRS's findings, which can necessitate making a formal appeal. Accordingly, being aware of the appeals process and how it works is crucial to ensuring your concerns receive the appropriate attention.

The IRS offers information on how taxpayers can appeal a determination, which entails creating a formal written protest. This document must contain certain information to be considered valid, such as an official statement of appeal, your contact information, a listing of the tax periods in question and a statement that the information contained therein is true and accurate. You must also detail why you dispute the IRS's finding, which should be backed up by any relevant laws or facts. Typically, your appeal must be sent within the 30 days of the first notification from the IRS.

What questions should I ask potential investors?

Even the best businesses need a little help sometimes, which often leads to a search for the right investors. As a Manhattan entrepreneur, you may be wondering just how to find those investors best suited to your business and its needs. By asking the right questions, you can sift through candidates until you land on the perfect investing match.

Forbes recommends a range of questions for potential investors that will help you determine their suitability. For instance, you may be wondering where your business fits in with an investor's larger portfolio. In general, working with an investor who also has stakes in many similar businesses can cause quite a bit of conflict in the future. While it's a good idea to ask this question in person, you can do some additional research on your own for a better perspective.

What business owners must know when being audited

For Manhattan business owners, the prospect of an audit can extremely intimidating. Minor omissions or oversights may become much larger issues when reviewed by the IRS, which can jeopardize a business's chance of ongoing success. To this end, having the right information is crucial to mitigating the damaging effects of an audit.

According to the IRS, a business may be randomly selected for an audit, or the process may be triggered by an issue within the tax return. During an audit the IRS will review the return in question, as well as associated financial records, to ensure the filing is in compliance with the current tax code. There is no set length for how long it will take the IRS to reach a conclusion. In general, it depends on the complexity of the return, whether the business owner agrees with the findings and the availability of supplemental documentation.

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