FAQs Business Transactions - The Internicola Law Firm, P.C. | Internicola Law Firm

Business Transaction FAQs

What Does “Recast” Mean When Selling a Business?

The term “recast” simply means modifying your businesses’ financial information to reflect the actual value you receive from your business.

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What assets do I acquire when buying a car wash?

You will be acquiring…

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What is an “Intent to Use” trademark application?

An “Intent to Use” trademark application allows the applicant to file a trademark application with the United States Patent and Trademark Office before utilizing the trademark in commerce.

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What Factors should be Considered when Purchasing a Gas Station.

When buying a New York or New Jersey gas station consider that some of the primary rights that you will be acquiring relate to the property location and lease, the pumps, tanks and agreements with fuel suppliers.

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What is a Member of a Limited Liability Company?

The “members” of a limited liability company (LLC) are the individual owners of the LLC.

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What is an Operating Agreement?

The term “operating agreement” relates to limited liability companies and refers to the written agreement among the members of an LLC respecting the management of the LLC’s affairs and the rights of the members respecting one another and as to the LLC.

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What is the Owner of an LLC Called?

The owner of a limited liability company (“LLC”) is called a “member”.

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What is a “Manager” of a Limited Liability Company?

The “manager” of a limited liability company (LLC) is the designated individual responsible for the management of the LLC.

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Are partnership agreements required in the State of New York?

They are not “required,” but certainly are recommended.

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What are Business Opportunity Laws?

Business opportunity laws are similar to franchise laws.

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What is a Shareholder Agreement?

Shareholder agreements are the governing agreements between shareholders of a corporation.

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What is a “Merger Clause”?

A “merger clause” is an important provision added to a written business agreement.

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What is an “employee confidentiality agreement”?

There are many forms of confidentiality agreements.

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What is the “Industrial Site Recovery Act”?

The Industrial Site Recovery Act (“ISRA”) is a New Jersey law (N.J.S.A 13:1K-6) that regulates and mandates disclosures and remediation/cleanup obligations on business owners prior to closing or selling a business specifically identified under ISRA as an “industrial establishment”.

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What is a Lease Use Clause?

The “use clause” contained in a business lease is a critical section that identifies what type of business – including the products that you may sell and the services that you may offer – that you may operate from the leased premises.

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