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Category: Business Law

Employers Beware! Repeat Violations of Wage, Benefits, and Tax Laws Could Cost Business its License

If the New Jersey Commissioner of Labor and Workforce Development determines that an employer failed to properly maintain and report records concerning wages, benefits or taxes of one or more employees, and, in connection with that failure, has failed to pay such wages, benefits or taxes or other contributions or assessments as required by those laws, then the Commissioner can audit the employer and any successor firm within 12 months after its determination.

Successor Liability For Employment Tax Liabilities

Generally, when a business acquires the assets of another business it will not be liable for the seller’s debts and liabilities unless the buyer expressly agrees to assume them. There are exceptions to that principle. Pursuant to the doctrine of successor liability, the buyer can be held responsible for the seller’s debts if: (a) the transaction is a de facto merger of the two companies; (b) the new company is a mere continuation of the business of the old company; or (c) the transaction was fraudulent and entered into only to avoid liability.

Use Of Trademarks and Other Intangible Personal Property As “Like-Kind” Property in a 1031 Exchange

Under certain circumstances intangible personal property may be used as part of a like-kind exchange pursuant to Section 1031 of the Internal Revenue Code. Now, in a Chief Counsel Opinion, it has been concluded that, except in rare and unusual situations, intangible personal property that can be separately described and valued apart from goodwill can qualify as like-kind property for like-kind exchange purposes as long as it also satisfies the nature and character rules set forth in Section 1.1031(a)-2(c)(1).

Tax Law Changes for New York LLCs and LLPs

For tax years beginning after 2007, LLCs and LLPs that are treated as partnerships for federal income tax purposes and have New York source gross income will have their New York filing fees calculated according to their source income for the tax year immediately proceeding the tax year for which the fee is due.

  • Published: March 19, 2009
  • By Mark Morfopoulos

Preparing to Sell a Small Business

Here are some steps that a small business owner might want to take in preparation for selling a small business.

  • Published: February 15, 1999
  • By Bardin Levavy

Tough New Rules on Employee Credit Reports

Companies that use credit reports to screen potential employees are now subject to new rules. If you don’t heed the warnings in this article, be prepared to pay a big penalty.

You Don’t Have to Use the Postal Service to Send Mail to the IRS - But Watch Out!

No longer is use of the postal service required to assure that you are entitled to treat the day of mailing as the day of filing. The IRS has approved certain courier services in a way that deposit of a filing with those carriers may constitute “filing.” Certain cautions, however, still remain.

  • Published: November 15, 1997
  • By Bardin Levavy

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