New York Business Law blog

This blog is inactive. If you would like to read more from the Law Office of Frederic R. Abramson, go to my New York Business Law Blog.

How to achieve a smart start in business

Only one in twenty new businesses will survive to achieve its fifth anniversary. So what will give you the edge in success? It is important to have a smart start. Here are some common challenges faced by today's small business owners:

1. Having the proper attitude. Many people enter into a new business expecting instant success. However, being realistic will allow you to overcome the inevitable up and downs of the business cycle.

2. Having enough capital. Many people decide to go into business without ascertaing the costs involved. Of course, the capital costs in starting a small business differs based on the type of business. For instance, a home based business is usually less expensive to start up than a retail establiishment. You should have at least 6 months of savings available to keep yourself afloat.

3. Knowing your business. This appears to be rather obvious, but you should know everything about your business. If you are planning to open a Swedish-Spanish fusion restaurant, you should be aware of your competitors, the market, trade journals, the food press and industry leaders.

4. Knowledge of basic business principals. Basics may include legal, accounting, bookkeeping and marketing. Should you incorporate your business? Do you need a contract with a key supplier?

So before you start your business, you need to achieve a smart start before entering the lions den.

Words of wisdom for naming your business

An important step in starting your business is naming it. Your name will provide a foundation for every marketing effort you ever launch. If the name that you have chosen is currently being used or trademarked by another company, obviously try a different name. To do otherwise is a recipe for trouble.

A trademark search is a smart investment before officially adapting your name.

Your business needs legal virus protection

Smart Business Planning requires preventing problems and making sure that your business is being protected from potential trouble.

Your computer has the latest anti-virus software, but is your business protected from potentially damaging litigation?

Contact the Law Office of Frederic R. Abramson at 212-233-0666 for a free business tune up.

In Search of a billion in revenue

Is your company in search for a billion in new revenue? The New York Times, in the special small business section on May 1, discusses how the Google's of the world experienced growth:

1. They had a breakthrough value position;
2. They exploited a high growth segment;
3. They secured marquee customers;
4. They build alliances with larger companies;
5. They split management duties, with one executive running day to day operations and the other executive concentrating on building markets.

Bartering

Any thoughts regarding bartering of legal services?

Tort trials fell by 80% from 1985-2003

There has been a vast amount of press regarding the "tort crisis." However, a survey conducted by the Department of Justice has found that tort trials have actually fallen by 80%. more...>

Car rental companies no longer vicariously liable in New York

States are no longer able to hold rental car companies vicariously liable for accidents that occur in their leased cars. more...>

Malpractice rates climbing, the amount insurers paying for claims remain steady

Doctors have been complaining about skyrocketing malpractice rates for years. Their primary scapegoat has been large jury awards. However, a recent study released by the Center for Justice & Democracy has found that even though insurance rates have climbed 120%, money paid on claims have risen only 5.6%. more...>

New rules for Straphangers

Thinking about drinking a cup of coffee on the subway? Perhaps you should wait until you reach your destination. more...>

The Social Purpose of Tort Law

What does "tort reform" mean, and why does it provoke such controversy? more...>

Handicapping the next Supreme Court Justice

Slate reviews the views of the candidates likely to replace Justice Rehnquist.

Update on Federal Tort Reform

After two wins on "legal reform" legislation, the tort reform lobby has taken a pause. Next on their agenda, the "Law Suit Reduction Act" which sanctions lawyers for filing frivolous lawsuits. more...>

Federal Trademark Basics

Looking to file a Federal Trademark? Before contacting my law office, this article, published by the American Bar Association, provides the basics.

Best in class

If studying does not work, why not sue? more...>

How to protect your business from lawsuits

For some key observations on how to protect your business from lawsuits, read this article that contains some quotes from a very good friend of mine, Marshall R. Isaacs.

Blawg of the Day

The Blawg of the Day is Bob Kraft's P.I.S.S.I.D. Its focus is personal injury and social security disability law. Thanks to Ernie the Attorney.

Social Security numbers for Immigrants for sale.

The New York Times reports today that immigrants are being offered social security numbers by expatriates. more...>

Free legal tip of the day - Buy Sell agreements

Don't forget to write a business prenup, formally known as a buy-sell agreement, before putting money in a venture. more...>

Two immigrant stories

As part of the "Class Matters" series, the New York Times focuses today on the plight of two immigrants, one Greek diner owner, one Mexican short order cook. more...>