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New Jersey Business Law Questions & Answers
1 Answer | Asked in Business Law, Securities Law and Stockbroker Fraud for New Jersey on
Q: Can an execution-only company operate without a broker license? Handling the execution of copying securities trades
Leonard R. Boyer
Leonard R. Boyer answered on Jun 23, 2021

There is no legal trading of any securities without a valid license for the appropriate security. If you do not have the right license for example to trade futures, and you do, then you have a serious problem. Don't do it!

2 Answers | Asked in Business Law, Civil Litigation, Contracts and Land Use & Zoning for New Jersey on
Q: What is my legality in a commercial lease building that I’m hosting events/production?

Is it legal for the owner to get in my business?

Leonard R. Boyer
Leonard R. Boyer answered on May 30, 2021

You need to take your lease to an experienced NJ civil litigation and contracts attorney, who can provide you with meaningful advice. You may need special licensing, insurance and permits as well. All this takes time, especially if you have a tight schedule. You did not mention what town you are... Read more »

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3 Answers | Asked in Bankruptcy, Business Law and Real Estate Law for New Jersey on
Q: If you personally guarantee a business loan and file bankruptcy, can the bank go after your house/primary residence?

I opened the doors to my s-corp in 2020 and due to covid I may have to file for bankruptcy. I have a great opportunity to buy a house now and don't know if the bank will go after my house for collateral. Should I wait to see what the business does or is it safe to buy a house prior to a... Read more »

Derek John Soltis
Derek John Soltis answered on Mar 29, 2021

If you are a personal guarantor, any judgment against you could attach to your home. So, if you file for bankruptcy first, buying a house would most likely be more difficult, but if you buy a home are sued, and the other side wins it could attach to your home as a lien.

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1 Answer | Asked in Business Law and Contracts for New Jersey on
Q: What happens if a shareholder with a noncompete agreement forces to open a direct competition right next to us?

We found out that one of the shareholders was secretly planning to leave the company and start a direct competition literally two blocks away from us. There is a shareholder agreement that everyone signed that has a noncompete clause which prohibits shareholders to be involved in a competition for... Read more »

Morris Leo Greb
Morris Leo Greb answered on Feb 9, 2021

Yes, one always has a right to litigate a valid issue. The question did not state whether any dispute concerning the contract was to be arbitrated instead of litigated. For purposes of my answer, I presumed there was no such provision in the agreement. The issues that a court will look to are... Read more »

2 Answers | Asked in Bankruptcy, Consumer Law, Business Law and Collections for New Jersey on
Q: I have a judgement against me how can I vacate it?

I did a confession of judgment for a merchant cash advance, I had to close a small businesses that I had and with the confession of judgment the cash advance companie got a judgment against me, I read that confession of judgment doesn't apply out of the state of NY, I live in New Jersey an... Read more »

Timothy Denison
Timothy Denison answered on Feb 10, 2021

Likely it will not be vacated bc you agreed to it. Hire a bankruptcy attorney to evaluate your financial situation and consider filing chapter 7 to eliminate the judgment.

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2 Answers | Asked in Business Law, Employment Law and Workers' Compensation for New Jersey on
Q: Do I need Workers Compensation Insurance if I have no employees in the business, except myself?.

We are family consulting microbusiness, owned by my wife (she does not do work in this business). I feel Workers Compensation Insurance is useless for us, but dont want to pay fine for not having it.

Thank you

Gregory

Tim Rose
Tim Rose answered on Feb 3, 2021

You may still be required to carry workers comp insurance. Check with the NJ Dept. of Labor and Workforce Development based on what type of work entity you have created.

"Sole Proprietorship – All sole proprietorships operating in

New Jersey must maintain workers’...
Read more »

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1 Answer | Asked in Business Law for New Jersey on
Q: I bought a minibus that I'm planning to use as a taxi to make money. With regular insurance, is that illegal?

Also, would passengers be allowed to drink alcohol while I drive? The open container law says This subsection shall not apply to a passenger of a charter or special bus operated as defined under R.S.48:4-1 or a limousine service. Like I previously mentioned, I own a registered and insured minibus... Read more »

Leonard R. Boyer
Leonard R. Boyer answered on Jan 28, 2021

What you want to do is a recipe for major problems. You really need to retain an experienced business attorney, who can set up the right corporate entity and of course, you will need the right type of insurance. Failure to do so could result in your personal assets being placed at risk. Trying to... Read more »

1 Answer | Asked in Business Law for New Jersey on
Q: Officer of a corporation not following bylaws
Leonard R. Boyer
Leonard R. Boyer answered on Dec 29, 2020

Making multiple statements about what is essentially the same thing does not accomplish anything. Consulting an experienced civil litigation attorney will.

1 Answer | Asked in Business Law for New Jersey on
Q: President of a New Jersey corporation violating the bylaws and discrimination of potential members.
Leonard R. Boyer
Leonard R. Boyer answered on Dec 29, 2020

From your statement, it is obvious that there needs to be a personal strategy session with an experienced civil litigation attorney. This will also be beyond the scope of what most attorneys will include in a free consultation. During this pandemic, you have a choice of either seeing your attorney... Read more »

1 Answer | Asked in Business Law and Real Estate Law for New Jersey on
Q: 2005 LLC formed and acquired a Deed. Never operated as LLC. 2007 NJ revoked LLC. 2020 LLC wants to sell deeded property.

Sole owner LLC has only one asset, the deeded property. Since 2005, LLC has not done any other business (no profit or loss). LLC Never filed any annual reports, has no bank account, never filed a tax return. Question: does revoked LLC have to be reinstated to "wind down" business (sale of... Read more »

Morris Leo Greb
Morris Leo Greb answered on Nov 27, 2020

A prudent buyer will requirea tax clearance letter from the State. The buyer will file a bulk sales notice with the State. You will need to provide your TIN so that the notice can be filed.

1 Answer | Asked in Business Law and Collections for New Jersey on
Q: i had convenience store and by my employee, food stamp fraud happen and need help for that.

i got letter for $12k penalty but did not pay and closed store. but even after couple of year, they took money around $15k and still shows $23k i have pay after penalty and interest on it. i would like to resolved this. please help.

Paul J. Riviere
Paul J. Riviere answered on Aug 18, 2020

It sounds like you may have received a charge letter, pursuant to 7 C.F.R. §278.6(b), did you respond? You need an attorney to help you mitigate the penalties you are faced with. The USDA or AG's office can be very challenging to deal with.

2 Answers | Asked in Contracts and Business Law for New Jersey on
Q: Can I cancel my wedding in NJ in 11/2020 under the impossibility clause for a full refund due to COVID?

I signed a contract and have paid. My fiancé is being deployed next year so we cannot reschedule. The venue is making changes to what is in my contract due to COVID restrictions and I want to just cancel and be refunded.

Melissa Totaro
Melissa Totaro answered on Aug 13, 2020

In addition to whatever the terms are in your contract, there are principals of general contract law regarding unforeseeable intervening events, impossibility and frustration of purpose that may apply to your situation. In addition, if the venue refuses to allow you to cancel and return your... Read more »

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1 Answer | Asked in Contracts and Business Law for New Jersey on
Q: Where do I start?

I got married back in November, we hired this company to do our video, photography and flowers. The videographer showed up a hour late causing our wedding to pushed back a hour. The videographer told the company he was in a car accident, but it turns out he never was. He was fired. 8 months has... Read more »

H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq. answered on Jul 22, 2020

This is definitely a breach of contract case. You may even be entitled to triple damages if your lawyer can prove consumer fraud which may allow you to get back the payment you will need to make to hire a good lawyer. Setup an in office consultation with a good lawyer of your choice.

1 Answer | Asked in Business Law, Civil Litigation and Contracts for New Jersey on
Q: Why is it illegal to file eviction in NJ without an attorney if you’re an LLC?
Leonard R. Boyer
Leonard R. Boyer answered on Jun 16, 2020

Because the Statutes require all forms of corporate entities to be represented by attorneys in all legal matters.

1 Answer | Asked in Contracts and Business Law for New Jersey on
Q: Are guaranteed payments permitted without a partnership agreement being in an existent NJ LLC ?
Paul J. Riviere
Paul J. Riviere answered on Jun 15, 2020

GPs should be contained within the Operating Agreement. You also need contingency planning in case GPs become impractical or impossible. Speak with an experienced business attorney to get an agreement that works for your business.

1 Answer | Asked in Business Law for New Jersey on
Q: I opened a business with a partner who moved away and now after we agreed he was out keeps trying to get money.

What can I do to get him out for good and so that he has no recourse to try to claim a portion of the business anymore

Paul J. Riviere
Paul J. Riviere answered on Jun 15, 2020

You need to come to terms on a transfer of the absent partner's interest in the business to you. This can be done with a buyout or some other form of transfer or in the worst case scenario by judicial determination. Get in contact with an business lawyer to proceed properly.

2 Answers | Asked in Business Formation and Business Law for New Jersey on
Q: Hello, I was thinking about starting an advertising/marketing business online where I’ll post on social media accounts.

What licensing will I need to acquire and how much will I be taxed or charged to hold the business

H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq. answered on Jun 14, 2020

You need to speak with a lawyer, this not a question that can be answered in a free short question and answer posting as many questions need to be asked by the lawyer.

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1 Answer | Asked in Real Estate Law and Business Law for New Jersey on
Q: I’m interested in wholesaling.. If I sign an offer to purchase on a home, am I legally obligated to buying and damages?

Essentially I want to find homes, sign offers to purchase, and then sell the interest in those properties to house flippers who will make more money for a fee. Do I need a real estate license in NJ? Should I incorporate? Do I tell my current employer? Thanks for your input!

Leonard R. Boyer
Leonard R. Boyer answered on Jun 13, 2020

You really need to have an experienced business and real estate attorney set up the right corporate structure, draft the contracts and handle all legal aspects of your business. Good law firms will enable you to retain their services on an ongoing monthly retainer. Remember, a good lawyer is rarely... Read more »

1 Answer | Asked in Workers' Compensation and Business Law for New Jersey on
Q: I worked or a company of food delivery and they were cutting our money

then they sent some checks. for me they sent an email they say they will send me a check of $13 But i'm sure it was more than $13 i heard some drivres they hire a lower and they get more than that

Gerald D. Siegel
Gerald D. Siegel answered on May 18, 2020

This is not workers comp. It is more in the field of wage and hour compliance. Google the NJ Department of Labor. Go to the tab on Worker Protection and wage and hour compliance will pop up. That will make for good background reading. if you don't have the answer after that contact a wage... Read more »

1 Answer | Asked in Business Law and Contracts for New Jersey on
Q: How long does a contractor have to refund a deposit on a contract cancelled within the 3-day right of rescission?

Home improvement contract. I cancelled two days after signing (within the 3 day period). Contractor already cashed my check. How long do they have to refund me my money?

Leonard R. Boyer
Leonard R. Boyer answered on May 17, 2020

The refund should be made promptly, if you provided proper written notice of the cancellation. It is extremely rare for a home improvement contact to be legally valid in the State of New Jersey. You should discuss this situation with an experienced civil litigation attorney. With state-of-the-art... Read more »

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