New Jersey Business Law Questions & Answers
Q: Ate payday loans illegal in NJ?
I heard that payday loans are illegal in NJ. I took 600 put and paid four payments of $206 . I also heard that since they are illegal I only have to pay the principal. Is this true,? The rest of my cc and such ate in good standing so I don't want to file for bankruptsy. What can they do to me,,?
Think this all the way through: If the payday loan creditor operates its business anywhere in the state of New Jersey there is a really strong possibility that payday loans are NOT illegal in New Jersey. What can they do if you do not repay? They can sue you.
Q: Is there any legal issues if you set up a 50/50 LLC in NJ and in the first year the K-1 shows unequal capital accounts?
This is a bar and restaurant. There are 2 LLCs. One for the business & liquor license and the other for the real estate.
The IRS will value the interests as per the K1. Your final capital account sum is reflection of what that member's taxable gain would be if the interest were sold. Speak to a tax professional, as well as, a lawyer.
Q: I recently opened a business with 2 other partners, they are husband and wife. We each own 33% of the company.
We don’t have a partnership agreement. The 2 partners are making decisions without my approval and I don’t trust them. How do I stop them? The business is a franchise and is doing well. They want me out now that it is profitable but this was my business idea and I’m not willing to sell my... Read more »
You have to get counsel and get them to the table to put together an agreement going forward. If they are not acting within their fiduciary duties (duty of loyalty and the duty of care) to you, you may have to go to court to get this accomplished. Spend some money now to avoid spending much more... Read more »
Q: Can I add “services” at the end of my business name to eliminate I fringement?
I realized there is a business with a similar name as me. (They had it first). If I amend my business name to add “services” at the end will this suffice? Or is there still room for a cease and desist letter to be sent to me?
The standard for infringement is the likelihood of confusion. So, your assumption is correct. There is room.
Q: I was tricked into signing a 48 month merchant service agreement and overpriced terminal lease in march 2015.
The name of this company is Lease Financial Group. They lied about the rates. I was charged up to 20% of services. I paid $5000 in 48 month terminal lease for a $300 item. I notice i am not alone. New york attorney general already took this company to court over its corrupt contracts and business... Read more »
Hire a good lawyer to see what can be done, your rights are generally contained in the contract you signed.
Q: Hello. I've spoken to a lawyer already but I'm just trying to make sure I'm making the correct decisions.
My business is behind on tax payments/filing. I currently have an accountant organizing everything for me so that I can get back on track. My lawyer wants to send a DVD to the IRS. My question: Is a disclosure to the IRS necessary if I'm less than a year and a half behind? Would it be a bad idea to... Read more »
Do you seriously believe if you owed the IRS a Million dollars, that anyone is going to be able to get that debt reduced to just $80,000? Is your attorney admitted to practice before the U.S. Tax Court? What kind of credentials does your attorney have? On what basis does your attorney believe that... Read more »
Q: I have business since 20 years in India. Now I want to setup a business in USA and apply for L1-A visa as a business own
I have business since 20 years in India. Now I want to setup a business in USA and apply for L1-A visa as a business owner. My friend is living in USA so I will open a partnership ( 50 50 %) firm with him. What type of business type, we need to register to start a business in New Jersey state?... Read more »
Good question, but if your looking to get an l1 you will need to do a lot more than just open a company in the US. First visit the US maybe on a tourist visa and while here setup an in office consultation and speak to an immigration lawyer who also knows business formation law.
Q: What options do i have if a friend locks me out of an Instagram account
I am 20 yrs old and began business with a friend (no corp, llc or agreement). I developed a following and good feed-back rating through Instagram (the sales and feedback are 95% mine all good). I rented space at trade shows, invested in a professional to create a online website purchased and gave... Read more »
A letter from an experienced litigation attorney should be sufficient to rectify this problem.
Q: Small claims matter of $5000 owed by multiple people.Have texts showing they agreed to pay me back.Worth going to court?
I loaned multiple people money this past year. The money was loaned to people who were at the time long-term friends who agreed to pay me back ASAP. All of these people live in NJ and I have personal information (Addresses, etc) for all of them. I have texts showing them asking me for money and... Read more »
You should go to Court, but an attorney is not going to be willing to handle your cases, since it would not be cost effective. If you are really in such bad financial shape, why would you ever loan money to anyone?
Q: Business started in England, but now expanding - how do we set it up in New Jersey?
Simple answer is that you are required to register your foreign company with the state of New Jersey if your business is transacting business here in New Jersey. Speak to an attorney to get the details specific to your needs.
Q: Can we write in changes to a contract on the original document?
Maybe it depends on how extensive the changes are and they must be signed by both parties, not as easy as it may seem
Q: what was requirement to desolve a corporation in 1998 in new jersey
Unfortunately just like you an attorney would need to research this and thus you will need to setup a consultation with a lawyer to do this and expect to pay for his time and advise. Current law is easy, old law is not.
Q: Do I need to file anything with the state if I've started buying and selling items online?
Of course the first would start with sales tax reporting. Get yourself a good business lawyer if you don't know one ask a lawyer to refer you to one. Expect to pay for the advice because as they say you generally get what you pay for.
Q: If I'm starting a small biz out of my home does it need to be a corporation?
NO, you do not need to incorporate but it is generally a smart idea. You should setup a consultation with a lawyer to go over the many reasons why and how in the long run it can actually save you money.
Q: Who wrote statute 14-2 or 14-3 I am asking for a school project
That is not what this forum is for. Do a Google search.
Q: Once dissolving a business if your suing a client and they send a check. Can you still cash the check?
The reason why we have dissolve is because they did not pay and we have no assets to go bankrupt.
Best to ask the lawyer that helped you dissolve the business, unfortunately the answer can vary on who can deposit the check.
Q: I own an LLC company in New Jersey. We were given permission to perform work for a property management company.
Once we submitted their invoice for payment, they told us the check was ready, but they wouldn’t release it without proof of workman’s comp insurance. Is this legal? They allowed us to perform the work before ever requesting proof of any type of insurance?
Did you have a contract, did they have a contract? Anyway you are required to have workers compensation insurance by law. Sounds like you need to get yourself a good contract written by a lawyer.
Q: Registered LLC and co-founder question
The LLC was registered last May and I invited one of my friends to work together in September last year. Currently, I have 100% ownership. My friend wants to have 35% ownership. But based on his contribution, this percentage is too much high. We don't have any agreement in written so far. But I am... Read more »
This is a prime example why people who want to set up a business need to retain an attorney to prevent problems, especially when you mix business and friendship. A one member LLC is useless. I would never set up less than a 3 member LLC for any client. The next thing you need to do is have your... Read more »
Q: Re New Jersey based non-profit: What is the recourse for a president and incorporator when the chairman and only other..
...incorporator violates the bylaws, deleted the president's email account (along with emails/history activity), takes control of the bank account (possibly closing it), prohibits the president from doing their job, basically violates the standard of care and fiduciary responsibility?
The President would have to file suit against the Chairman and there is always the possibility of criminal charges. The non-profit may have to be dissolved and a new non-profit may have to be formed, to replace this one. It is an extremely complex situation. A personal consultation which would not... Read more »
Q: Must all business contracts be in writing to be enforceable?
There is no reason why a business contract should not be completely in writing. Most contracts can be either written or oral and still be legally enforceable, but some agreements must be in writing in order to be binding. However, oral contracts are very difficult to enforce because there's no... Read more »
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