A major concern any contractor or sub-contractor has when working on a project is being paid for the materials and services that they have provided. When the project is progressing without any financial difficulties, payments are timely issued and the sub-contractor or contractor is paid for all the work that they perform.
I, along with my colleagues Rachel Lilienthal Stark and Henry E. Van Blunk, have authored a client alert regarding important changes to the law governing limited liabilities formed in New Jersey. While the law was actually passed in September of 2012, it did not affect existing limited liability companies until March 1, 2014. The law, known as the New Jersey Revised Uniform Limited Liability Company Act, or “RULLCA”, makes significant changes to many of the legal principles underlying the organization and operation of limited liability companies. Because RULLCA introduces several new “default” rules that will apply in the absence of a contrary provision in the operating agreement, your company’s governing documents should be carefully reviewed to determine the necessity or appropriateness of any amendments.
With the assistance of my fellow Stark & Stark Shareholders Daniel J. Sheridan and Henry E. Van Blunk, I have co-authored an important client alert about a law deadline that could impact all limited liability companies in the state of New Jersey. The article discusses the New Jersey Revised Uniform Limited Liability Company Act (RULLCA), which significantly changes many of the legal principles underlying the organization, governance and operation of limited liability companies. While, until now, existing LLC’s were not impacted by this new law, the grace period expires on March 1, 2014 and the new act will apply to all existing New Jersey limited liability companies.
On April 15, 2013, the Farmland Assessment Act of 1964, N.J.S.A. 54:4-23.1 (the “Act”) was amended imposing new requirements for farmland assessment beginning in tax year 2015 The Act provides for property tax exemptions up to 98% for a landowner that uses the property for farming and meets the eligibility requirements of the Act.
Many businesses, especially start-ups, find that it makes sense to engage freelance consultants for particular tasks rather than adding employees to their payroll. There are many financial and strategic reasons for a company to engage a consultant for certain projects, such as flexibility, expertise, and efficiency. However, it is important that companies identify which types… Continue Reading
Following the approval of New Jersey’s Community Development Block Grant (CDBG) Disaster Recovery Action Plan, the NJ Economic Development Authority (EDA) was tasked with administering $460 million of the state’s CDBG Disaster Recovery allocation to assist storm-impacted businesses. Recently, the EDA approved the creation of the Stronger NJ Business Loan Program. The Stronger NJ Business Loan Program is the second of these CDBG-funded business recovery initiatives and will utilize $100 million of the allocation.
A building owner recently prevailed in a wrongful death and survivorship action involving Legionnaires’ disease caused by contamination in an office building’s water supply system. On May 28, 2013, the Appellate Division upheld the trial court’s ruling granting the owner summary judgment in Anthony Vellucci, Etc. vs. Allstate Insurance Company, Et Al., App. Div. Docket # A-2905-10. It is an important decision for property owners, managers, employers, brokers, and others in New Jersey because it involved deadly contamination and shows that you can avoid liability by taking appropriate measures.
As a follow up to my blog last month outlining key considerations with regard to the preparation and administration of a corporate code of ethics, this entry will discuss some important aspects of the substantive content that should be included in a corporate code.
In an opinion issued May 10, 2013, Petersburg Regency, L.L.C. v. Selective Way Insurance Company, the Appellate Division of the New Jersey Superior Court held that if the parties agreed to arbitrate their dispute, but did not clearly identify the parameters of the arbitration, they would be bound by the provisions of the New Jersey Arbitration Act. The facts are quite complex. In September 2004, Petersburg Regency, L.L.C. (“Regency”) filed a complaint against Selective Way Insurance Company (“Selective Way”) for claims arising out of a hurricane which damaged a hotel owned by Regency in Petersburg, Virginia.
In a recent opinion, the Appellate Division of the New Jersey Superior Court held that if the parties agreed to arbitration in the underlying agreement, the dispute will be referred to arbitration, rejecting a claim that the right to demand arbitration was waived. Stephen Lerner (“Lerner”) and Robert Heidenberg (“Heidenberg”) were partners in a partnership. The partnership agreement contained a provision that any controversy arising out of the agreement would be settled through arbitration by the American Arbitration Association.