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FindLaw Network

New York Corporate Law Blog

The best companies often start with the best business plans

Every year throughout the state of New York, from big cities to small towns, entrepreneurs start a business in the hope of creating a job they love while also enjoying the financial reward. While some know that creating a business plan would be in their best interest, others overlook the importance of doing so, instead opting against this for one reason or another. Before giving up on the creation of a business plan, you should consider the benefits that this will bring your organization now and in the future.

Writing business plans helps all entrepreneurs create a more successful company, thus reaching all of their goals. This can include a variety of details, all of which are meant to keep the company on track.

CIT Group announces acquisition of OneWest Bank's parent company

While the widespread proliferation of mergers and acquisitions of financial institutions that we saw in the months surrounding the 2008 financial crisis has slowed, there are still some big deals taking place in the industry that may impact personal and business banking customers in New York and around the country.

Southern California's OneWest Bank N.A. is the latest to get new ownership. On July 22, New Jersey-based CIT Group Inc. announced that it is buying the parent company of the bank. The commercial lender, headquartered in Livingston, is paying $3.4 billion for IMB Holdco LLC. That includes $2 billion in cash and $1.4 billion in CIT Group stock.

Albany consulting company acquired by NYC firm

Any type of business acquisition, regardless of the industry or size of the companies involved, is going to include a variety of details, some of which can take many months or longer to iron out.

Blue Slate Solutions, a consulting company out of Albany, has been acquired by EXL, a publicly-traded company based in New York City.

New York's Citigroup settles with feds for $7 billion

The era of troubled mortgages that led up to the 2008 financial collapse is hardly in the past for a number of financial giants on Wall Street and elsewhere. However, after months of legal wrangling, Citigroup and the U.S. Department of Justice have finally reached a deal to settle the federal inquiry into its mortgage activities in 2006 and 2007. They have announced a deal that will cost Citigroup $7 billion.

That $7 billion includes a $4 billion cash penalty, which is the largest that has been paid thus far to settle a federal case related to the mortgage crisis. It also includes $2.5 billion that will be designated for providing relief to Americans impacted by that crisis. The consumer relief measures to be funded include mortgage modifications for homeowners still struggling as well as financing for new affordable rental housing. These measures must completed by year-end 2018. The remainder of the settlement will go toward reimbursing creditors of financial institutions as well as state attorneys general for mortgage-related losses they suffered.

Halal Guys expand from New York food carts to restaurants

Many New Yorkers are familiar with the Halal Guys food carts that serve Middle Eastern food in Midtown as well as the East Village and Long Island City. Now, the founders of the popular company are branching out their business into brick-and-mortar restaurants.

The first sit-down eatery just opened in the East Village. They have additional plans for an Upper West Side establishment. Their goal is to go international in partnership with a franchiser. The two men, who came to the U.S. from Egypt "looking for a dream," hope to spread their brand to South Korea, the Philippines and the Middle East.

Learfield Sports to acquire New York company

Learfield Sports, one of the biggest names in the sports industry, is once again making waves with an acquisition. The company has plans to acquire Sidearm Sports, a firm based in Syracuse that provides digital services to more than 700 college sports programs.

Sidearm Sports' platform includes customized design, web, mobile content and social media services. These will fit in perfectly with Learfield and its current business plan.

New airline opens for business flights between Paris and New York

A brand new airline has been started for those seeking to travel between Paris and New York. Because of this focus, the airline is expected to attract mostly business customers who work in both of these major cities. However, the company is opening for business in the summer in the hope that people who are traveling for vacation will also be interested.

The company, known as La Compagnie, only has one aircraft at this time. That plane has 74 seats. However, the copany has partnered with Icelandair, which will provide maintenance on the plane and a backup aircraft if needed. The company is planning to buy another plane as soon as December of this year.

Wal-Mart makes another acquisition, this time mobile

Many of our New York readers shop at Wal-Mart stores on a regular basis for everything from food to clothes to home goods. Wal-Mart may be one of the top companies in the world, but this does not mean it is sitting back and waiting to see what the future brings. Instead, it has moved forward with yet another acquisition.

Stylr is the most recent company acquired by Wal-Mart. The mobile app makes its simple for shoppers to find the clothes they are looking for in nearby stores. This follows 12 previous acquisitions by Wal-Mart in just three years.

Priceline's acquisition of OpenTable advantageous for both

Travel booking giant Priceline is continuing with its acquisition activity of the past decade, but this time it is branching outside of the travel business. It announced this month that it is acquiring another company that provides customers with online booking convenience, OpenTable, Inc., for $2.6 billion.

OpenTable enables customers to reserve tables at over 31,000 restaurants in New York City and throughout the world through mobile apps and its website. It also provides reviews and menus of restaurants. The service is free to users, but restaurants pay the company for bookings made through its site. Over 15 million people use the site each month.

LLC business formation and tax implications

Every day throughout the state of New York, as well as the rest of the country, there are people who take the first step in getting their business off the ground and running. While the business formation process may sound complicated and full of challenges, the benefits you receive in return are well worth it.

As you get up and running, it is important to consider the benefits of forming an entity such as an LLC or corporation. By doing so, you are protecting your financial life and changing your tax situation.