Corash & Hollender, P.C.
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February 2017 Archives

Protecting yourself in a Business Divorce

There are a number of powerful tools that can be used to protect a business owner facing a business divorce. Business owners are protected by Business Corporation Law Section 1104(a). In fact, the law protects shareholders from oppression, fraud, corporate theft, illegal actions, etc.

EVERY COMPANY WITH MORE THAN ONE SHAREHOLDER SHOULD HAVE A SHAREHOLDERS AGREMEENT

Too many shareholders have lost everything because they simply failed to protect themselves with a tailored shareholder's agreement. More and more shareholders and directors are finding themselves facing a dispute, as between their directors and shareholders. A shareholder's agreement is essential to fully determine the basis for important decision making and to provide protection for the parties involved in the ownership of the company against the actions of the others, whether minority, majority or equal shareholders. In the event of a dispute or dissolution, a shareholder's agreement that contains a valuation formula can carry the day.

Bankruptcy as a Negotiating Tool for Taxi Owners

You really want to continue driving but you are having trouble making the note payments.  If you own a house with your wife in New York, and have less than $330,000 in equity above the mortgage, bankruptcy might be an option. Educate yourself about bankruptcy.  Then call to develop a customized strategy.

Taxi Medallion Owner Worried About His Investment Property

When the market was high, he decided to cash in on his long hours and hard work to protect his family for the future. The bank offered him a refinance to obtain $300,000. He used it to buy an investment property, to generate income for his retirement.

Taxi Owner asks "Should I sign the renewal?"

His loan had matured last year and the bank presented him with a six-month extension, while they evaluated a new loan. He couldn't decide what to do.

Bankruptcy can discharge student loans, but it won't be easy

Times are hard, and your paycheck seems to stretch thinner each week. Your mortgage, medical bills and credit card debt would be burden enough, but the student loans overwhelm you. Perhaps they are from your own education, but more than likely, you took them on for your children or grandchildren.

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