Business and Corporate Law Practice, 2023-24

Contents at a Glance

Corporate and Partnership Law / Buying and Selling a Small Business / Tax – Other Implications of Forming a Business Organization

Product Description

Part of the New York Lawyers’ Practical Skills Series (PSS)

PC: 405124/405124E (PSS)

This practice guide covers corporate and partnership law, buying and selling a small business and the tax implications of forming a corporation.

Part one, on Corporate and Partnership Law, offers advice on the basics of forming a business for a client. It discusses the more popular types of business entities and the advantages and disadvantages of each. This section also examines considerations relative to the different forms of doing business, including domestic and foreign corporations and limited liability companies.

Part two, on buying and selling a small business, guides practitioners through the necessary procedures and corresponding responsibilities as a transaction passes from proposal to completion. It covers the pre-contract, contract, pre-closing, closing and post-closing stages. Alternative business organizational forms are discussed, including the general partnership, limited partnership, sole proprietorship, S corporation and the limited liability company.

Part three addresses important questions to consider when advising a client on forming a corporation: What is the desirable tax treatment to the client? Is deferral of gain or loss on the exchange feasible? What are the consequences of the client's deferring to a later year the reporting of gain or loss realized by the client on the exchange?

This practice guide also includes a set of Downloadable Forms. The 2023-2024 release is current through the 2023 legislative session.

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