Rich Michaelson Magaliff, LLP Rich Michaelson Magaliff, LLP
Speak with one of our attorneys today.
TF 877.373.6811
NY 646.453.7851
Main Navigation
Real World Solutions To Real World Challenges

R3M has been voted a Best Law Firm by US News & World Report and Best Lawyers

Best Lawyers | Best Law Firms | U.S.News & World Report | 2018 Best Lawyers | Best Law Firms | U.S.News & World Report | 2019

Get Answers

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Manhattan Bankruptcy Law Blog

Don't overlook these aspects of an equipment lease agreement

For many small- and medium-sized businesses, buying equipment outright may not make sense, whether due to financial concerns, shifting long-term needs, or worries about the technology quickly becoming obsolete. In these cases, the businesses often opt to lease the equipment.

Companies that choose to finance equipment are increasingly doing so through leasing. From 2012 to 2016, the use of a lease as the equipment financing method increased from 17% to 39%, according to one industry group’s study. It’s not a commitment you want to make without doing your homework, however. Here are some aspects of an equipment lease agreement you may want to scrutinize before agreeing to anything.

Do you want to run your New York business or sell it?

A recent Forbes article on business creation underscores a key difference underlying the thinking of contrastive entrepreneurial camps.

Some principals whose toil and creative energies have spawned a potentially lucrative startup business want to forge through and guide their enterprise as it grows and prospers. They gave birth to it, and now want to steer a profitable ship.

Is a co-ownership right for your future business?

Business formation can certainly have its challenges. You may have a specific idea of how you want to run your future company, but you may also have concerns about the best way to get off the ground. You may even wonder whether going at it alone is in your best interests.

You may be considering enlisting a co-owner or partner in your business venture. This type of ownership structure can certainly have its benefits, but some downsides also exist. As with any business decision you make, now or in the future, thoroughly reviewing the option is worthwhile.

Entity formation considerations: LLC or corporation?

You've obviously accomplished much already as an entrepreneur if you're now at the next-stage juncture of legally establishing the business you created through hard effort and creative smarts.

What business form do you now choose at the key inception stage? The American commercial realm offers a number of distinct choices for your enterprise going forward, with each of them having distinct characteristics that may play out optimally - or not - for your new company.

NYC’s immigrant story: vital cog of commercial vibrancy

Any person seeking instant and conclusive evidence of New York City’s unrivaled status as a metro interwoven with a rich immigrant history hardly needs to reach for statistical proofs or academic confirmation.

A quick stroll down virtually any street will do the trick.

Spotlight on broad-based utility of employment contracts


That single word might outweigh all others for any company principal or worker searching for an apt descriptor to underscore why executing an employment contract often makes sense in an employer-employee context.

NYC business improvements target minority, women-owned firms

New York City officials have long voiced their commitment to an expanded business field that invites participation from a large pool of diverse players.

And they have unquestionably backed words with actions in a demonstrated commitment over time to increase involvement from entrepreneurs and principals representing minority and women-owned businesses.

Spotlight on largely unregulated cash-advance lending industry

New York courts are veryfamiliar with so-called "confessions of judgment." Reportedly, they approved such judgments in favor of lenders more than 11,000 times last year.

That magnitude of use for this legal instrument has clearly troubled regulators and criminal authorities, especially in New York.  A recent in-depth media spotlighting of confessions of judgment stresses that actors within the cash-advance lending industry that execute such agreements with debtors - especially small businesses - are now being closely investigated.

What are your options if your partner breaches your agreement?

Starting a new business is always a risk, but when you launch with a partner, you may have even more at stake. Working with another entrepreneur – or even several others – means adapting to each others' methods and adjusting to each others' idiosyncrasies. There is always the chance that one partner will take the company in a direction the other partners do not want, and this could result in conflict that places the future of the business in jeopardy.

To protect your New York company from such possibilities, you and your partners drafted and signed an agreement that carefully spelled out the philosophy of the company and the methods for reaching your goals. Your partnership agreement may have separated the essential duties of each partner and established a protocol for handling the income, losses and profits. What do you do now that your partner has breached this contract?