Kudos to New York’s small businesses. Reportedly, they are the backbone that centrally supports commercial success across the state and contributes in tremendously important ways to New York’s continued growth and betterment.
The adage, “Don’t bite the hand that feeds you” might logically come to mind for many people who scan the statistical talking points of a report recently released by New York Comptroller Thomas P. DiNapoli.
Here’s a core finding from the relevant research, which was culled from data collected by the U.S. Census Bureau: So-called “small companies” paid out a stunning $212 billion in worker wages in New York in a recent year. And they provided for more than four million jobs while doing so.
Imagine the state-of-the-state bottom line absent such an overwhelming economic contribution. Numbers like that are what frustrate and mobilize small business proponents seeking to simultaneously promote business reforms while resisting attempts to more closely control commercial principals. Maneuvers to place increased regulatory exactions on business owners are often counterproductive, they say, reaping precisely the consequences that pro-business advocates rightly seek to avoid.
DiNapoli’s cited numbers are indeed impressive. They underscore that more than half of all private sector jobs in the state are created by small businesses. And they especially spotlight the smallest of small entities, revealing that employers with four or fewer workers can annually be credited with employee payouts of well more than $20 billion.
The long-established New York City commercial law firm of Rich Michaelson Magaliff strongly supports small business owners and has helped them craft optimal strategies and solutions since its inception. Our deep legal team knows intimately well the tremendous value they bring to the state across multiple dimensions, and we routinely work with them to promote their commercial goals.
We welcome contacts to the firm to discuss the knowledgeable and impassioned advocacy our lawyers routinely bring to bear on behalf of diverse and valued business clients.