Monthly Archives: September 2021

16 Sep

Biz Brief: Owning the Business is Not Sufficient to Take a Salary

In In re Village Red Restaurant Corp. d/b/a/ Waverly Restaurant, the Bankruptcy Court held that simply owning a business was not fair consideration in exchange for a salary. Village Red Restaurant Corp’s (“Village Red”) operated a restaurant in New York.  The sole shareholder was Christine Serafis (“Christine”), who received the shares from her father as

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15 Sep

Business Basics: Where do I Start?

Several clients or potential clients will tell us they want to start a business, but do not know where to begin.  Here is a general overview of things you should consider when starting a business. Forming a Business At a basic level, a business need not be a corporation or an LLC to exist; there

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