Seller Beware: Don’t Market Your Business Without Doing A Presale Legal Audit

Selling a business involves significant risk and is something that most owners do only once in their lifetime. A seller must “do it right the first time” and avoid pitfalls that can result in a reduced number of interested buyers, a reduced sale price, unfavorable payment terms, a large at-risk escrow amount, or a deal that does not close. If a deal doesn’t close, substantial management time is likely to have been spent, tens of thousands or hundreds of thousands of dollars in professional fees are likely to have been incurred, confidential information about the seller’s business will have been disclosed, employees may leave, and a multi-million dollar payday will have vanished.

New York City Amends Its Sick Leave Law To Align With New York’s Statewide Sick Leave Law

On September 28, 2020, Mayor de Blasio signed into law amendments to New York City’s Earned Safe and Sick Time Act (the “Act”). The amendments, which went into effect on September 30, 2020, generally align the Act with New York’s recently enacted statewide sick leave law that also went into effect on September 30, 2020. However, several important differences described below exist between the two laws.

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New York

Ortoli | Rosenstadt
LLP

366 Madison Ave, 3rd Flr,
New York, NY 10017

+1 212 588-0022

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Miami

Ortoli | Rosenstadt
LLP

1000 Brickell Avenue, Suite 400,
Miami, FL 33131

+1 786 289-0022

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Singapore

Ortoli | Rosenstadt
LLP

20 Collyer Quay, Suite 14-01,
Singapore 049319

+65 8444 7243