New York Employment Lawyers
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Legal Services Offered by Our On-Demand New York Employment Attorneys
Our experienced New York employment attorneys & lawyers can help guide you on how to proceed with various employee decisions such as reviewing employee documents such as contracts, agreements, policies, and handbooks, along with difficult decisions such as firing, lawsuits, claims, and complaints.
Although not every single employment contract will require legal assistance, many employment lawyers would recommend avoiding unilateral employment contracts that strongly benefit one side over the other. These types of employee contracts rarely hold up in court, yet having the funds needed to combat an issue in court can limit the employee’s options.
A confidentiality agreement and a non-compete agreement are common forms of employee contracts that one of our New York employment attorneys can help customize for your business. If your business needs to fire an employee, proper measures should be taken from a business legal standpoint to ensure proper communication and a smooth transition of dismissing that employee. In any case, we suggest you connect with our employment attorneys to discuss your options.
Improve Your Legal ROI with Affordable Employment Attorneys that service New York, NY.
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- 5 min read
What are Incentive Stock Options?
Incentive stock options (ISOs) are a type of stock option typically given to key employees or management to purchase stock in the company and can result in a better tax treatment.
Incentive Stock Options vs. Nonqualified Stock Options
Other options that may be available to employees who are not considered key employees or upper management may be eligible for nonqualified stock options or NSOs.
Unlike NSOs, an ISO would be treated favorably for tax purposes. When an ISO is exercised, the employee need not claim the income. When they sell the stock, the gains are taxed as ordinary income rates rather than at capital gains rates. It is important to be aware that the tax benefits are lost if the employee who is entitled to ISOs sells the stock immediately; if they sell immediately they are treated the same way as an NSO.
What's the diff
- 5 min read
Statement of Work: What Is It?
A statement of work (SOW) is a document that lists all the work a supplier will do during a project. It will define the amount of work, the expected quality of the job performance, and the timeframe for completion.
A well-written SOW will help both parties understand the parameters of a successful project. A poorly worded SOW could lead to conflict. The parties may argue over unclear expectations and the definition of good work.
To avoid such arguments, a well-written SOW should include:
- A list of expected products and services
- A list of tasks leading to the product's creation
- Specifics regarding who will handle each of the listed tasks
- Due dates for deliverables
- Payment schedule and deadlines
- Determination of which party will helm the project and handle major
- 11 min read
What Is a Vesting Period?
The vesting period is the period of time before shares in an employee stock option plan or benefits in a retirement plan are unconditionally owned by an employee.
If that person's employment terminates before the end of the vesting period, the company can buy back the shares at the original price. The employee cannot sell or transfer the stock options during the vesting period.
The Tax Reform Act of 1986 established the minimum vesting rights for employees. Full vesting must occur within five years or at 20 percent vesting per year after three years of employment.
Vesting is the process by which an employee with a qualified retirement plan or stock option plan is entitled to the benefit of ownership. Once vesting occurs, t
- 11 min read
What Are Payroll Taxes?
Payroll taxes are taxes which are imposed on employers and employees by federal, state, and local governments. Payroll tax is different than income tax since payroll tax is all the other taxes that aren’t income taxes that are taken out of your check.
The employer and employee split payroll tax half and half. The employer is required to withhold the amount of the employee's share of the payroll tax and submit to the IRS and the state along with payroll tax return.
Needless to say, young entrepreneurs see payroll tax as a big hassle and somewhere along the way, they are told to treat all of their workers as independent contractors so the entrepreneur can:
Skip the withholding and reporting requirements
Only need to send the contractor a 1099 form once each January
- 4 min read
Preferred stock is a special class of equity that adds debt features. As with common stock, shareholders receive a share of ownership in the company. Preferred stock also receives special rights, including guaranteed dividends that must be paid out before dividends to common shareholders, priority in the event of a liquidation, is listed separately from common stock, and trades at a different price than common stock.
Why Is Preferred Stock Important?
Preferred stock gives you a financing alternative to taking on debt. You generally maintain greater control over your company than if you issue new common shares.
You can also remain flexible for future financing rounds by keeping debt off of your balance sheet and retaining a call option. The call option allows you to reduce your outstanding equity and offer a greate