On June 10, 2019, the New Jersey State Assembly passed legislation, A-1677, which would suspend penalties for businesses that make certain paperwork violations of state laws.
Small to mid-sized business owners often partner with other businesses to develop strategic relationships for growth, profitability, and additional market share opportunities. This relationship is referred to as a joint venture.
It is generally thought that backdating an agreement is done with an intent to deceive. However, backdating documents is practical in certain instances where the parties made an agreement on a certain date but were unable to memorialize that understanding in writing on that date.
On April 9, 2019, the New Jersey Economic Development Authority (NJEDA) authorized the creation of a revised Brownfields Loan Program (the "Program") to provide low-interest financing to borrowers in an effort to facilitate remediation of vacant or underdeveloped brownfields sites and return such sites to full and productive use, particularly in the under-served communities within the State. The Program is an expansion of the NJEDA's existing Brownfields Loan Program.
Local businesses within a commercial corridor looking to revitalize the economic, physical, and social value of its business should encourage their respective municipality to form Improvement Districts (“ID”).
On March 12, 2019, Governor Phil Murphy and legislative leaders announced an agreement on the legalization of adult-use marijuana in New Jersey. This agreement sets up the possibility of a vote on adult-use marijuana legislation before March 25, 2019.
Last month the New Jersey Economic Development Authority (NJEDA) announced that it would begin taking applications for tax credits through New Jersey's Offshore Wind Tax Credit Program (the "Program") from businesses that make a capital investment of at least $50 million dollars in certain qualified offshore wind facilities within Burlington, Camden, Gloucester, Salem, Cumberland, Mercer or Cape May counties.
Yesterday, Governor Murphy signed A3975 into law, significantly expanding the New Jersey Family Leave Act (FLA) and Family Leave Insurance (FLI) programs to provide greater benefits to workers including additional time off, higher compensation, and increasing the class of individuals who qualify for leave.
The primary benefit of using a corporate entity to conduct business is the limited liability protection afforded to its owners. Corporations, limited liability companies, and other such entities are recognized as legally distinct and separate from their owner(s). As a result, the owner’s personal assets are shielded from any liability for the entity’s debts. This principle applies equally whether in the context of a parent company using a subsidiary entity for a particular venture or in the case of an individual using an entity to operate a new business.
On February 19, 2019, the New Jersey Economic Development Authority ("NJEDA") announced the expansion of the existing Business Lease Incentive Program (commonly known as the "BLI Program").