MAR '11 - The Nyack Villager

More documents

Recommendations

Info

home town Law by Peter Klose, Esq. so, You’re starting a Business e economy is topsy turvy, the job unrewarding, the grass always greener ... so why not start a business? America runs on small business (and coffee), so let’s consider the basics. While insurance will protect your assets sometimes, starting a separate entity helps to shield you from liabilities. A Name to Call yself. Not all names are created equal. Take a name, say, e Chocolate Library—creative, descriptive, perfect. Turns out that under NY State Business Corporation Law, libraries are generally known as a collection of books and other materials for reading and study. So, New York bans the use of school-related words such as library, school, academy, institute, or kindergarten, in a certificate of incorporation unless there is prior consent from the education commissioner. A Form to Fill. Now that we have a name, choose the type of entity for liability and tax purposes. NY State recognizes various corporate structures, but why choose one over another? Your attorney and accountant are best prepared to advise you for your particular situation, but here are some of the more identifiable structures: Sole Proprietorship. e simplest form of ownership, where all liability passes through to you personally. Generally, this is used by very small businesses without a physical location and other significant liabilities. Limited Liability Company. is entity enjoys passthrough taxation which allows the member(s) to pass the income or losses through their personal returns (i.e., no double taxation), but owners may owe self-employment tax on income. Members are protected from liability for acts and debts of the LLC, and can elect to be taxed as a sole proprietor, partnership, S-corp or corporation, providing much flexibility, with even just one natural person (not partnership). ese are enduring legal business entities, which, with proper planning, may avoid business termination issues, including those caused by death. An LLC is considered a partnership for Federal income tax purposes, so (a) if more than fifty percent of the capital or profit interests are sold or exchanged within a 12-month period, the LLC may terminate for federal tax purposes; (b) there may be no ability to offer incentive stock options, and no tax free reorganizations. If more than thirty percent of losses can be allocated to non-managers, the limited liability company may lose its ability to use the cash method of accounting. Overall a very flexible entity. e business files income through Schedule C of the personal income tax return as a sole proprietor unless it elects to file as a corporation. S Corporation. After paying a salary to the shareholders working income can be passed through as distributions of profits, and may not be subject to self-employment taxes. As the company grows, if it needs to restructure, there are none of the issues that arise in an LLC. S corporations can have one shareholder. e tax ramifications of an S Corporation are varied and complex as to what gain or loss or tax basis may be used on death, transfer or termination. If the company plans to own real estate, consult with an accountant and a lawyer if choosing this form of ownership. C Corporation. is is essentially an S Corporation where there are more formalized accounting procedures and paperwork, double taxation at the corporate and individual level, however, no restrictions on the number of shareholders, the types of investments available; or the nature of the entity to add or subtract shareholders. Generally, these are managed by a Board of Directors, which may have too much power over the day to day operations. Other Types. e remaining types include Limited Partnerships, where some partners are responsible for the acts of the Partnership only to the level of their investment; General Partnerships where all partners are fully liable for all debts; Limited Liability Partnerships where professionals agree to work together under this umbrella. Organize or Die (Lose the Protection of the Entity). I say this with tongue in cheek, but if you go through the process of setting up an organization to run your business, use it to run your business. Do not, under any circumstance, be disorganized with your books and records, especially the money and checks. Pay yourself as recommended by the accountant, do not mingle your personal funds (assets) with the business, get a bookkeeper or a program to track your finances, and hold meetings for large decisions, so that you can avoid the appearance that this new corporate entity is really just you in disguise. e Bottom Line—lawyers and accountants can help you to avoid some pitfalls by incorporating properly. en, it’s up to you to run the business as a business. Peter Klose, Esq. may be reached by e-mail at peter@kloselaw.com • A compromise is the art of dividing a cake in such a way that everyone believes he has the biggest piece. Ludwig Erhard (1897 - 1977) • e art of medicine consists in amusing the patient while nature cures the disease. Voltaire (1694 - 1778) 18 The Nyack Villager March, 2011
y Donna Cox Many buyers have been sitting on the sidelines waiting for home prices to hit bottom. ey want to guarantee that they are purchasing at the best possible price. While the price of the home is obviously important, buyers should also make sure they are also considering the COST of the home. e cost of a home is made up of the price and the interest rate. At the moment, home prices in our area appear to be stabilizing. Interest rates, however, are beginning to creep up. What does this mean to a buyer? A mere half a point increase in interest rates (from 4.75% to 5.25%) on a $350,000 mortgage equates to more than $100 per month in additional interest payments and a three quarter percent increase equates to more than $160 per month in additional payments. Even in the unlikely event prices should fall 10% this year, the cost of the same home would actually increase if the interest rates go up more than 1%. So, if you’re thinking of buying a home, remember to look at the big picture and focus not just on the price of the home, but the total cost as well. With that, here are the homes that sold during January. • thE hoMEs LIstED BELoW WERE soLD BY A vARIEtY oF BRokERs pRoUDLY sERvINg thE RIvER vILLAgEs. Ranch Colonial Attached Ranch Condo Co-op Co-op Colonial Ranch they got what?! STYLE LOCATION ADDRESS BEDROOMS BATHS LIST PRICE SALE PRICE C. Nyack Nyack Nyack Nyack Nyack Nyack Nyack S. Nyack Palisades 15 Dickinson Ave 20 Fifth Ave 147 N Franklin 18 Haven CT 6 Burd #2403 103 Gedney #5N 38 Fourth Ave #1H 92 Washington St 676 Oak Tree Rd $ 260,000 543,000 539,000 449,900 449,000 299,900 209,000 499,000 500,000 $ 250,000 517,500 487,000 430,000 443,500 285,000 194,500 485,000 425,000 summary Source: GHVMLS YTD Comparison Report December 2010 YTD vs. December 2009 YTD - Single Family Homes New inventory (the number of homes going on the market) increased 14% (279 YTD 2010 vs. 245 YTD 2009). e number of sales increased 48.5% (101 YTD 2010 vs. 68 YTD 2009). e average sales price of homes that have sold increased 5.3% to $664,418. Overall, the average sales price for single family homes that sold in Rockland County (inclusive of the river villages) was $448,087, up 0.3% over the same period last year. December 2010 YTD vs. December 2009 YTD - Condos New inventory (the number of condos going on the market) increased 6.3% (96 YTD 2010 vs.102 YTD 2009). e number of sales decreased 20.5% (35 YTD 2010 vs. 44 YTD 2009). e average sales price of condos that sold increased 6% to $479,129. Overall, the average sale price for condos that sold in Rockland County (inclusive of the river villages) was $265,791, down 0.8% over the same period last year. ✫ Household recycling 2 • hoUsEhoLD hAzARDoUs WAstE oil & latex paints, wood preservatives & thinners, waxes & polishes, resins & adhesives, pesticides, herbicides, fungicides, antifreeze, many kinds of chemicals, compact & regular fluorescent bulbs batteries, mercury thermometers, TVs, VCRs, radios, telephones, cell phones and beepers—all may be taken to the Hazardous Waste Drop-Off Facility, Fireman’s Memorial Drive, Pomona. Driving directions: take Palisades Interstate to Exit 12 and go South on Rte 45. Turn right at Pomona Rd, 2 3 4 4 2 1 1 4 3 1 1 3.1 1.1 2 1 1 3 1 then make the first right onto Fireman’s Memorial Drive. Facility is at the end of the road on the left. For hours call (845) 364-2444. • phARMACEUtICAL ALERt Do not flush unwanted pharmaceuticals down the toilet or throw them in the garbage. ey can pollute our drinking water. Bring any prescription or non-prescription medication to the Hazardous Waste Drop-Off Facility for safe disposal. Note: controlled substances and sharps are not accepted. To dispose of needles, syringes and lancets, call 364 3682. ✫ To be continued. COMMUNITY NOTES start on page 16 MONTESSORI/RIVER SCHOOL OPEN HOUSE 85 Marion Street, Nyack, NY (enter on 5th Ave.) Info: 845-358-9209. • Programs for children age 2 thru kindergarten What are you looking for in a school? Challenging academic curriculum? Dedicated, highlytrained staff? Classrooms where children can work at their own pace? If you answered ‘yes’ to any of these criteria, we encourage you to attend an informational meeting & open house. Sat, Mar 12 at 10am or urs, Mar 24 at 7pm ROCKLAND COUNTY GUIDANCE CENTER Note new address: 2 New Hempstead Rd, New City, NY 10956. Space limited. Call to register (845) 638-5666. • Empowerment Series 6 ursdays, March 11 to April 15, 10am-noon • Financial Management for Women 3 Mon, Mar 21, 28 & April 4, 12:30 to 2:30pm • Transferable Skills urs, Mar 24, 12:30 to 2pm AT LAMONT-DOHERTY EARTH OBSERVATORY 61 Route 9W, Palisades, NY Monell Building Auditorium. All events 3 to 4pm; admission $5pp at the door. Light reception follows. Wheelchair accessible. Space is limited, please register, For more info & registration, e-mail events@LDEO.columbia.edu or call (845) 365-8998. • A Delicate Balance: Antarctica & Surrounding Oceans with Douglas Martinson, Ph.D., Lamont Research Professor. Sunday, March 6 • Ancient Trees Reveal Environmental Histories with Neil Pederson, Ph.D., Lamont Assistant Research Professor. Sunday, March 13 • Hudson River: a Swimmable Future? with Andrew Juhl, Ph.D., Lamont Associate research Professor, Gregory O’Mullan, Ph.D., adjunct Associate Research Scientist and John Lipscomb, Riverkeeper Boat Captain Sunday, March 27 • Climate Change in Arctic Tundra: From Wildfire to Songbirds with Natalie Boelman, Ph.D., Lamont Assistant Research Professor. Sun, April 3 PALISADES INDOOR FARMERS' MARKET 675 Oak Tree Road, Palisades, NY. To join the e-mail list e-mail PCC@PalisadesNY.com or visit the website at www.PalisadesNY.com Palisades Indoor Farmers' Market, Rockland's Community Notes continue on page 22 The Nyack Villager March, 2011 19
Page 1 and 2: TheNyack Villager ® An independent
Page 3 and 4: In this issue Departments 3 REPORTE
Page 5 and 6: An open community forum Letters to
Page 7 and 8: photo courtesy Rockland Center For
Page 9 and 10: Under exposed by Shel Haber Conside
Page 11 and 12: Amazing Grace Youth Circus • Circ
Page 13 and 14: Events start on page 10 Events in m
Page 15 and 16: Service credits when you knit scarv
Page 17: Food, Glorious Food by J.R. Tillots
Page 21 and 22: the Nyack villager Founded in 1994,
Page 23: COMMUNITY NOTES start on page 16 AT

MAR '11 - The Nyack Villager

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?