In New Jersey, sale of a business is governed by the contract negotiated by the parties. But what if the contract is unclear, or the parties don’t agree on what the terms of an oral contract are? In the case of Lee v. Lee, involving the sale of a restaurant…
The Bulk Sales Act was enacted in 2007, expanding upon the prior bulk sales law previously codified in 1995. This law requires the parties in a transaction to notify the New Jersey Division of Taxation regarding certain transfers of property so that the Division can determine if there are any…
Every owner of a closely held small business should have an up to date buy-sell agreement. A buy-sell agreement is a written agreement between business owners. The purpose of the agreement is to ensure that the current owners are protected from ending up owning a business with an unwanted partner…
There are steps which must be followed in a timely manner to obtain a New Jersey Lottery License and have a smooth transition during the purchase of a business. At least 45 days before closing, the seller of the New Jersey business must send a letter to the New Jersey…