What is a Delaware Statutory Trust?

A Delaware Statutory Trust (DST) is a legal entity in which each beneficiary  has a “beneficial interest” and for Federal income tax purposes is treated as owning an undivided fractional interest in the property held by the trust.  Delaware statutory trusts are formed as private governing agreements under which either (1) property (real, tangible and intangible) is held, managed, administered, invested and/or operated; or (2) business or professional activities for profit are carried on by one or more individuals who act as trustees for the benefit of a party who is entitled to a beneficial interest in the trust property.

Continue reading “What is a Delaware Statutory Trust?”

Short Term Rentals Prohibited in Revised Forms

Short-term rentals are common (and perhaps inescapable) in a city like New York and other popular destinations, despite laws that prohibit the rental of an apartment in a Multiple Dwelling for less than 30 consecutive days. Recently, however, there’s been a dramatic upsurge in such rentals, thanks to vacation rental apps that have made the transactions simpler and more attractive for tenants and travelers. How much of a problem is it and how should it be addressed?

Continue reading “Short Term Rentals Prohibited in Revised Forms”

What is the Purpose of a Corporate or LLC Kit?

The Corporate Kit or LLC Kit is a customized organizational binder–and a convenient, tried-and-true way to gather and maintain your company’s management records.

When you form your  corporation or LLC (Limited Liability Company), it is critical to objectify the management of the business.  This includes an orderly organization of key documents —including minutes of the activities of the company, bylaws, operating agreements, shareholder agreements, share certificate and stubs and transfers.

Continue reading “What is the Purpose of a Corporate or LLC Kit?”

Best Practices for File Naming

From the National Archives Records Practice.

File names should:

  • Be unique and consistently structured;
  • Be persistent and not tied to anything that changes over time or location;
  • Limit the character length to no more than 25-35 characters;
  • Use leading 0s to facilitate sorting in numerical order if following a numeric scheme “001, 002, …010, 011 … 100, 101, etc.” instead of “1, 2, …10, 11 … 100, 101, etc.”;
  • Contain a file format extension;
  • Use a period followed by a file extension (for example, .tif, .jpg, .gif, .pdf, .wav, .mpg);
  • Use lowercase letters.  However, when a name has more than one word, start each word with an uppercase letter for example, “File_Name_Convention_001.doc”;
  • Use numbers and/or letters but not characters such as symbols or spaces that could cause complications across operating platforms;
  • Use hyphens or underscores instead of spaces;
  • Use international standard date notation (YYYY_MM_DD or YYYYMMDD);
  • Avoid blank spaces anywhere within the character string; and
  • Not use an overly complex or lengthy naming scheme that is susceptible to human error during manual input, such as “filenameconventionjoesfinalversioneditedfinal.doc”.”

For more information go to The National Archives.

How to Form a Not-for-Profit Corporation

Not-for-Profit Corporations are formed for many reasons.  In New York State there are two types of formations: charitable and non-charitable.  New York now allows for filings of each with a purpose as simple as:  any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a charitable corporation or any purpose for which corporations may be organized under the Not-for-Profit Corporation Law as a non-charitable corporation. Continue reading “How to Form a Not-for-Profit Corporation”

What is a legal pad?

We call them “legal pads” because when they were first available in 1888 (the year after Bob Blumberg’s grandfather founded our company) a paper mill worker collected the sortings (scraps) from various factories and bound them into pads. They were cut to legal size. Later, when the pad paper was manufactured with ground wood and scraps to make up the batch of pulp, they were colored yellow because it was more expensive to make the batch white. Continue reading “What is a legal pad?”

What is a fictitious name (a DBA)?

If you are starting a business as a sole proprietor or partnership you must file a document with the city, county or state as required by the laws of the state in which your business will be conducted. The name you choose for the business is a “fictitious name.”  It is also called a “DBA” (doing business as). The laws are intended to protect those doing business with the company by providing a public record of the owner’s identity and the  address of the business.

Continue reading “What is a fictitious name (a DBA)?”