New Power of Attorney
We would like you to know that a new law has come into effect as of September 2010 regarding what is required in making out a Power of Attorney document. For example, the new law requires that in addition to you naming the person to act as your "agent", he or she, as the case may be, must sign the Power of Attorney document as well. You can also decide whether your appointed agent should be compensated. The new law also addresses the matter of gifting by your appointed agent as part of implementing a long term care plan that can be done now by your agent, if you so choose.
In summary, the fundamental purpose of the new law is to allow you to be fully comfortable in knowing that if you become incapacitated for any reason, the person you have named to act on your behalf will have specific guidelines pre-determined by you. With the agent now having to sign and accept his or her appointment, it will also allow that person to ask questions in agreeing to act on your behalf, before actually carrying out your wishes.
We at Evans & Fox LLP will be happy to review the new law in greater detail with you and prepare a new Power of Attorney if necessary.
Court Decision Which Affects Seller's Obligation For Commissions
The Chair of our Litigation Department, Richards J. Evans, Esq., received a favorable ruling for his client from the Appellate Division, Fourth Department on October 9, 2009, which decided that the Seller of real estate (whether a home or commercial property) may be responsible for the payment of the Broker's Commission, even if the Buyer does not close on the purchase contract. Up to this time, most Sellers and Brokers believed that no commission was owed by the Seller unless the Buyer received mortgage financing or there was an actual closing. The decision obtained by Mr. Evans now clearly provides otherwise.
Therefore, and based upon the Court's Decision, it is essential for us to review the terms of your Listing Contract with you before you sign it. We can suggest language in your Listing Contract to protect you from potential exposure of having to pay a real estate commission in the event your Buyer cancels the purchase contract or your transaction does not close due to no fault of your own.
So please feel free to call upon on us before you commit to signing a Listing Agreement for your house, business, or other property. We are here to help you through the listing, selling, and buying process to protect your legal rights.
New Legislation Governing Professional Employer Organizations (PEO)
New York State has effectuated legislation governing Professional Employer Organizations (PEO) which are rapidly becoming popular with small businesses (typically less than 15 employees) as an alternative to dealing with issues of managing employees, employee benefits, 401(k) plans, and the other myriad and burdensome compliance laws required by state and federal agencies. The PEOs differ from a temporary staffing service or payroll service. Instead, the PEO becomes a "co-employer" with the business it works with and takes over such tasks as hiring and firing, payroll, employee benefits, and human resources issues, while the client company retains day to day control of the work force in carrying on the company’s trade or business.
New York Law governs the PEOs which provides for a written contract describing the services to be performed by the PEO and also governs the registration of such PEO and requiring certain financial security standards to be met by the PEO.
Evans & Fox LLP is available to answer further questions you may have about Professional Employer Organizations and to discuss whether a PEO may be right as an alternative for your business. Please contact us at 585-241-5999 or e-mail us at email@example.com. We will be happy to assist you in your analysis.