13 July

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Legal Insights into the Corporate Dissolutions

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Business corporations may be dissolved in two ways: A- Voluntary or Non- Judicial Dissolution: Under New York Business Corporation Law (BCL) Section 1001, a corporation may be dissolved by the majority vote of the shareholders entitled to vote. No board of director’s vote is necessary. B- Involuntary or Judicial Dissolution: There may be several reasons for involuntary dissolution: Under BCL Section 1101, an Attorney-General may bring an action for the dissolution of a corporation upon one or more of the following grounds: (i) That the corporation procured its formation through fraudulent misrepresentation or concealment of a material fact. (ii) That the corporation has exceeded the authority conferred...

17 June

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Rights of buyers in receipt of non-conforming goods

Posted by Metin Caglar

in BLOG

Under the Uniform Commercial Code (UCC, Article 2) Perfect Tender Rule, seller’s promises and performance as to quality, quantity, and manner of delivery of the goods must precisely conform to the purchase contract executed between buyer and seller. If the goods or the tender of the delivery fail in any respect to conform to the purchase contract, the buyer may; 1. Reject the entire shipment; or 2. Accept the entire shipment; or 3. Accept any unit or units of the shipment and reject the rest. For example, buyer contracts to buy 50 blue tee shirts from seller for $1000 but seller delivers yellow tee shirts...

01 June

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Removal of corporate directors before the expiration of their terms.

Posted by Metin Caglar

in BLOG

Can shareholders remove a director from the corporation? In Corporate Law, only shareholders of the corporation can remove a director for cause before the expiration of his/her term. Board of Directors (or the “Board”) cannot remove a director for cause unless the Certificate of Incorporation or the shareholder by laws permit Board to remove a director for cause. “For cause” can occur for any action that is considered a grave misconduct such as violation of the corporation code of conduct or ethics policies, failure to follow corporation’s by laws, rules, policies or regular practices, breach of a contract, violence or threatened violence, self-dealing, fraud, forgery,...

10 May

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Nisanli (K-1) Vizesi Nedir?

Posted by Metin Caglar

in BLOG

Nişanlı vizesi (K vizesi) bir Amerikan vatandaşı ile nişanlanan ve Amerikaya nişanlısı ile evlenmek ve yerleşmek için gelenlere verilen bir vize türüdür. Nişanlı vizesi için gereken ilk şart Amerikan vatandaşı ile nişanlısının vize başvurusu yapmadan önceki son iki yılda birbirleriyle tanisiyor olmaları gerekmektedir ancak bunun iki istisnası var: 1- Eğer nisanlilardan herhangi birinin kültürüne, örf adet ve geleneklerine veya dini inanışlarına göre nişanlanmadan önce tanışma mümkün değil ve tasvip edilmiyorsa 2- Böyle bir şart nişanlılar için aşırı derecede bir zorluk oluşturacaksa o zaman önceden tanışma şartı aranmaz. Daha önce tanışıyor olma şartı değişik yollardan ispatlanabilir örneğin nisanli çiftlerin telefon görüşmeleri ve faturaları, birlikte çekilmiş...

29 April

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Understanding Contract Language

Posted by Metin Caglar

in BLOG

What is the difference between an “effective date” and an “execution” date? The effective date is the date the contract becomes effective. It may be other than execution date. Parties to the contract may specify an effective date. Execution date is the date parties sign the contract. If parties did not specify an effective date, then Contract becomes effective upon signed by the parties. What does "Jurisdiction" mean? A jurisdiction is a venue with its own laws. It may either be a state or a province. For example, New York is a jurisdiction in the United States, Ontario is a jurisdiction in Canada. What...

15 April

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What are the rights of shareholders with respect to inspecting the books and records of the corporation?

Posted by Metin Caglar

in BLOG

Any shareholder of a corporation may demand (1) the minutes of shareholder proceedings and (2) records of shareholders on 5 day’s of advance written notice to corporation. After receipt of a such request, the Corporation may demand that the shareholder give an affidavit that his purpose is not other than the interest of the corporation and he has not within 5 years tried to sell any list of shareholders. If the shareholder refuses to furnish such an affidavit, the corporation may deny access. Regarding the list of the current directors and officers, any shareholder can demand that on two day’s written demand. There...

04 April

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Asylum and Refugee Status

Posted by Metin Caglar

in BLOG

Asylum and refugee status are special protections granted to people who left their home country for their own safety and are afraid to return. The difference between asylum and refugee status depends on the person’s physical location. If the person is outside of the United States, he/she must apply for refugee status. A person who has already entered in to the U.S. border or the interior regardless of how he/she arrived (perhaps by using a visa or by entering illegally) may apply for asylum status within the U.S. Once granted, both the asylum and refugee status allow the petitioners to stay in...

01 April

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What does authorized, issued, outstanding, treasury and watered stock refers in corporate law parlance?

Posted by Metin Caglar

in BLOG

Authorized stock is the maximum number of shares a corporation can sell.This number is specified initially in the corporation’s articles of incorporation or other charter documents, but it can be changed with a shareholder approval. A corporation usually sets greater numbers than required to provide flexibility to issue more stock in the future when needed. Issued stock is the number of shares the corporation actually sells. Outstanding stock is stock the corporation has authorized, issued, sold and purchased by current shareholders, investors and/or public. It also includes restricted shares owned by the corporation's officers and insiders. Treasury stock refers to the corporation’s buyback...

24 March

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The difference between trademark, copyright, servicemark and patent

Posted by Metin Caglar

in BLOG

A trademark is any word, name, phrase, slogan, sound, smell, color, symbol, design, group of letters or numbers, product configuration, device or combination of these elements which identifies and distinguishes the business names, trade names or commercial products or services of one party from others whereas copyrights protect individual, original works of expression of literary, dramatic, musical, artistic, and certain other intellectual works, whether published or unpublished. A copyright protects works of songs, books, movies, and art. The duration of copyright protection for works created by an individual lasts for the life of the author, plus 70 years. For works...

12 March

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L-1 Şirketlerarasi Transfer Vizeleri Nedir?

Posted by Metin Caglar

in BLOG

L-1 vizesi hem yurtdışında hemde Amerikada faaliyet gösteren şirketlerin yurtdışı ofislerinden vasıflı çalışanlarını Amerika da ki şirketlerine transfer etmelerine olanak sağlayan bir vize çesididir. L-1 vizesi de kendi arasında ikiye ayrılır L-1A dediğimiz işletmeci, yönetici veya müdür transfer vizesi ve L-1B şirketlerarası uzman transferi vizesi. L-1A işletmeci, yönetici veya müdür transfer vizesi (manager/executives) L-1A vizesi yurtdışındaki şirket de işletmeci, müdür veya yönetici vasfinda çalışanların bu şirketin Amerika’daki bağlı şirket, kardeş şirket, şube ya da ana şirketine transfer edilmelerine (Affiliate, subsidiary, branch or parent of the foreign entity) olanak sağlayan bir vize türüdür.Bu vize aynı zamanda Amerika da ofisi bulunmayan şirketlerin Amerikaya acilmalarina, hizmetlerini...