New York General Business Law 249 Vs 350 Vs 218 Explained
New York General Business Law is a set of regulations and rules that govern business operations in the state of New York. Business owners and entrepreneurs must understand the various sections of this law to ensure they comply with its provisions. If you want to open a business in New York this article will help you learn more, read on as we explore three sections of the New York General Business Law: 249, 350, and 218. Buckle up as we’re about to take Brooklyn Business Law fans on a wild ride that will clarify the in’s and out’s of everything related to these laws.
New York General Business Law Section 249
Section 249 of the New York General Business Law is commonly referred to as the Deceptive Acts and Practices (DAP) statute. This law prohibits deceptive business practices in New York. Deceptive practices are defined as any act that is likely to mislead consumers or cause them to take an action that they otherwise would not have taken. The law also prohibits the use of false advertising, deceptive labeling, and other fraudulent business practices. Section 249 applies to any business operating in New York, regardless of its size or industry. This means that small businesses and large corporations alike must comply with this law. Violating Section 249 can result in civil penalties, including fines and injunctions, as well as criminal penalties, such as imprisonment in extreme cases.
New York General Business Law Section 350
Section 350 of the New York General Business Law is commonly referred to as the General Business Obligations (GBO) statute. This law requires businesses to meet certain obligations when selling goods or services to consumers. Some of these obligations include providing clear and concise descriptions of products or services, disclosing all material facts related to the sale, and delivering products or services as promised. Section 350 applies to any business selling goods or services to consumers in New York. Violating Section 350 can result in civil penalties, including fines and injunctions, as well as criminal penalties, such as imprisonment in extreme cases. To avoid violating Section 350, businesses must ensure that they provide consumers with clear and accurate information about their products or services
New York General Business Law Section 218
Section 218 of the New York General Business Law is commonly referred to as the Business Corporation Law (BCL) statute. This law governs the formation, operation, and dissolution of corporations in New York. It outlines the requirements for incorporating a business, the duties and responsibilities of directors and officers, and the procedures for dissolving a corporation. Section 218 applies to any corporation operating in New York, regardless of its size or industry. Violating Section 218 can result in civil penalties, including fines and injunctions. To comply with Section 218, businesses must follow the procedures outlined in the statute when incorporating a corporation in New York.
In conclusion, understanding the provisions of the New York General Business Law is crucial for businesses operating in the state. Sections 249, 350, and 218 are just a few of the many provisions that businesses must comply with. By following these laws, businesses can ensure that they operate ethically and lawfully, while protecting consumers and shareholders.
Contributed With Help From:
Fisher Stone, P.C. NYC Corporate, Small Business & Trademark Lawyer 115 Broadway Floor 5, New York, NY 10006 (212) 256-1877 https://fisherstonelaw.com/
Fisher Stone Small Business & Real Estate Lawyers Of Brooklyn, P.C. 88 Suydam St Suite A, Brooklyn, NY 11221, United States