Legal Lowdown For Corporations: S-Corp Vs. C- Corp

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If your small business is doing well you may want to consider incorporating it in order to avail of the multitude of benefits corporations enjoy. Setting up a corporation takes a lot of time and effort. In previous times, you would need a qualified attorney to help you incorporate your small business, but now you can find online websites that offer special incorporating resources, it can be done with reasonable cost and ease. When setting up a corporation you need careful guidance, knowing how to submit the correct forms to the right agencies. However, one of your more difficult choices would be choosing what would be the most suitable entity for your business.

S-Corporation:

These corporations are more suited to small-scale business operations. An S-corporation must have fewer than 75 stockholders, stocks must be US-owned, it can only offer one class of stock, and the corporation can only be domestic. Additionally, if the company accumulates debt, the debt is passed on to the owner; it will not be considered a separate entity, unlike with a C-corporation. The business has to hold stockholder and board of directors meetings annually and keep corporate minutes of the meetings.

One of the best benefits of S-corporations is the self-employment tax benefit. In an S-corporation you can save as much as 50% on Social Security Taxes and Medicare. It also does not pay corporate tax therefore you avoid double-taxation, which C-corporations experience. The income distributed to its shareholders will be taxed on an individual basis.

C-Corporation:

C-Corporations are suitable for large-scale business operations. They are more complicated to operate over S-corporations. Requirements of upholding a C-corporation include holding annual stockholders meetings, board of directors meetings, and keeping track of the minutes of these meetings. Record keeping for C-corporations is complex and the corporate structure is very expensive to operate. You have to file a tax return for the company and one for your personal self. Depending on which state you are operating in, there may be additional taxes.

Despite all these setbacks C-corporations have just as many benefits. They are allowed full deductions for disability and health insurance, including medical expenses beyond existing coverage. They also have benefits such as life insurance, pension plans, and dinner allowances.

When deciding whether to incorporate as a legal S-corporation or a C-corporation you must take your future plans into account too. Do you plan on expanding interstate? Do you want to go international? Which tax and fringe benefits are more suitable for your business? The tax structures and restrictions on shareholder equity can make a huge impact on the profitability of your business. You will need to analyze if the change will be worth it.

If you need assistance in determining in which type of corporation you would like to confirm you can consult an experienced lawyer to help you with your decision-making. An excellent lawyer can help you maximize the potential of your business by determining which benefits are most suited to your business and help you with all the paperwork you need to get your business incorporated. Consult your local business attorney today!

 

Launching A Startup: Why You Need a Business Lawyer

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When it comes to starting a business, it is essential for business owners to seek the help of business lawyers because, as the saying goes, “An ounce of prevention is better than  a pound of cure.” Many startups are prone to committing big legal mistakes that can be avoided by consulting a lawyer on some legal business matters.

While most new businesses see the obvious benefits of hiring an accountant to set up its “chart of accounts,” most people overlook how essential it is to hire a business attorney. Seeking out the services of a good legal professional can give the startup company the advice and assistance it needs in certain aspects of the business such as basic zoning compliance, trademark, copyright, formal business incorporation, liabilities, lawsuits, and more.

3 benefits of having a business lawyer:

3) Avoiding lawsuits

Given the nature of our legal system, you have to be prepared to be sued. It doesn’t matter if the company is big or small, so long as your business causes large numbers of people to interact in some way, chances are that you will deal with a legal issue at one point.

2) Prevent legal issues from escalating

Do not commit the big mistake of waiting till the last minute to get a lawyer when dealing with legal problems. Those who wait till the last minute usually have more things to attend to, more documents to comply with, and more expenses; not only for attorney’s fees but also for documents that will be required.

On that note, having legal representation you can call on is helpful should you ever have to deal with certain employee matters such as harassment, injury compensation, etc.

1) For all legal matters & paperwork

Business lawyers can handle matters such as negotiating your office lease, filing a patent or trademark, drafting software license agreements, overseeing the corporate meetings for legal input.

Attorneys can deal with contracts. Having a lawyer who already understands the nature of your business on call makes it easier to prepare contracts with your clients, suppliers, and clients.

You might also need advice on taxes and licenses or perhaps you just need a lawyer to register your business for you. Whether you would like it to be a corporation or a limited liability company (LLC) your attorney can provide information to help you decide which type of business is ideal for you. They can even help you organize the business and prepare the required paperwork.

For companies specializing in design, media, and other creative-type businesses, a lawyer who is experienced in intellectual property can help register your products and services for copyright protection and trademark.

Since lawyers are essential in starting a business, it is also important that business owners know how to ask the right questions to choose the best representation for their business’ legal needs. If there is a law firm or a lawyer who can perform all the legal matters of the business then it would be advantageous for the company so they can avoid dealing with many attorneys in assisting the business regarding different legal needs.

Fisher Law Group, P.C. 25 Broadway Fl 9 New York, NY 10004 (212) 256-1877 FisherStoneLaw.com

Buying A Home: Do I Need A Real Estate Lawyer

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Buying a house is serious business and can shape the next few decades of your life. Some people spend plenty of time debating with themselves on whether they should hire a real estate agent or a real estate lawyer when buying a house. Let’s start by considering costs.

Real estate agents earn commissions or fixed rates from the seller when they sell a property. While it may be true that the seller pays for the commission, some people can’t help but wonder if the cost was actually passed onto them.

On the other hand, real estate agents don’t charge much as a lawyer does. Some even call it exorbitant rates. In several cases, however, a lawyer is necessary to push forward.

Aside from price considerations, there are plenty of other things you should consider. Here are things that should be factored in when making your decision.

Information on agents

  • Agents are familiar with the usual details and usual steps in a typical real estate transaction. When dealing with unusual circumstances, you will need a lawyer to step in. Agents have an incentive to push the deal while a lawyer will watch out for your better interests.
  • Never use the seller’s agent as there is bias and it might end with the seller getting a more advantageous deal.
  • Agents can give you more control of the process by scanning the listings, giving you more options, and viewing the houses and showing you those that match your criteria.
  • Agents know the market value of similar homes and can advise you in your home search.

When you need a lawyer

  • Each state has its own set of real estate laws. In some states, an agent handles all tasks involved in preparing a home purchase contract but other states only allow a lawyer to prepare home purchase documents or do a title search, and close the deal.
  • A real estate lawyer can be expensive and can charge heavy fees. However, there may be times that you need to hire one. This usually  happens when there are legal issues that makes you wonder if your plans are feasible. There may be other issues with regards to the house you are considering. A real estate attorney can dig into matters and determine if there are problems.
  • Real estate agents are paid on a commission basis which results in a built-in conflict of interest. A real estate lawyer real estate lawyer typically charges by the hour, sometimes ranging from $150 to $350. Sometimes you may need to hire an attorney for specific tasks and depending on the job and the schedule, you maybe be able to negotiate a fixed rate. Never forget to record your agreement in writing.

In short, a real estate agent and a lawyer have their own jurisdiction. Hiring a lawyer will free you of any potential risk as they ensure the deal will not be problematic for you and a real estate agent will work with you to find your ideal home.

Robert Aronov & Associates, PC 88-02 136th St, Jamaica, NY 11418 (718) 206-1555 http://www.realestatelawyernys.com

Richmond Hill, NY 11418, USA

Bankruptcy Law 102: Debt That Remains After Filing Chapter 7

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The main goal of a debtor in a Chapter 7 Bankruptcy proceeding is to be relived of all personal liability by receiving a discharge at the completion of their case. The term discharged is used to describe a debtor that is forgiven of legal obligations to pay his debts. However, not all debts are dischargeable. That is, even if the debtor receives a discharge, the bankruptcy filing will not relieve the debtor of personal liability of such a claim. The creditor will still attempt to collect from the debtor by sending notices, filing judgment liens, garnishing wages, and taking whatever necessary action available to get their money. Below is the five common types of debts you will still owe after filing for Chapter 7 Bankruptcy:

1. Tax Debts

As a practical matter, federal, state, local, sales tax, and payroll taxes are not dischargeable in a Chapter 7 Bankruptcy. However, federal or state income taxes that were due at least 3 years before the debtor filed for bankruptcy may be discharged. Although the debtor may be discharged of his personal obligations to pay income tax on the state or federal level, any tax liens incurred on the debtor’s property will remain.

2. Child Support Obligations

Child support obligations are taken very seriously by bankruptcy laws and are thus, not dischargeable. Any arrears or missing child support payments are not forgiven, and the debtor must continue to make any payments as they come due while his bankruptcy case is pending.

3. Student Loans

Student loans that were made, insured, or guaranteed by a governmental unit or made under a governmental funded program are not discharged in a Chapter 7 bankruptcy proceeding. However, in very narrow circumstances, a discharge may be possible if the debtor is able to show an extreme hardship on the debtor and the debtor’s dependents if the loan is not discharged.

4. Omitted Creditors

Any creditor not listed in the debtor’s schedules when he files for bankruptcy will not be discharged! If the debtor fails to list a creditor on his schedules so that the creditor does not receive notice of the bankruptcy filing, then that claim will be non dischargeable and the creditor can still collect during the bankruptcy proceeding and after. However, if the creditor has actual knowledge of the bankruptcy, despite lack of notice, the unlisted debt will be discharged.

5. Fraud

A debtor will be denied a discharge if, with the intent of filing for bankruptcy, the debtor maxes out his credit cards and withdraw cash advances to purchase luxury goods or services. If the debtor can show that the money has been used to purchase necessities, such as food, make rent payments, and/or pay utility bills, the debt may be dischargeable.

Mishiyeva Law- Bankruptcy Lawyer NYC 80 Wall Street New York, NY 10005 (646) 736-6328 kmbankruptcylawyerny.com

Mishiyeva Law- Debt Lawyer Brooklyn 2625 E 13th Street Brooklyn. NY 11235 (347) 556-1843

Estate Law: Feel Like The Queens & Kings Of Your Castle

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Having several estates and property can be a tricky thing to manage without help. This becomes more difficult in the case of an unexpected death. It is important to get your affairs well-planned out and organized while you are still in a good condition to manage them and it will lessen the burden on your loved ones at the time of your passing. An estate planning lawyer can sort these assets out for you and defend the rights of your children, spouse, and other beneficiary members to your estate. It is important to choose an attorney you can trust who is a licensed practitioner in this field.

Wills and Trusts

A skilled attorney will ensure that you have a legally valid will. There are conditions for a will to be valid in court including signatures and witnesses and other laws that apply to particular states. Some individuals create wills without any legal consent and more often than not, they are easily contestable in court. This causes disputes among the heirs and costly legal battles. An estate lawyer can be consulted to make changes on the will while the executor is still alive and will defend its contents once the client has passed, making sure that the beneficiaries receive their intended assets.

Sanctioning Power of Attorney

There are ways to bestow power of attorney on an individual for different and specific reasons. This is a very tricky authorization which can be easily abused. An estate planning lawyer can help you with the technicalities in bestowing power of attorney and ensure that you are giving just the right amount of authorization for the intended case and not anymore than needed. They will advise you as well on what documents you should have ready in case of an emergency.

Retirement Plan

Estate planning lawyers work alongside your financial planners and other professionals to work out the best retirement plan for their clients. It is difficult to navigate through the government benefits you are entitled to among other things. They help you put these things in order and make sense of your finances and advise you on how to handle it to your best interest.

Organizing Your Estate

Elder attorneys work alongside you to organize how your estate will be handled upon your death. Your attorney should keep extra copies of your documents as well as be aware of where you keep your insurance papers, living will, and other legal documents. Whether you want to bestow your properties to your heirs, friends, pets, charities, or other persons, they will take care of it for you.

Your local estate lawyer will be accountable for handling your estate and will defend against anyone trying to challenge your case. Your lawyer will be your legal representative when you are gone. This will give you and your loved ones assurance that everything will be handled according to your will so that all those involved can rest easily knowing that they won’t be tangled in costly legal debates and more heartache for the loss of a loved one. A good lawyer will make sure your estate is handled carefully and distributed according to your wishes, giving everyone peace of mind.

Flushing, NY 11367, USA

 

3 Alternatives To Filing For Bankruptcy With A Lawyer

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If ever there was a decision in your life that you should take with all the seriousness you can muster, it would whether or not to file for bankruptcy. For some people who are in seemingly hopeless debt, bankruptcy may be a good option even after considering all the serious repercussions. While filing for legal bankruptcy can reduce or even completely get rid some of your debts, your credit score will take a serious blow, making it hard to loan money in the future.

You must take note though that student loans, along with certain kinds of tax, are notoriously difficult to write off. So before you call your local bankruptcy attorney and file for Chapter 13, Chapter 12, Chapter 11, or Chapter 7 bankruptcy, here are 3 alternatives you should look into.

Debt Settlement

This is one of the most common ways to avoid filing for bankruptcy. It is especially useful for those who have accumulated a lot of debt because of credit card bills. People in deep debt due to credit cards are usually harassed by several calls and strongly worded letters from creditors who are also threatening legal action.

Debt settlement is basically negotiating for a lower amount that you and the creditors can agree on. While it is possible to do this on your own, majority of people approach debt management companies and bankruptcy lawyers to help them do this.

The problem with debt settlement is that you’ll usually need a pay a lump sum. Through debt settlement, it is possible to get the debt reduced by up to 50% of the original amount. A common piece of advice given by debt settlement companies is to tell their clients to stop payments in order to gather enough for a lump sum that can be used to negotiate a reduced settlement in exchange for an instant payment.

Word of warning: the debt settlement industry is largely unregulated so it is possible to get yourself in even more debt than before if you aren’t careful. For some people, choosing a debt lawyer is much safer as they work solely in your interest.

Judgment Proof

This is a basic alternative to bankruptcy but very few people choose this route. For people who have incurred large amounts of debt but have a very limited income or no income at all, you could be labelled as judgment proof. What this boils down to is that creditors that take you to court will find that you have no means of paying them back.

Your debt may then be written off and cleared as some creditors would rather not go to the trouble of taking you to court. Your debt will be completely cleared after 7 years. Within the next 7 years though, creditors can come after you for payment again if they see that your financial situation has improved. To know if this is the route for you, seek legal help and they will fill you in on how the your exact situation will be perceived as well as guide you in the matter. Judgement proof can be a great alternative to filing for bankruptcy for debt.

Debt Consolidation

This is a popular option as it simplifies everything into one large payment. This involves taking out a large loan to cover all of your current debts and then slowly paying back this debt at lower interest rates. You can even reduce rates further by offering up collateral like putting property against the loan. Should you be unable to pay the loan, then your property will be seized.

The biggest disadvantage of the debt consolidation process is that it can turn several unsecured loans into one massive secured loan, usually against your house. This makes it a risky option in order to pay off debts.

Each alternative has their own advantages and disadvantages. Each one should be given plenty of thought as they can all directly affect the next 5 – 10 years of your life.

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Immigrants In NYC Have Many Legal Rights

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The laws surrounding immigration are complicated and numerous. As if things weren’t complicated enough, these laws also undergo frequent changes. The result is that many immigrants in the United States are uncertain about their current rights. Of the several questions commonly asked by immigrants, the most common ones are always the ones about what kinds of rights they have as immigrants.

First of all, legal immigrants have rights relating to work. When it comes to the immigration laws in the US, all immigrants have the right to minimum wages for full time work. Should they work overtime then they are also entitled to overtime pay that is valued higher than regular pay. Immigrants have rights to fair treatment and are legally entitled to fair wages.  All immigrants are allowed to keep their passports and other identification documents. Demanding and taking away worker’s ID’s and identification documents is a breach of the law and immigrants may file complaints against their employers should they demand something along these lines.

Immigration laws also allow immigrant employees to request help from work groups such as unions and labor rights. They also have the right to report any abuse they may be suffering on their job. This includes having a safe work environment that is free of any hazardous materials and keeps them access to proper safety equipment. Also, all their safety equipment must be in proper working order. Immigrants may ask for assistance from US courts should there be a need to resolve any issues or conflicts.

Secondly, immigrants have rights related to being arrested. Just like a permanent US resident, immigrants need to hear their Miranda rights. Immigrants have the right to remain silent if they are detained or arrested. This includes the right to remain silent about immigration status. The right to an attorney to defend and represent them and discuss their situation is also available to immigrants

One more notable right immigrants have is the right to refuse signing any documents. Immigrants may refuse to sign anything and to demand representation from a lawyer. The lawyer can help make sure the document is legally proper and drawn out correctly. It’s always considered a good move to wait to get legal advice from a lawyer before signing any documents, especially if an immigrant isn’t fully fluent in the English language. Many larger metropolises in the United States have valuable legal resources for newcomers to the country. The NYC Office Of Immigration Affairs is a great example of such a resource.

There are several other rights available to immigrants put in place to keep them protected. Having a good lawyer on your side may potentially save your life in some cases as sometimes being deported can mean life or death. An immigration lawyer with a good legal background will make sure that an immigrants right are not violated.

It is always in an immigrants best interests to have proper identification documents or copies thereof carried on them at all times. Proof of immigration status is necessary so whether someone is a legal green card holder or are a non-immigrant alien I.D — they should also carry around the I-94 card, a passport, or other documents that can prove their current status. Remember, should an immigrant ever be questioned or detained, they indeed have the right to remain silent and seek out the help of a lawyer.

NYC immigration law services

 

Personal Injury Laws & The Types Of Damages Courts Payout For

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Personal injury damages are categorized into two types: general damages and special damages. However, when establishing the extent of damages in a tort case, it is important to be more specific with what type of damages are involved.

Outlined below are the most common types of damages covered by personal injury law:

Personal Property Damages

Personal property damages, as the name suggests, refer to any damages caused by the tortfeasor (the person who commits the civil wrongdoing) to a person’s personal property.

Compensation is calculated based on the value of the property after it was damaged subtracted to the original value of the property.

If the property in question is completely destroyed, compensation should equal the fair market value of the property. In the event that compensation for repairs is sought, the amount of compensation must not exceed its market value.

Loss of Consortium

Under common law, loss of consortium refers to a spouse’s inability to have normal marital relations. In tort cases, damage is established when the spouse is unable to maintain such relations as a result of physical injury or mental or emotional distress. Since damages are not tangible, compensation is calculated based on evidence presented in court.

Damages that Result to Loss of Earnings

Damages that result to loss of earning is based on the income that you expect to lose because of your injuries (whether physical, mental, or emotional) and the amount lost because of your injuries.

It is easier to calculate your past income losses compared to your potential losses. Proving the amount of potential losses in court requires witness testimony, along with financial documentation. The witness you present in court must be able to prove that your injury will get in the way of your ability to perform either your current job properly or a similar job.

In addition, to get compensation for potential income losses, you must also be able to present a medical assessment of your injuries, as well as a schedule of your recovery period. A good attorney at law will be able to help put such a presentation together.

Claims on Wrongful Death

Wrongful death refers to the death of an individual as a result of negligence or intentional harm by another individual. This is fairly new in common law, as wrongful death did not used to be a valid claim under personal injury law. However, wrongful death is now recognized as a civil liability in every state.

Compensation for wrongful death goes to the estate of the deceased to cover creditor claims and any existing debts. The leftovers will go to the beneficiaries of the deceased or by default, to the immediate family if there are no disclosed heirs. In conclusion, it is now the legal right of family members and financial dependents of the deceased can now file for an death related accident or injury claim under personal injury law.

Emotional Distress

Emotional distress is compensated based on a comprehensive examination of a mental health professional on the victim of the crime. These damages are calculated based on healthcare expenses, loss of income, and loss of the capacity to earn. In many countries no financial rewards are granted for emotional distress. In the United States however, monetary rewards for emotional distress are indeed given by court order.

These are just some of the most common damages recognized under personal injury law. Damages that are easily calculated can be settled easily even through informal settlements but damages like emotional distress, loss of consortium, and potential loss of income may be harder to settle and require witness testimonies, as well as additional documentation as proof of damages.

injury law

Closing With or Without A Real Estate Lawyer:

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While it is a not a legal requirement to have a real estate attorney when buying a house, there are many benefits to having legal counsel in any real estate transaction.

In most states, a real estate agent or broker offers adequate assistance with drafting contracts and ensuring that titles are clean and free of any errors. However, in some states only certified real estate lawyers are allowed to handle contracts and title searches.

Since a house is likely to be one of the most valuable things you’ll purchase, it’s important to take necessary precaution to make sure your interests are taken care of.

Below are some of the benefits of having a real estate lawyer with you when buying a house:

Title Searches

Title searches are important in any real estate closing, as they ensure that the title is clean, ownership of the property is clear, and it is free from any legal claims, liabilities, unpaid taxes, and liens. However, problems can arise even after a title search is conducted. This is especially true if you use the seller’s title search agency to conduct the search. Since the agency will likely be using the same information from the previous title search, new problems may not easily be detected. If there are any problems that occur because of undetected errors in the property’s title, your real estate lawyer can advise you before the date of closing.

Contracts and Purchase Agreements

Except in states where real estate lawyers are required for drafting contracts, a real estate agent is usually the one who prepares the contract. Most agents use templates for contracts and this is where problems may arise. Template contracts might not include nuances in real estate laws in your state or area and this can lead to problems later on. A real estate lawyer can draft a contract that takes into account all state and federal real estate laws to ensure that no legal issues arise later on.

A real estate lawyer can also help you if there are any problems with alterations made to the property, whether existing or planned changes. For instance, the seller may have altered the property without taking into account zoning laws or you may want to add changes yourself that might not be legally possible. In such cases, a lawyer can assess the property from a legal standpoint and give you advise based on your needs.

Closing Process

During the date of closing, titles will be transferred from the hands of the seller to the hands of the buyer. Aside from title transfers, a closing statement should also be prepared to outline all payments and existing balances. If you are borrowing money to pay for the property, the lender’s representative or lawyer should also be present during the date of closing. A real estate lawyer can help explain the legal aspects of the transaction, as well as offer any advice should there be last minute changes to agreements. Your lawyer will make sure that your interests are protected until the very end.

Real Estate Law in NY

Traffic & Speeding Violations in NY: A Lawyers Advice

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Wherever you go, everyone always seems to be in rush. This phenomenon is most accentuated on the road. Everyone seems to be cutting everyone off, running red lights and speeding like there is no tomorrow. Sadly, this type of behavior can get you into serious legal trouble. Nothing can be more jeopardizing to your driving record than traffic violations. The more severe the traffic violation, the more points the violation will give you. The more points, the more you will have to spend on a traffic lawyer. Believe it or not, point violations are a lot more costly than the high legal fees you will have to pay your attorney. Your only hope to avoid ridiculous car insurance costs, possible jail time and other license penalties will be a not-guilty verdict. Today we will share some tips on how to avoid speeding violations that will result in high point violations.

Point Scale For Speeding Violations:

A rolling scale will determine how bad your speeding violation will be. This rolling point system is the law in New York state which includes the five boroughs of NYC as well as the eastern Long Island region. If you speed 9 MPH over the legal limit you will be served a 3-point violation. Once you go up to 10 to 20 mph over what the law allows you a 4-point violation will be served to you. If you decide to be foolish and speed 20 to 30 mph over the legal limit you will be dished a dangerous 6-point violation. If you decide to be even more foolish and risk yours and other peoples lives and drive 31 mph over the limit you will be in serious trouble. The judge will have the discretion to give you an 8-point violation or a license suspension which will be equate to 11 points. Even the most seasoned traffic ticket attorney that is available in NY state will have a very challenging time dealing with a violation 31 mph and higher.

The moral of this “speeding scale” story is to avoid speeding and not risk innocent lives because you are in a rush. If you decide to do so anyways you are looking at serious legal repercussions. If you do decide to speed you should at the least try to be somewhat humane and keep it less than 20 mph over the legal limit. Anything over that puts you in a very barbaric category in the eyes of a judge and makes your case much more difficult to win. In any case, if you are served a violation it would be wise to hire a skilled NY traffic attorney that understands the nuances of the law and has experience in attaining non-guilty verdicts for violations similar to yours.

traffic speeding lawyers in NYC

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