By Thomas Foley

Serving as a principal for The Indigo Group, LLC, Thomas Foley of Dallas, Texas, provides counsel to start-up ventures and mid-size companies. Formerly a resident of New Jersey (NJ), Thomas Foley was a founding member of the law firm Foley Perlman & Campbell, LLC, with offices in New York, and Hoboken, New Jersey. A graduate of Villanova University School of Law, Foley is a member of state bars in Pennsylvania, New York, and New Jersey.

Each year, states enact new laws that go into effect on January 1. One key piece of legislation that affects numerous individuals in New Jersey pertains to the minimum wage. In 2014, the minimum wage in New Jersey increased one dollar from $7.25 to $8.25. Voters approved the measure on the ballot in November 2013. NJ's minimum wage, along with three other states, is the highest in the country. In addition, the amendment requires annual increases to the minimum wage rate to keep urban wage earners and clerical workers on par with the consumer price index (CPI). The CPI, calculated by the Federal Bureau of Labor Statistics, will help the minimum wage in the state increase in order to match the federal rate.

The change in minimum wage is one example of legal advancements impacting a business's operations. Whether it is minimum wage, health care law, or particular regulatory compliance matters, a business must be able to withstand the changing legal and regulatory landscape. This requires foresight.

As an attorney as well as a keen businessman, Tom is a unique professional in that he is able both understand the regulatory impact as well as structure the operations to respond to such legal and regulatory fluctuation.

It is vital when setting operations that the business anticipate the federal and state statutory and regulatory fields in order to create a sustainable business, one that can absorb these changes. Simply, be prepared.