Acts awaiting Governors' signatures signal ongoing anti-business sentiment in states that need business the most
It is not official yet, but a bill is on its way to the desk of New York Governor Kathy Hochul that broadly bans noncompete agreements in the Empire State: "[e]very contract by which anyone is restrained from engaging in a lawful profession, trade, or business of any kind is to that extent void." The bill still allows protection of trade secrets and confidential information and allows employers to restrict solicitation of clients "learned about during employment." However, the bill does not contain an exception for owners that sell a business, something that has never been considered controversial. One wonders if this will serve to devalue the sales price of New York businesses, since no buyer wants the sellers opening up a competing operation the next day!