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Maverick
Maverick, Attorney
Category: Business Law
Satisfied Customers: 3431
Experience:  13+ years of experience
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I am looking at setting up a business partnership in the Los

Resolved Question:

I am looking at setting up a business partnership in the Los Angeles area. I need advice on setting it up as a partnership, LLC or corp and how to proceed.
Submitted: 3 years ago.
Category: Business Law
Expert:  Maverick replied 3 years ago.

Welcome to Just Answer! My name isXXXXX very much enjoy what I do and I hope that you will benefit from this information.

 

Need to have a little more background information on this:

 

1. what type of business is it?

2. how many employees do you anticipate having?

3. what are your primary concerns?

4. What types of business risks do you foresee?

 

Customer: replied 3 years ago.

Good Morning Maverick: Thanks for responding.

It is a furniture manufactoring business

10-15 employees

Most of the employees are Latino men who do not have s.s. numbers, at present all employees are paid with cash. In the future I would like to have it set up where the payroll for those who have s.s. numbers be paid by check and payroll taxes are withheld. It has been a struggling company and now we have some large contracts coming that should make finances easier for us. I see the men w/o soc sec #'s as the major concern but we cannot operate without that work force.

I worry about industrial accidents, the Latino work force, fire and thief. Think that should be it, of course insurance both commercial and employee insurance will take care of some of that.

Expert:  Maverick replied 3 years ago.
One more question: How many business "partners" or "shareholders" do you plan to have and what percentage ownership for each?
Customer: replied 3 years ago.
There will be 3 of us. Doug Marsh
Expert:  Maverick replied 3 years ago.

I would suggest that you go with an LLC here as it will give you the limited liability protection that you are looking for. It will also give you flow through taxation and greater flexibility in management set-up. You can use an online filing and forms service like the one at the link below:

 

http://www.legalzoom.com/limited-liability-company/limited-liability-company-overview.html

 

 

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Thank you for the opportunity to assist you.

Customer: replied 3 years ago.
You took more space asking for your pay than you did to answer my question. My concern is the employees without social security numbers and how that will affect the business.
Expert:  Maverick replied 3 years ago.

I am sorry that you are not satisfied with my efforts to assist you. I thought that I was being sincere. It's okay. Misunderstanding happen. I am opting out of the question at no charge to you and any information that I have given you is yours for free to use or disregard as you may like. You need not do anything on your end. Hopefully, someone else will step in to assist you shortly.

 

Best regards,

 

Maverick.

Customer: replied 3 years ago.
I appreciated your answer and feel that a llc maybe best. I had also hoped to hear how having employees without social security numbers will affect the business
Expert:  Maverick replied 3 years ago.

All California employers must report ALL of their new or rehired employees who work in California to the EDD's New Employee Registry within twenty (20) days of their first day of work on Form DE-34. This includes employees of all ages, those who work less than a full day, part-time and seasonal employees, and of course full time employees. The following information must be reported on Form DE-34:

  • Your business name, address and California employer account number (a.k.a. Taxpayer Identification Number, EIN); and
  • The employee's full name, social security number, home address, and the date of the first day of work.

If you fail to provide the California Employment Development Department (EDD) with your New Hire information on time, the EDD may assess a penalty of $24 for each failure to report a new hire.

 

Also, per IRS regs, you are required to get each employee's name and Social Security Number (SSN) and to enter them on Form W-2. (This requirement also applies to resident and nonresident alien employees.)

 

Also, it's against the law to hire undocumented workers. This is because the employer is not paying the state the money it will use to cover that employee if he/she gets injured on the job.

 

 

Maverick, Attorney
Category: Business Law
Satisfied Customers: 3431
Experience: 13+ years of experience
Maverick and 11 other Business Law Specialists are ready to help you

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