Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
I have no reason for anonymity unless you have a reason to consider it.
If I understand you, I have no advantages of forming in MT. as a non taxed State. I was thinking I might be able to keep my car plates in MT. instead of having to redo them in AZ when I move there.
OK, now you got me on that one. I didn't think a business ( being non tangible ) could own property? Seeing how I would be the only member ( unless I need more than that for tax purposes, something I read on some site ) I thought the vehicles would be in the LLC and my name as one and owed by the same.
I know that I'm going to have a monthly check and will have to pay some sort of taxes on it and would like to avoid as much of it as I can and if different States do so in different ways I want to be certain I pick the best State to do the LLC in. If the yearly registration fees are less in MT than in AZ it would seem to be a good idea to keep them in MT each year even if I live in AZ. I can see that email isn't perhaps the best way to address this. Do you think it would be best to just see a local attorney or do you think we can still get there this way?
As I'm certain you have figured out what I'm trying to do, it seems like there should be an easier way of receiving payments for the portion of the sale of my business that I'm going to carry back as a consultant. I have visited with the accountant and he said this is one creative way of selling the business in a more attractive manner to the buyer but perhaps a lawyer would have a better suggestion. It seems that by creating an LLC I'm going to be paying a fair amount of taxes in this manner. Can you suggest a better way to carry back a note that would be proper and that a buyer would be OK with as well? If the LLC is really the only reasonable vehicle I will just pursue that direction. As you can tell, my thought is that if this is the only way to go if there are other types of benefits from it that I might be able to take advantage of. If so, it might make the paying of the taxes a bit more comfortable.
I'm not certain I understand what you are saying. If I understand your thought you are suggesting to hold on to my shares and sell them back monthly as the buyer makes the payment ( escrow ? ). This way I don't have to form an LLC? The selling price ( back to my partner ) I have agreed to is the same amount as the original purchase, so I'm not going to have a profit on the sale. I have agreed with a down payment amount with the balance to be monthly for three years with a personal guaranty. The only question is, how as the seller am I best represented?
Sorry to be a pain, I know my business but nothing about selling it and the accountant has only suggested the LLC direction.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).