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Let me preface with, my partner and I are 50/50 in a
Let me preface with, my partner and I are 50/50 in a Kentucky Limited Liability Company (est.2010). Our operating agreement does not state roles, responsibilities, extent of involvement, or buyout plans (I know, first and biggest mistake). Moving forward... my business partner and I had a falling out. He said he no longer wanted to be partners and that he wanted to buy me out (circa 2015). His original offer to buy me out was for less than what I had paid for the company 5yrs. before. I declined. His next offer was for exactly what I paid 5yrs. previous. I declined. A year and a half later and I haven't stepped foot in the office, all the while, still collecting a salary. In the meantime, he bought a new building for the company without my consent or signatures. He has taken numerous draws and dividends. I have taken none. He made one final offer, said, that's all the bank says the company can afford and if I didn't accept in a matter of days, that he will cut off my income. My questions are, can I dissolve the company with only my consent and signature? Can he legally stop paying my salary? Is there any legal action I can take against him for purchasing a building without my knowledge, involvement, and/or signature? By law, is he allowed to take draws and dividends, if i take none? What is the best course of action for getting a fair buyout price? Thank you in advance for yr time and advice.
I recently started my own social science research company.
I recently started my own social science research company. So far, it is just me. I have recently been registered with SAM and have a CAGE number, so I can bid on contracts, apply for grants, and do business with the federal government. This process takes awhile, and most researchers either work for an agency with this access, or if they are alone, they are very limited to individual grant postings. My proposed business model is to invite other research scientists to work with me, and use my SAM and Grants.gov access. I add them as authorized users to my SAM and Grants.gov accounts, and they in turn share a percentage of their grants with my company.My question is, is this legal? Can I contract with other researchers, allow them to use my access, and contract for a percentage of their awarded funds? What would such a legal contract look like? Would I need a business lawyer to write such contracts?
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We own a small business. No one draws a salary. No one even
We own a small business. No one draws a salary. No one even works there, we have a manager. Everyone pays their own share of taxes from their K-1 It's an S corp. There are 2 minority shareholders that are mad because we did not pay a distribution. We voted to do this to build cash to pay down our debt. The other 3 shareholders are the only ones on our bank account as signors. We discovered today that the 2 minority shareholders somehow created a pin number and now have access to the corporate account. They had asked for bank statements and we had agreed to provide them if they signed a standard NDA. They never returned it signed but somehow obtained a pin # ***** are able to view and print whatever they want. What should we do? Is there any way that a judge would have ordered this?
I have an LLC that is registered in VA. Am I able to add
I have an LLC that is registered in VA. Am I able to add different names under that LLC for online store? For example, company X is a VA LLC and has an EIN and bank account. I would like to setup an online store named Y that sells items nationwide.If so, how would that work for banking and payment? For example customers write a check or make electronic payments to the name Y.
Based on this information, does this mean that I will have
Based on this information, does this mean that I will have to get all my clients from the last insurance company I worked at pre-approved before I'm able to do business with them at my new company? Or does this mean that I can't do business with them at all at the new company?
I have a small sole proprietor business in California. I had
I have a small sole proprietor business in California. I had a partner who stole and embezzled funds and caused me to file a Chapter 13 bankruptcy. The business has gone down hill and I am having great difficulty in making the monthly BK payments. My only creditor is the franchise tax board. My questions are:1.What options do I have if I want to keep the business going but cannot make the monthly payments?2.What options if I close the business?3. How likely would BOE accept an offer in compromise ?
Can a company from Delaware bring a lawsuit in FL without
Can a company from Delaware bring a lawsuit in FL without having a corporation in FL and if no where can I find that law/procedure? What requirement does a company from another state have to satify before bringing a lawsuit in FL?
Corporate office bearer C&O question. I am currently ownView more business law questions
Corporate office bearer C&O question.I am currently own my own VA LLC which is a single member LLC. I am also a practice manger for my wife's practice, a small healthcare practice.Recently (since Feb 2016) couple of my acquaintances asked me join their VA LLC as partner. It is staffing and IT consulting company. It so happened that when I joined the company I was named as 'Chief Manager' which in LLC terminology runs the company day to day operations. I do not have access to and do not operate financial activities and I do not operate payroll activities either. However, I myself want to be very careful in omission or commission of the company. Are these two (1) Being a partner in the operating agreement and (2) being the chief manager of the company two independent events? That is my first question. Assuming company does some mistake without my knowledge ( this is hypothetical question please) will I be responsible in the context of the above two points? Assuming company does something wrong by misleading me (again hypothetical please) will I be responsible in the context of the above two points?Two partners of the company are H1B non-immigrants. According immigration sources H1B people can own business in US. The original founder is a US citizen, who is considered the President and CEO of the company. Company is trying to replace the original founder with an African American to bring diversity to company management (this is my suggestion), which can give me also a very good opportunity to step down from chief manager position as the new incumbent is willing to take over management. One of my thought processes is to stay as Partner in the operating agreement and step down as chief manager ( I guess it may almost become like a silent partner), I can assume an individual contributor role as Business Development Associate and Facilities Manager (who will take company office and company condo etc). This company works with non-immigrants and often works in the scope of immigration law. So I would like to be even more careful. I am not a business executive by any means, but I am trying to bring expert help to these people. I am asking various consulting experts in the payroll, HR and accounting, and even immigration aspects so that these people will get educated in running the business 'as per law of the land'. I do not tolerate any exception to the law, does not matter what it costs. Even then I want to be careful and do not get involved at levels unnecessary to my risk bearing abilities. I know startup companies do not have enough money to follow every rule. But my way is to raise money by loans and partner contributions and stand out and respect law. i am telling them this exactly and I see they are listening.I need your suggestion what is best for my personal safety legally. They love me to be partner and if possible to lead the company. But they will insist me to be at least partner and a lower level employee (honorary because they may not have enough money to pay me though). Bot***** *****ne I do not want to be in the news because company did something stupid.