I've been involved in a partnership that lasted almost 23
I've been involved in a partnership that lasted almost 23 years. My partner would never agree to a written partnership agreement. We did have verbal agreements. Now we have closed the business and are trying to split up the proceeds. The other partner don't want to give me credit for the $17,000 plus in additional capital that I put up plus interest. Another issue was that I never took vacations saving those monies for my retirement. I didn't draw the money I just left it in the company to minimize the amount the company needed to borrow from the line of credit. Now I'm told that I don't have any right to the money I thought that I was saving for my retirement. I was always told that the Pennsylvania Uniform partnership act spoke to all issues when there is no formal partnership agreement. Thanks for your help
I set up an LLC in New Jersey as a Single Member. I am only
I set up an LLC in New Jersey as a Single Member. I am only putting in a few hundred dollars for Capital Contribution, but do have strong Intellectual Property Value ( Web Program Design, Unique Idea, etc..). I have a person that wants to become a Member and contribute $100,000 ( starting at $40,000 and adding more within the next 6 months) His equity percentage is starting at 10% and will increase to a maximum of 25% once the full 100,000 of Capital Contribution is in.How do I establish Capital Contribution between myself and him? I will hold 75% and he will eventually hold 25%, however, he will be putting in $100,000 compared to my few hundred?Would it be better for me to establish my Business Value now while I am a Single Member, say at $1,000,000 and then change the LLC to Multi Member and add this new member with a Capital Contribution of 100,000 plus his services to equal $250,00 in value, thus accounting for his 25% equity?What is the best way to set this up?Thanks.
I am currently a small business owner of a corporation in
I am currently a small business owner of a corporation in California. I would like to add another business(bar) to my corporation, but I would need 2 or 3 investors to help inject capital(cash) into the bar business. What would be the fair or standard percentage of revenue that I would give to my investors, or a percentage of the ownership if any? Would I need to give them a timeline to pay them back the investments?
I am reading your response on anti-dilution of shareholders
I am reading your response on anti-dilution of shareholders in an LLC I am trying to close a deal to take 51% of an LLC, but the founder (at 26% with Double voting rights) says that we cannot legally ask for anti-dilution rightsJA: Can you tell me what state the LLC is registered in?Customer: MichiganJA: Has anything been officially filed? If so, what?Customer: The LLC was set up a couple years ago. We are negotiating the rewrite of the Operating AgreementJA: Anything else you want the lawyer to know before I connect you?Customer: that is the important bit
I need to ad a member to my Oklahoma LLC. Currently we are a
I need to ad a member to my Oklahoma LLC. Currently we are a 50/50 owned LLC but we want to ad someone at 10%, changing our ownerships to 45/45. I read online somewhere else that Oklahoma doesn't care who the member/ managers but I need to find out if I need to Amend our Articles through the state or if I can just ad her when we do our taxes as a 10% member.
We gave a deposit to a baseball team with the intent of
we gave a deposit to a baseball team with the intent of attending a tournament on the East Coast. We then left the team and were told the money was forfeited. Now, we come to find out that the team is not attending the event either and has received a refund. However, they only split the refund among the remaining team members and not to all the people that had given a deposit. Do we have any right to that money?JA: What state is this in? And just to clarify, when was the purchase made?Customer: Nevada, we gave the deposit in October 2016. Only seven of the remaining team members received a refund. One member kept the extra for losing out on her airfare, accomodations, etc. However, are position is that since the event refunded the deposit, everyone should receive what they personally deposited.JA: You can process your own refund by going to the Order History page and clicking on the "How do I get a refund" link below the amount paid for your question.Customer: No, I am not talking about a refund from this site. The tournament that we were supposed to attend refunded $4000. Ten people each gave $400. However, only seven families have been refunded their money. They are saying that since we left the team, our deposit is forfeited even though the entire event is cancelled.JA: Has anything been filed or reported?Customer: We sent a Demand Letter. But, they refuse to refund our deposit based on the fact that we left the team.JA: Anything else you want the lawyer to know before I connect you?Customer: How much will I be charged?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: ok thx
Was just checking to see if a default on an agreed to
Was just checking to see if a default on an agreed to contract to sell a business was deductible. He got the business and did not pay me the amount of the original contract. He did pay me what he could and I am ok with that. But would like to have the loss if possible as I have a large capital gain this year.JA: Has anything been officially filed? If so, what?Customer: It appears neither the original contract nor the collateral pledge agreement were filed.JA: Anything else you want the lawyer to know before I connect you?Customer: I did agree to an amendment to reduce the payments which also was not adhered to. It was an insurance agency and he ended up assigning his renewals which ran out this year. Altogether I estimate I received $97000 from an original $305000 contract.
I am in the beginning stages of consulting again (industrial
I am in the beginning stages of consulting again (industrial safety and injury prevention) after a few years and one of my first potential clients is a multinational in Mexico. Ironically, my spouse is Mexican and we are looking to eventually retire and relocate to Mexico, so this consulting could end up being a catalyst for our move if other doors open as a result. I know here will tax issues and ex-pat stuff. I can deal with that and am in fact meeting with a group that deals with those issue on my up-coming trip this summer to bid the work.I am going to incorporate my consulting gig, but am unsure where. My business will eventually be based in Mexico (3-5 years most likely time frame).Now the Qs: Best place to incorporate? Difficulty in transitioning a home base of a small US consulting firm to another place? Any other input welcome.Thanks.M