Over the last two years I have funded a product via profits
Over the last two years I have funded a product via profits from my existing profitable LLC. I am now setting up a seperate s-corp for the final created product and am confused on how I determine the capital contribution. There were significant cost in creating this product that my partner and I covered using funds from profitable llc that were written off as business expenses.We want to end up with 4 partners in this new s-corp with equal stakes in the company, with 2 of the 4 partners capital contribution being in services rendered.
I'm part of an LLC with 3 members. We decided to buy a
I'm part of an LLC with 3 members. We decided to buy a shopping center in Texas that was basically a "shell" in need of total renovation. I put down 50% of the purchase price as did one of the other members (for the sake of this dialog I'll be member 1 and he will be member 2) . One of the members didn't put down anything and handled managing the renovation of the project (member 3). The building is now finished and members 2 and 3 are in a serious dispute over one of their other projects. They are on very bad terms. I've never met and never spoken with member 2 (who put cash into this deal). I do know member 3 fairly well.We did not ratify an operating agreement.I'm concerned about possible exposure on this deal. I'm wondering what recourse exists.For example,We each own 33.3% of the LLC , based on Texas business law can I join with one member and remove the 3rd member without difficulty (since there is no operating agreement in place)?
I usually get a decent bonus ( like $20k) on top of my base
hello - so I usually get a decent bonus ( like $20k) on top of my base salary and get hammered on taxes come April. I usually have to pay $15-$20k in taxes. I wanted to ne smarter this year. In addition to my job I started a food formulation company and have a couple of retail products in the works that I made in my kitchen and will produce with a contract kitchen outside my home. My question is I have a back shed that I'm thinking about turning into a dedicated kitchen for this formulation business (not production). Construction could start this month...but I don't know if I have the money to complete the kitchen before the end of the year. Can the construction costs incurred in 2016 be used as expenditures, or depreciated as a a capital asset if the unit is not up and operating in 2016?
I understand that it is difficult in the US to sue a foreign
I understand that it is difficult in the US to sue a foreign owned asset protection trust to the extent that it was set up properly and assets were transferred per IRS and other legal guidelines. Trust is one generally upheld as from a soveriegn nation recognized by the courts.Is it as difficult to sue an LLC, C or S-Corp (California or other state) that is 100% owned (or member is 100%) by the foreign trust? Is it essentially offered the same protections by US courts?
I have a small grocery (Sub S) that I lost in the Louisiana
I have a small grocery (Sub S) that I lost in the Louisiana flood in August. My building is being repaired but the fixtures and the inventory have to be totally replaced. I had no flood insurance and FEMA gave me no assistance. I did receive a grant of $10,000 and a donation of $10,000. Do I show those on my books as "Other Income"?My store cost $100,000 and I'm going to probably spend about $30,000 in repairs by the time I get through. I will spend at least $40,000 to replace inventory.What kind of entry would I make for the store and inventory and how does that affect the 4684?I realize I may have a follow up question or two and will be glad to compensate whoever can help me, THANKS in advance.
I have a computer repair LLC. Can you tell me how to set up
I have a computer repair LLC. Can you tell me how to set up stocks as an LLC? Also, How do these stocks affect my business? If someone were to buy a stock for $100 would the price of the stock directly affect my bank account? How does investors buying/ selling my stocks affect my business net worth?
If there are two privately held businesses, one in a mature
If there are two privately held businesses, one in a mature market that is losing value, the other a successful business growing, both owned by the same person, what benefit would there be to an acquisition of the weaker company by the stronger company? I know the own wants to cash out and sell the weak company before it continues to lose value or become worthless, and saddle the other company with a note created by him to finance this acquisition, but since the owner already owns 100% of the stronger company (which is now being saddled with debt to make the acquisition), the owner could achieve the same result by continuing to run the two companies separately and simply forcing the stronger company to take out a note to pay himself whatever he wanted, or pay himself bonuses to equal whatever money he wanted. Is there a tax benefit for this acquisition or perhaps it could be used to somehow hamstring one of the productive partners in the more successful business (there is no equity sharing at the stronger company, just compensation based on profitability).
I am in the process of selling a house in poland. it was
i am in the process of selling a house in poland. it was willed to me 16 years ago and i am selling it for $50k.----how do i transfer the proceeds from poland to the U>S. will there be any taxes involved on this transfer??---how does this need to show on my income tax return at the end of the year.---i have the ablility in 2 years to collect Social security from Poland. Can i collect from both poland and the USA at the same time?