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Business litigator: is there any downside to permitting a

Business litigator: is there any downside to permitting a partner in an LLC to withdraw (permitted at any time by Op Agree with remaining partner's consent) other than losing any right to sue for future acts? Does the remaining partner lose indemnification provided for in a settlement agreement by not standing in the way of the partner withdrawing? What other disadvantages of the partner withdrawing might there be? In this case, the remaining partner is more interested in past acts and wants the partner out of the business to end its access to contracted services, clients and company assets that have been interfered with and damaged by the offending partner's wrongful acts. The remaining partner feels that this overrides any right or other item that might be lost if the offending partner withdraws but before taking a position on that, I want to ensure that I understand the disadvantages to the company and remaining partner of the offending partner's withdrawal.

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Richard - Bizlaw

Juris Doctor

9,616 satisfied customers
I am a graduate student and an enterpreneur. Recently, I did

Hello! I am a graduate student and an enterpreneur. Recently, I did not receive financial aid for my school's upcoming semester, so I have to pay for tuition this semester. As an individual, I do not think I can write off the tuition as a personal tax expense; However, I do have an LLC and could use it to pay for the tuition. If I do this, can I write off the cost of tuition as a business expense? My education is related to both my business and my profession. Thank you!

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Damien Bosco

Attorney

Doctoral Degree

2,756 satisfied customers
I own 49% of our Pennsylvania LLC my husband owns 51%,

I own 49% of our Pennsylvania LLC my husband owns 51%, founded by us together in 1993He works full time for the company As president, until 2003 I worked part time for the company and then became a full time stay at home momIn January 2016 He has moved out, plans to file for divorce, hasn't yetHe is currently voluntarily paying me spousal support bAsed on his w2 forms income of $322,000 annual incomeMy question is don't I have a right to compensation as 49% owner?My husband takes out $322,000 annually though he has just had a business valuation done which advised him for divorce purposes to claim an industry standard salary is $175,000 for his job descriptionDo I have an outright 49% claim to any income he has from the company above the 175,000 salary?Instead of his deigning to grant me spousal support, a lower figure if he starts now basing it on the 175,000 ?And if he's not giving me that, how do I claim it?I

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Phillips Esq.

Attorney

Juris Doctor

17,972 satisfied customers
S Corporation had three shareholders. One shareholder was

S Corporation had three shareholders. One shareholder was under investigation for some personal items by the police, not connection with any of the activities of the corporation. He fled the country. He is not to be found. What will happen to the corporation? Is the Corporation technically terminated? How will this situation be handled?

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Irwin Law

Juris Doctor JD

8,460 satisfied customers
I'm looking to go into business with a person who may be

I'm looking to go into business with a person who may be on illegal drugs or if he is clean currently, may revert to using again. He is still on parole but has created a business using an attorney and handles his payroll through a CPA. He wants a business partner and a cash investment to cover the purchase of a property. If we agree to split assets, profits, and business ownership 50/50, and he gets arrested for reverting to drugs at some future point, would I retain ownership of the property and assets? Would I at least retain 50% ownership of everything. My fear is the government could just come and claim everything and leave me with nothing because of his choices.

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Ely

Counselor at Law

Juris Doctor

63,770 satisfied customers
My partner in our LLC has embezzled funds (taken ATM

My partner in our LLC has embezzled funds (taken ATM withdrawals to use for gambling) for 5 years. How do I handle this? I am not interested in pressing criminal charges but I also want to eliminate any negative tax consequences on me.JA: Can you tell me what state the LLC is registered in?Customer: MDJA: Have you talked to a lawyer yet?Customer: briefly but they weren't much help. They said there is a challenge when it is a partner since they have some "rights" to the funds. What about fiduciary responsibility etc?JA: Anything else you think the lawyer should know?Customer: We are planning on having her sign off of the corporation immediately.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Corporate Lawyer about your situation and then connect you two.

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legalg

Juris Doctorate

13,540 satisfied customers
If i have a company issued credit card with both my name and

if i have a company issued credit card with both my name and the companies name on the card, and I am going to make a decision whether to file bk7 in the next year or so and the company closed last year am I looking at possible fraud charges?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,696 satisfied customers
I am starting a couple of small business and am not sure if

I am starting a couple of small business and am not sure if / when I need to have a CPA, a Tax Attorney and/or a Business Lawyer. I am starting an IT business (data mining / service business) and an AirBnB. I want to make sure that I am using the right business entity (e.g. LLC vs. S-Corp), understand what I can and cannot write off for both businesses being run out of home; understand the tax & legal implications of running an AirBnB; and want to protect my portion of the LLC if one of my business partners goes through a divorce and encounters the mountain of debt that often accompanies divorce.Can you please provide guidance as to who I should hire to help me.

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Albert Marmero

Juris Doctorate

326 satisfied customers
Good morning, are you really there? JA: No. I'm the

Good morning, are you really there?JA: No. I'm the Accountant's Assistant.Customer: a computer then?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I want to trade as a hobby, what is the best approach? An LLC?JA: Is there anything else important you think the Accountant should know?Customer: I live in TexasJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Christopher B, Esq.

Attorney

Juris Doctor

5,036 satisfied customers
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