Need to know something about this clause in my loan Annual
need to know something about this clause in my loanAnnual Financial statement and tax returnsFurnish lender within (a) 90 days after the end of each year Borrower, its Financial statements As of the end of and for such fiscal year and (b) 30 days after the filing thereof with the applicable government authority, its annual federal and state tax returns. Such Financial Statements will be prepared on a compiled basis in accordance with GAAP by an independent certified public accountant by Borrower and satisfactory to Lender. Audited Financial statements shall contain the unqualified opinion of such independent certified accountant and all accountant examinations shall have been made in accordance with GAAP consistently applied from period to period
I am a sole proprietor dentist. I purchased $181,000 in a
I am a sole proprietor dentist. I purchased $181,000 in a equipment in 2011. My tax preparer did not depreciate this over mulitple years but instead listed it in full during 2011 resulting in a huge loss of savings for me.
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.
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!
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
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?
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.
Counselor at Law
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.