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Recent General Partnership questions

I have had an EIN since February of 2014 I now know it's

I have had an EIN since February of 2014 I now know it's better for me too have my business be an LLC I have not done anything under the EIN what I need to know is what do I need to do to change it from General partner to LLC When the IRS mailed me the paperwork it contained my name, my DBA they also made reference to use that format when I would need to do any type of paperwork involved my business any type of invoices the general partner is also listed in the format and the EIN they had me listed under General partner now I have a dilemma because a.m. getting ready to open a storefront and will B also having an opportunity 2 become partial owner of a business that's right next door being developed into a salon my business for the most part will be a beauty supply store so ultimately I need to know can I just go ahead with the plans that I already have and switch from General partner to LLC or it might want to have to notify the IRS about something

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KJLLAW

Juris Doctorate

1,918 satisfied customers
General partnership set up in PA. 3 partners What steps do I

General partnership set up in PA.3 partnersWhat steps do I need to take to keep the partners protected from each other's personal liabilities?Also what steps to protect the company from the personal liabilities of the partners?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

114,070 satisfied customers
I have a general partnership (with some investors) in state

I have a general partnership (with some investors) in state of Pennsylvania filed as an LLC.Could I open a factitious name under this and register that as a restricted professional limited liability company or would I need to create a separate new entity?Can a restricted professional limited liability company have partners that are not professional in it, or is this exclusive to members who hold the professional license?

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Damien Bosco

Attorney

Doctoral Degree

3,750 satisfied customers
I'm one of three in a general partnership. Two want out and

I'm one of three in a general partnership. Two want out and I agreed to buy there respective 33-1/3% interest for a fair price. One of my partners believes the business must be dissolved and the assets sold for fair market value. I want to continue business - my partners don't - can we hire a lawyer to draw a contract that exchanges respective interest (including all future liabilities) for cash. Would that be sufficient to separate from my partners?

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AttyHeather

Attorney

Juris Doctorate

1,228 satisfied customers
I own 45% of a company and was acting COO for the past 10

I own 45% of a company and was acting COO for the past 10 months. My business partner (55%) is changing the direct of the company so I am resigning and going to be a 45% silent owner. How do I get paid? And what? We have no operating agreement.. we sell about 1k worth of goods a month.

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Asad Rahman

Attorney

J.D.

4,366 satisfied customers
I am starting a new business and I am unsure what I should

I am starting a new business and I am unsure what I should become..I am a sole proprietor now, we want to become a LLC .Can you help me with the process? And is an LLC what I should become?We are opening a mobile bike shop which will someday be a brick and mortar bike shop.I want to be sure what I should become and how to do it.Thanks

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Richard

Owner

Doctoral Degree

48,982 satisfied customers
What wording should I use, when amending a general

What wording should I use, when amending a general partnership agreement, to include guaranteed payments?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

114,070 satisfied customers
I'm Starting a new retail service/recovery center. We

I'm Starting a new retail service/recovery center. We had 3 partners. Things got bumpy. We're in the process of negotiating out the previous 3rd partner and installing a new 3rd partner. The company assets and liability are split into thirds. The business is nearly turn key. The creation of the business, due dilligence, negotiating with vendors, land lords and in between has been completed. My question relates to future hours obligated to the business. I'd like the new partners to be responsible for all daily operations, management, sales, marketing, human resources-for the duration of the business. Is my want/expectation fair? Thanks for your inputs!!?

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J. Warren

Attorney

Doctoral Degree

4,270 satisfied customers
A friend and I are starting a business, and are thinking of

A friend and I are starting a business, and are thinking of setting it up as a general partnership. We will be creating and selling art prints, gifts, and decor. It will primarily be online, though we might occasionally go to a local boutique to try to get our works in there. I live in Ausitn, Texas and she lives in California. We were thinking of setting it up with the home office here in Austin. I know that here, all i have to do is file a dba (which I think i can do as a general partnership even with her address in C alifornia, right?) and get a sales tax id. What would we need to file in California? What is the best way to set up our company with us being in different states? WE have a very limited budget so want the most inexpensive way to start it up. Thank you.

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KJLLAW

Juris Doctorate

1,918 satisfied customers
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