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I have a large judgement against me personally, and I really
I have a large judgement against me personally, and I really do not want to file bankruptcy. I'd rather wait it out and see if I can settle later. It's in another State, and they haven't found me (yet). I want to start a business, but I don't want to hand it over to the judgement creditor when and if I do get found. I would rather "work" for a trust that will benefit my children. I know all of the arguments about trusts being "my" property in a collection action. But what about irrevocable trusts? What if I borrow the money from my in-laws to start the business, for the benefit of an irrevocable trust that is started by my in-laws for the benefit of their grandchildren?I was thinking of forming a limited partnership, with 99% ownership by the irrevocable trust. I would be owner of the 1% LLC general partner, or my in laws would form the LLC. Why or why not would this work? The business would be real estate related, so will enjoy equity growth. My only concern is that the equity might some day be taken away in a collection action if I own any part of it. I want my children to benefit from whatever I do here.Minor challenge/benefit- my in-laws are Canadian.
Let me clarify a little further. The "Contract" staes that
Let me clarify a little further. The "Contract" staes that it is an Employment Agreement between my wife, the EMPLOYEE, and her llc. tHROUGHOUT THE ENTIRE CONTRACT, SHE REFERS HERSELF AS A corporation. She is NOT a Corp.,she is a LLC. iS THIS AGREEMENT STILL VALID?
Our event company is looking to include in-house transportation
Our event company is looking to include in-house transportation as a service. This would include school buses, coach buses, or retrofitted school buses (hybrid party buses). I understand we have to have insurance and apply for a TCP permit.Do we need to have the vehicle beforehand?Do we need to have the insurance beforehand?Is it just the application packet we need to fill out?
Not sure. I have quite a mess going. Business partnership
Not sure. I have quite a mess going. Business partnership gone bad. We have agreed to dissolve company since early may, 2014. Now he will not answer emails and he has his uncle, (my father, I know, I know) holding the equipment in a fenced yard) I can't get to the equipment to list it for sale. He is in Texas and I am in New Mexico. He and my father started talking on the phone after I got home from road on Apr 21. They talked one day for 10 hrs. (He is on my verizon plan, so I see all calls). Neither talks to me. I really don't know what they are up to. Business assets consist of one truck and one trailer and tools and supplies. Appr value $25,000 or so. About 12 K in Joint business account. We are a 50/50 llc member managed llc partnership. As you can see, it is quite a mess.
I want to buy a business but I need to be a limited partnership.
I want to buy a business but I need to be a limited partnership. If I own 90% of the stocks and my partners is 10% Am I legally considered a limited partner in this company? the reason is that I own a franchise business that allows me to buy other non-competitive business as a passive investor only. So, the new business will be run by my partner and will be only part of the business.
Under what circumstances can an employee of a company or small
Under what circumstances can an employee of a company or small corporation become personable responsible to a third party.Say that an employee or corporate officer order a product, which is a normal part or product used in the operation of the company and the vendor is made aware that the product is for the company (The Vendor also invoice the product to the company), then under what circumstances can the employee or officer of the company become personally responsible to the vendor for what is owed by the company to the vendor?What kind or error would the employee or officer have to have made to become personally responsible for the debt owed to the vendor?I would like to be referred to relevant case-law and also to the laws governing this issue.Thank you
Im a real estate broker considering joining a real estateView more business law questions
I'm a real estate broker considering joining a real estate brokerage to hang my license. I will be paid as an independent contractor. The brokerage firm has an E&O policy that I'll be covered under. Any reason I should form an LLC or Corporation for liability concerns? It seems like all my business will be conducted in the name of the brokerage and I'll be covered under their E&O policy.