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I was asking about cost and whether the question becomes

I was asking about cost and whether the question becomes public, but I just got my answer on the customer service line can I ask my question here?JA: What state are you in? And have you consulted a local attorney?Customer: FloridaJA: Has anything been officially filed? If so, what?Customer: noJA: Anything else you want the lawyer to know before I connect you?Customer: It's a question regarding a potential business partnership and disclosure of information

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Richard - Bizlaw

Juris Doctor

10,914 satisfied customers
What would be the cost to establish an LLC under my C-Corp?

What would be the cost to establish an LLC under my C-Corp?JA: You just pay a $5 deposit now and the rest only when you get a reply from the Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: Okay, but I still don't know what to budget forJA: Can you tell me what state the LLC is registered in?Customer: TexasJA: Has anything been filed or reported?Customer: On the C-Corp?JA: Anything else you want the lawyer to know before I connect you?Customer: No - I haven't started my business with the C-Corp but have a 401K account with my funds that I will move to the C-Corp when ready. The C-Corp is established. I would like to start a small business as an LLC under the C-Corp

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Richard - Bizlaw

Juris Doctor

10,914 satisfied customers
In 2005, an LLC in which I had a 25% interest bought retail

In 2005, an LLC in which I had a 25% interest bought retail commercial real estate with one mortgage in the amount of $2,775,000 secured by land, improvements and leases on commercial real estate in SC . In 2011, I took over 100% of the LLC and the lender restructured the loan into two loans: One loan (A) for $695k was accrual only, no interest due. The other loan (B) was $2,080,000 and was interest only. The loans were prime plus 1%. In addition I personally was granted a $100,000 line of credit (loan C) used to improve and repair the property because the appraised value of the property itself could not support another loan. The loans are 50% recourse. I also have invested in the property to fund operating deficits.The bank has renewed Loans B and C annually and in 206 reduced the interest rate to prime. Loan A I was told had been written off.Since July 2016, the property has been under contract for sale for $2,150,000 and the bank had agreed to settle for $1,844,000 which after paying closing costs would leave me about $170,000. Now Closing of the sale has been delayed as the buyer (developer) negotiates with another end user of the property and the lender no longer wishes to renew loans A and C. The lender is under a consent decree due to "bad loans" of which mine is the largest. He wants to get rid of the loan to get out from under the consent decree which is costing him high FDIC fees. My loans A and C are performing in accordance with terms which of course are below market in that that the interest rate is low and they do not amortize. The pay-off the bank has agreed to is 86% loan to value (1844/2150). The lender has asked me to try to refinance $1,844,000. The loans are due in May 2017.So the question is what happens next? If the bank sells the loan can they come after me for the deficiency (1844- amount received for the loan)?Would the new owner restructure the loan to a market interest rate and terms? What if I don't agree with the terms?Can the new owner come after me for the original principal balance?Any other thoughts?Bob

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DrakeLAW

Juris Doctorate

1,076 satisfied customers
In 2010, a friend of mine founded a company, a tech startup

In 2010, a friend of mine founded a company, a tech startuphe asked me if I would like to join his venture, which I did.he ran short of money, and asked if I would like to invest. First he offered me a "debt" share but I agreed with him that I would put money in only for and equity stake.I ended up giving him several payments totalling precisely $50,000. But we never agreed on an equity percentage and never signed an agreement, so we simply treated this as a personal loan.in 2011, he folded the company without informing me, and refused then to speak about repayment of the 50KI tried for a few months to negotiate with this fellow...he then moved to China and is now in Sweden.I am going to reach out to him and see if he wants to negotiate on this. But what are my options for recovery in the courts? Any advice?Thank you!

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Richard - Bizlaw

Juris Doctor

10,914 satisfied customers
I'm looking into the possibility of using the MLM structure

I'm looking into the possibility of using the MLM structure to market a business that I plan on starting. I plan on offering a stock market newsletter along with stock/option trade recommendations as a package for $100 month.If I wanted to others to promote my business using the MLM structure as long as the structure isn't in place merely for the introduction of more participants into the marketing program I am solid? In essence as long as they get my services of stock alerts and newsletters my Business wouldn't be considered a Pyramid scheme and a legitimate MLM company? If not what what I need to do to be considered a legitimate MLM company?

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Richard - Bizlaw

Juris Doctor

10,914 satisfied customers
We spoke earlier about my currently non-profit website which

Hello, we spoke earlier about my currently non-profit website which I want to get liability protection on. You suggested keeping the finances separate. I think I found one way to do it, without opening a bank account in the first year. Could you please give your opinion on the folllowing, in the sense if I take the following steps, will I have my separate entity veil fort the LLC1. I set up a (Wyoming) LLC in Feb 20172. In my operating agreement I mention "first year's operation will be funded by its single member advancing website costs as his investment"3. In 2017, I spend $100 on the web-site4. In 2018 when I file my Personal taxes, I note in Schedule C that my LLC had $100 invested and $100 expenses combining to zerothank you

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Phillips Esq.

Attorney

Juris Doctor

20,732 satisfied customers
Thanks! just to recapitulate 1. I set up a (Wyoming) LLC in

thanks Richard!just to recapitulate1. I set up a (Wyoming) LLC in Feb 20172. In my operating agreement I mention "first year's operation will be funded by its single member advancing website costs as his investment"3. I do nothing in 2017, except somewhere in a notebook recording my expenses on the website4. In 2018 when I file my Personal taxes, I note the website expenses in Schedule CDoes the above sound correct ?You mention "You would account for your expenditures on behalf of your website as your investment and the expenditures as expenses of the LLC", I am confused about the"and the expenditures as expenses of the LLC" part. Where would I mention those, in a separate business tax form ?

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Richard - Bizlaw

Juris Doctor

10,914 satisfied customers
I am looking to draw up a simple good faith letter for an

I am looking to draw up a simple good faith letter for an investor in our film company. He would be investing 50,000 in our company in March. I realize this letter would not be legally binding, but it would help us in attracting other investors and talent. Can you help me see an example of such a letter or help me draw one up?

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Richard - Bizlaw

Juris Doctor

10,914 satisfied customers
I am not a MD or NP however I am very interested in

Hello, I am not a MD or NP however I am very interested in investing into a medical practice. Is it possible for me to invest in a practice if I were to hire a MD on as a Medical Director?JA: Has anything been officially filed? If so, what?Customer: No, just in the exploration phase, and I would like to start in Illinois.JA: Anything else you want the lawyer to know before I connect you?Customer: no

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

114,352 satisfied customers
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