I am starting an LLC with a 50/50 partner. We will choose a
I am starting an LLC with a 50/50 partner. We will choose a Limited Partnership and will form an LLC to act as the General Partner. We both will own the GP LLC in a 50/50 ownership as well.If for some reason one of us wants to get out of the business in the future, what options do we need to consider in arranging a separation that doesn't kill the business? Do you have any template approaches for when partner leaves and starts up a similar company that we have in 50/50 partnership?Please advise.Thanks!
How should I describe my passive role in a limited
How should I describe my passive role in a limited partnership? My mortgage modifications counseled has all of my tax records and K1s. A long time ago my cousin needed a partner to put on a a limited partnership app. Of course I said yes. I occasionally get or pay a hundred. Usually its nothing. How can I explain this to mortage modification team?Thanks,Kala
In terms of liability (not tax). What are the differences
Hi ,In terms of liability (not tax) . What are the differences between LLC, LLC and PC. In my specific example there are two partners/members/shareholders.For example: issues such as liability for the other partners, type of protection (debt, mal practice , neglagece), etc.
Am I going to be charged questions? I have a nonprofit
Am I going to be charged for the questions?I have a nonprofit science workshop running for the last 10 years. I charge the students to cover the materials and the space a pay the teachers help. The income is below 50000.Expenses are higher . I substitute some money'sNow I am into 74 years getting tired. The program is useful for kids ranging from 1-12.Some commercial people are asking me to have a partnership with themWhat does it mean.?should I proceed or not.reasons to proceed is if some money's come from partnerships ,I can hire a manager to continue the science workshop.My workshop web is www. Irvingartofscience.org
Dwayne, You have helped me before. I am the inventor of a
Hello Dwayne, You have helped me before. I am the inventor of a new disposable bread bag closing device. My question today is:My business is an LLC, which was formed in Minnesota, but I have relocated to Connecticut. I have read online about the options to move my LLC to a new state, but I am not sure which is best. My company is still in start up phase and I have not done any sales yet. Would it be better to dissolve my current LLC and establish a new one in CT? If I follow this route, would it be wise to consider establishing another type of entity? I have thought that an S-Corporation would be wise in order to avoid double taxation and also because I want my wife to have shares, and perhaps have other partners in the future.
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.
Myself and two other partners are planning on starting
Hi,Myself and two other partners are planning on starting a business in the US (an online business). The three of us are not located in the US but we have someone who lives there who will be running the show in that region.Our headquarters are in the UK and I would like to know which company type would work for us as we do not want any of the partners to have to physically go to the US. We want the person we are employing in the US to do all the work and establish the company and opening our bank account. That employee will have the power of attorney as well.But he will not be a shareholder but rather the general manager or director of the US branch.Which company type would work best for us?LLCsLimited partnershipLimited Liability PartnershipThank you
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