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I want to set up a business with a friend but have only $5k

I want to set up a business with a friend but have only $5k to invest. Before we even start I want to sample test the business first to see if it has potential to grow. At what point should I get a lawyer or clarify our roles/ intricacies of this business with my friend?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,502 satisfied customers
I have an unsecured business loan through Kabbage for my

I have an unsecured business loan through Kabbage for my business (LLC). Due to situations outside of our control I have fallen behind in repayment, but trying to work with them to repay. They have indicated that they will file a lien against my business and I'm nervous of the personal affects this will have against me and my personal property, car and home. My questions is can they come after my personal belongings? My wife and I jointly own our home and I don't want her to feel the affects of my business debt.JA: Can you tell me what state the LLC is registered in?Customer: South CarolinaJA: Has anything been officially filed? If so, what?Customer: Nothing yet. I have been working with Kabbage to establish a repayment plan, but thus far the amounts they have required are far above and beyond what my business is currently generating in revenue.JA: Anything else you want the lawyer to know before I connect you?Customer: Not that I can think of. Thank you.

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legalg

Juris Doctorate

13,456 satisfied customers
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!

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Damien Bosco

Attorney

Doctoral Degree

2,734 satisfied customers
I previously owned a business with a partner that went

I previously owned a business with a partner that went under. We had opened an LLC together. Now I had signed over 50% of a website that I created when the operating agreement was signed. The business was the victim of a massive fraud resulting in the other partner receiving a promissory note in the amount of $25,000 and a note indicating that until the note was paid that he would be entitled to 25% of the proceeds of any sale of the web site or other intangible web assets.At this time the note is unpaid. The website does not offer/sell any product or have anyway to make a payment on it. It also does not make ad revenue or gather information on customers. It primarily acts as a solicitation looking for people to sell collectible *widgets* and then helps facilitate the sale. In a lien default judgement or forfeiture situation would it be considered an asset or an expense. Seizable? .Can it be sold to a competitor? Can I gift the page to a friend who wants to use it? Can I be forced to sell it>?

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5,184 satisfied customers
When did the IRS issued the ruling Notice 2012-52 which

When did the IRS issued the ruling Notice 2012-52 which basically held that if a charity does not want to directly own the real estate due to the associated risks and liabilities of owning real estate, a charity can form an LLC where the charity is the sole member to hold the real estate and any other assets related to the real estate.

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KJLLAW

Juris Doctorate

1,032 satisfied customers
Can a California LLC be a real estate holding company for a

Can a California LLC be a real estate holding company for a IRS IRC 501(c)(3) Charity's real estate ?

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KJLLAW

Juris Doctorate

1,032 satisfied customers
A guy I know needs a cash loan. I want to make a loan to him

A guy I know needs a cash loan. I want to make a loan to him and charge interest and report to the credit bureau's if he makes the payments on time and if he does not make the payments on time is this possible?

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DrakeLAW

Juris Doctorate

512 satisfied customers
I am in Arizona and I closed my LLC business in 2010 now I

Hello, I am in Arizona and I closed my LLC business in 2010 now I found out the business has a default judgement against it, the articles of termination were filed in 2010 and apparently the court case was started in 2013.What do I need to do?JA: Can you tell me what state the LLC is registered in?Customer: ArizonaJA: Have you talked to a lawyer yet?Customer: NoJA: Anything else you think the lawyer should know?Customer: From what I understand it's a class action suit against a builder the company I had was an hacked company

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Phillips Esq.

Attorney

Juris Doctor

17,882 satisfied customers
What would be the simplest way to have a group of people

Hello. What would be the simplest way to have a group of people pool their money legally and invest in loan notes on websites such as "lending tree" or "prosper."JA: You just pay a $5 deposit now and the rest only when you get a reply from the Corporate Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: how do i do thatJA: Because laws vary from state to state, could you tell me what state is this in?Customer: new yorkJA: Have you talked to a lawyer yet?Customer: noJA: Anything else you think the lawyer should know?Customer: I don't think so

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Asad Rahman

Attorney

J.D.

2,748 satisfied customers
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