LLC is about to file a chapter 11 Bankruptcy. Bankruptcy.
LLC is about to file a chapter 11 Bankruptcy.Bankruptcy. LLC Chapter 11Facts: State court has appointed a receiver to conduct the sole business.There are numerous health code violations. REAL PROPERTY.Very limited debt, very small numbers of creditors (very small amount of outstanding debt) against LLCLLC has a buyer, who has successfully abated similar city health code violations.New Buyer can demonstrate the availability of the FUNDS to take care of health code violations.CAN LLC TRANSFER ( SELL) THE SOLE BUSINESS WITHOUT BANKRUPTCY' COURT'S APPROVAL ?
A 60-employee family-owned California corporation has 10
A 60-employee family-owned California corporation has 10 directors (6 company officers and 4 outsiders). The president or chairman always invites department managers to attend board meetings to make various presentations. These non-directors, some of whom, but not all, are small shareholders, stay for the duration of the meetings and participate in board discussions. There is nothing in the corporation's bylaws that provides for such participation. Case law appears to indicate that the decision as to who can attend board meeting should be made by the board collectively, and not by any individual director. If this is so (please confirm) does the board need to have a resolution for each meeting, or is a blanket consent permitted giving directors the power to invite people as they please?What potential liability do the non-directors face in connection with their participation?
My friend sells jewelry and wants to expand her business to
My friend sells jewelry and wants to expand her business to sell online - and has asked for my help (since this is the area I know)I am just trying to figure out what would be a fair arrangement between usShe would be responsible for the design and manufacturing and I would be responsible for building the website and growing and expanding online sales.How would you structure this fairly?
Can a judgment awarded to an LLC be assigned to a judgment
Can a judgment awarded to an LLC be assigned to a judgment enforcer if the LLC is expired and not in good standing with the state? This is in Hawaii.JA: Can you tell me what state the LLC is registered in?Customer: Hawaii also.JA: Has anything been filed or reported?Customer: By the LLC?JA: Anything else you want the lawyer to know before I connect you?Customer: I don't believe so. Thanks!
I am doing accounting for a CEO of a company. I am not a
I am doing accounting for a CEO of a company. I am not a CPA. The business was a corporation from 1998-2015 & its is now a single member LLC for 2016. This CEO has been taking money from the business (in addition to his normal salary) via direct transfers into his personal bank account and by using the company credit card for personal expenses for maybe 15 years now. His employees do not know, but his has often not paid them salary or paid them partial salary while he also take a pay cut "via payroll", yet he subsidizes his missed pay but taking money out of the corp account or using the company card. I have tried to account for these "transactions" as loans that should eventually be taxable income for him. In some instances he makes the company "forgive" the loan, or if he does report the money he has spent personally (not all that he has spent personally, just a portion of it) on his returns, he then takes the money out of the company bank account to pay his personal taxes. I keep telling myself "Well it is his company, he can do what he wants", but is this true? Can he really do this? Is it legal? I mean you can't steal from yourself can you? Can he be liable for damages or sued? Could he even go to jail for this? Am I liable since I know about all of this?
I have an S corporation (PC) w Fed Tax id and i conduct my
i have an S corporation (PC) w Fed Tax id and i conduct my business (medical office) in NJ......now i want to open another business (in NJ) also medical business ..........my Q is may I use the same Fed ID and just get another tax ID in NJ, so i can file Fed tax w my old number and NJ taxes i pay under my new NJ tax ID? Tnx
I have a LLC, personal/sole proprietorship and run a medical
I have a LLC, personal/sole proprietorship and run a medical office, own some real estate, and operate a side business.All three entities are operating under my LLC. If a tenant sues my company, can I be sued for everything I have?
To: Philipps, esq. Fact: Court has appointed a receiver to
To: ***** *****Fact: Court has appointed a receiver to operate LLC's business, receiver is in total control of managing LLC's business.Q: During ongoing legal proceedings, can LLC sell a certain portion of share to some new member ?Q: Does LLC needs receiver's consent or Court's approval ?