I am one of three members in a new NY LLC. We had a previous
Hello,I am one of three members in a new NY LLC. We had a previous LLC together and made the capital contribution to the new LLC be our shares of the old LLC.My question is: who is now the member of the old LLC? Is it the new LLC and is it now a single member LLC? So we are no longer members in any way of the old LLC?Thanks for the help.
My wife owns a dog grooming business. She owned it before we
My wife owns a dog grooming business. She owned it before we got married and it is an LLC.I am looking into starting a business that would be a sole proprietorship to start. It will be very small at first. Dog walking, Dog sitting, pooper scooping, and a taxi to and from her shop or the owners vet.The question is, if something happens while on the job for me. Say i get in a wreck on the way to the groom shop, dog dies, and its my fault. Can the owner of the dog sue me, and by suing me could they be able to effect the groom shop.
I am a member in a NY LLC. The operating agreement says I am
I am a member in a NY LLC. The operating agreement says I am responsible for "development of [certain] software" and that this is an unpaid position, with no specific obligation of time. I have supported myself through project-based consulting work for the LLC's customers.I recently agreed to a letter from the LLC saying I would be paid $x as Guaranteed Payments on a K-1. It stated my "positions" (exact word) as "head of software development" and "head of consulting". No mention of time commitment. No definition of the positions here or in the operating agreement.My question is: What time effort am I obligated to put in? I am having a disagreement with my partners on various other issues and don't want to make a specific commitment of time.
Have a small business Franchise. The contract and property
Have a small business Franchise. The contract and property lease is up in May 17. We have put in over 100K of personnel funding over 5 years and not taken nothing out, not even wages. We owe somewhere in the neighborhood of 15K and I don't want to pay it off with personal funds Want out of this sink hole and want to dissolve the LLC, can I file bankruptcy and walk away. What would I still be obligated for. What would I do do with the physical business assets and equipment. Recommendation?
I own an LLC in Florida. This LLC holds title to a property
Hello,I own an LLC in Florida.This LLC holds title to a property that is about to be foreclosed. We reached a settlement with the bank and are about to receive a check from them. They asked us to fill out a W-9 form which essential asks for our EIN or Tax ID#Here comes the tricky part: We own one LLC which we call the "umbrella" company. In order to not have all properties we own under the same LLC (protect ourselves) we were advised long ago to open separate LLC's for each property and they would all be managed by the umbrella company. And so I did.Each year we do only one tax return for the umbrella company.How should I fill out the W-9? I did it one time with the name of the umbrella company on it but the bank came back and said it has to be the name of the defendant. But the defendant - the LLC that is under the umbrella company does not have a TAX ID#..... what should I do and are we doing this all wrong?By the way a few days ago I did a DBA for the LLC in question.... I don't know if that helps.Thank you.
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
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 ?