I've been involved in a partnership that lasted almost 23
I've been involved in a partnership that lasted almost 23 years. My partner would never agree to a written partnership agreement. We did have verbal agreements. Now we have closed the business and are trying to split up the proceeds. The other partner don't want to give me credit for the $17,000 plus in additional capital that I put up plus interest. Another issue was that I never took vacations saving those monies for my retirement. I didn't draw the money I just left it in the company to minimize the amount the company needed to borrow from the line of credit. Now I'm told that I don't have any right to the money I thought that I was saving for my retirement. I was always told that the Pennsylvania Uniform partnership act spoke to all issues when there is no formal partnership agreement. Thanks for your help
A friend and I started a business and initially signed a
A friend and I started a business and initially signed a document making an unofficial partnership (buying and selling cars). For 2 months or so this year (in 2017), all of the income and expenses, titles, etc. were in either of our individual names, but we had a joint bank account. Now we are setting up an LLC because, among other reasons, we're reaching the number of cars we can sell as an individual. My question is, can I count that income and expense from our unofficial partnership in the LLC that we are setting up. We are going to elect the S Corp status and I'm trying to lump everything together so we don't have a lot of Self-employment tax on the net income before we officially set up the LLC and got an EIN and so forth.JA: Has an LLC annual report been prepared?Customer: No, I just applied for the LLC this week. Our first car we bought (and when we signed our unofficial partnership) was beginning of March 2017JA: What state are you in?Customer: IowaJA: Anything else you want the lawyer to know before I connect you?Customer: Don't think so
I have an LLC and I have a friend who has an LLC. We are
HI There,I have an LLC and I have a friend who has an LLC. We are forming a partnership for a different business. My questions are as follows:1. Can two LLC's for a partnership using one DBA?2. Can the profits from the DBA bank account be then run through the individual LLC's? Expenses?3. Is the DBA protected under the LLC for liability purposes?
I've separated from a partnership business mid last year and
helloJA: Hello. How can we help?Customer: I've separated from a partnership business mid last year and need to know if I'm entitled to a copy of the business tax return filed for my records?JA: What state are you in? And have you consulted a local attorney?Customer: California. Have to talk to an attorney yet.JA: Has anything been officially filed? If so, what?Customer: I think it has. 1120sJA: Anything else you want the lawyer to know before I connect you?Customer: what kind of service do you offer? you connect me with local lawyers?
Damien Bosco, at this point, we are thinking of having a
Damien Bosco, at this point, we are thinking of having a "press meeting" in our "famous restaurant" to expose the court issues to try to get the court removed from our business now, since we have the annual records, cameras, computers,etc. in place. We feel that sixteen months is long enough to put up with a Proven their in our business and WE must get control of our business and our family back to work. WE also need some money. This judge is destroying our financial life to keep her buddies working. (fact). What are the pros and cons of calling the media to help with this? We have gone to the police and DA's office with evidence of theft and a bad background check and the DA's are backed up for years. No help at all. The judge is covering the receivers ass for NOT doing a background check on this GM. The next idea we have is to Dissolve the Corp. We have seven months on our lease. The landlord has been a family friend for forty-years and does NOT want to renew with our partner on an extended lease because he doesn't like him and know that he has been extorting and pushing us around for the last ten years. We are thinking of dissolving the Corp. closing down and re-opening without the partner. If he wants to continue the lawsuit without a business, at least our sons will be working and we will have an income. Does this make sense? Our lawyer seems to passive and has had us "turning the other cheek" for the past FIVE YEARS! This is not working and bankrupting us. We are ready to get aggressive, with or without his O.K. but we don't want to end up with any more lawsuits on our back. Our main issue NOW is to remove this GM so we can get some revenue back into our family again. Your Opinion?
I have a multi-member LLC. There are 3 other members who I
I have a multi-member LLC. There are 3 other members who I pay 40k$ per quarter as "guaranteed" payment for wages. (They are full time)We do have an Operating Agreement and LLC files as a pass through entity from a tax standpoint. My question is- can I list out the "Salary" for the other members in the Operating agreement or do I need a separate Partnership agreement? (Since they are guaranteed payments)
I have a Florida corporate law question, a little ..
I have a Florida corporate law questionJA: Has anything been filed or reported?Customer: a little ..JA: Anything else you want the lawyer to know before I connect you?Customer: http://form.sunbiz.org/pdf/cr2e027.pdf