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Recent Partnership questions
I made the extremely stupid mistake of going into business
I made the extremely stupid mistake of going into business with my gf, now ex. She does everything she can to drive me nuts. I've tried to buy her out but she refuses. She says she'll buy me out but never does what she says and constantly tries to talk me into staying because she can't actually run it herself. What can I do legally to get out of the situation? If she continues to keep me trapped can I just take my invested share of equipment and leave, or Atleast threaten it to pressure her to follow through.
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.
I have a business partner we purchased a car it's in s name
I have a business partner we purchased a car it's in his name dba the business name. We are now separating as partners but that car was driven by me paid for by the company. Can he pick up the car without notifying me? Do I have any leagel rights?
I am writing an operating agreement care business and I know
I am writing an operating agreement for senior care business and I know that my would be partners are bringing in $250,000 in cash and additional $250,000 in loan to the company if needed in future at 12%. Can I use that as their capital contribution in the operating agreement under capital contribuition section? What is their capital contribuition and do I mention the loan guarantee to the business as separate? What about lease agreement that has personal guarantee if required?
C Corp Question. So we have three partners. There is one
C Corp Question.So we have three partners. There is one partner who just dropped out and started doing a separate project all together. Leaving me and another partner to deal with the resulting problems from the relationship. He owns 40% according to a partnership agreement we drew up. I own 55% and my other partner owns 5%. What can we do, to remove this person?
Counselor at Law
I am looking over my LLCA (based in Wisconsin). My LLC
Hello, I am looking over my LLCA (based in Wisconsin). My LLC consists of 3 members. 1 member is behaving unfavorably and will always vote in the opposite direction of the other 2 (myself and another partner). Below i have copy and pasted a section of our LLCA that talks about unanimous voting. I would like to know:1. With majority vote, are we allowed to give compensations to certain members for completing certain tasks2. With majority vote, are we allowed to give ourselves salaries?3. We are a creative company (we make clothes and accessories). Do we need unanimous voting to commission manufacturers to make our products?4. In the instance we would like to collaborate with a company (say Jan Sport) to make a backpack. Would we need unanimous votes from all the members to move forward?"B. Approval andAction. Unless greater or other authorization is required pursuant to this agreement or under the Wisconsin Limited Liability Company Act for the Company to engage in an activity or transaction, all activities or transactions must be approved by the Members, to constitute the act of the Company or serve to bind the Company. With such approval, the signature of any Members authorized to sign on behalf of the Company is sufficient to bind the Company with respect to the matter or matters so approved. Without such approval, no Members acting alone may bind the Company to any agreement with or obligation to any third party or represent or claim to have the ability to so bind the company.C. Certain Decisions Requiring Greater Authorization. Notwithstanding clause B above, the following matters require unanimous approval of the Members in a consent in writing to constitute an act of the Company:(i) A material change in the purposes or the nature of the Company's business;(ii) The amendment of the Company's articles of organization;(iii) Allowing the Company to accept any additional contribution from a Member;(iv) Allowing a partial redemption of a Membership Interest under Section(###) ###-####of the Wisconsin Limited Liability Company Act;(v) Valuing the contributions of members under Section(###) ###-####2) of the Wisconsin Limited Liability Company Act;(vi) Authorizing a Manager, Member or other person to do any act on behalf of the Company that contravenes this Agreement;(vii) With the exception of a transfer of interests governed by Article 7 of this Agreement, the admission of a new Member or a change in any Member's Membership Interest, Ownership Interest, Percentage Interest, or Voting Interest in any manner other than in accordance with this Agreement;(viii) The merger of the Company with any other entity or the sale of all or substantially all of the Company's assets; and(ix) The amendment of this Agreement."i realize this is a long question. I promise to tip well.
On a gh level, I understand the difference between an LLC
Dear Sir or Madam,On a high level, I understand the difference between an LLC and a C corporation or a full fledged corporation. However, if there is double taxation for corporations, why will any company form a corporation. Also if LLC is a simple structure and better of taxes, why is every company not an LLC. For example why large companies like AT&T, IBM, Facebook, Google, Amazon, etc. are not LLCs. Is there a difference when they go public or allocates shares before going public. I am being offered partnership in an LLC where all partners are US citizens.Ali
I'm trying to figure out if someone has the legal right toView more business law questions
Hello. I'm trying to figure out if someone has the legal right to sue me and/or my company and would like to know which side the court would lean as a ruling.High level - This guy contacted me to help him do some financial work around a startup company he was starting to build around autonomous trucking systems. Now the guy had no money to pay me (until he got funded), nor did he make me sign any NDAs or Non-Competes or any contracts whatsoever. I agreed to work for him as a consultant, not as an employee of his company. Nor was his company technically legit from a government perspective (he did not have a single owner, partnership or corporation documentation, nor did he have a tax ID). And I couldn't even tell you where 'his company' existed as it was a bunch of use exchanging information over Facebook from around the world. He is Canadian and I reside in California.Ok, that is the background. So myself and a couple others worked for this guy for 2-3 weeks, basically helping to put together a 'pitch deck' for investors. We did not have a physical product, just a vague concept similar to many competitors in the market. After a couple of weeks working for this guy, I started to feel something wasn't quite right with this guy, so i did a background search. Turns out this fellow stalked a girl on Facebook and robbed a bank in Canada! He never went to jail as he was found mentally incompetent and did some time in a mental institution. It was later determined he has schizoprenia and has been taking meds for that since 2012.So a few of us left the group based on his failure to disclose this information. That and he did not know what he was doing (he did not have any sense of corporate maturity). So myself and a few others decided to start our own company.He has been actively trying to get us all to come back. Until today, when he sent a message to us saying that if we started a company, he would sue us.So my question is, can he sue us and what are the chances he would win?