I have kind of a business arrangement / franchise potential
Hi... I have kind of a business arrangement / franchise potential question. Where I am the franchisor.I have a small chiropractic business I am expanding. I have a guy that is struggling in practice. He is a good chiropractor and great guy but just not business savvy and I have the opportunity to kind of partner up with him (bail him out so to speak) by helping him get his business going by converting it to a franchise location for me or partnering up with him in some way.Advantage to him is he can break even or make money quickly to support family, etc. using my model (well in theory). He is bleeding about 1k a month right now and has been at it 1.5 years with just a 3k month overhead so he aint exactly growing too quickly.Advantage to me is that I can add another location to my company fairly quickly/easily (be our 3rd) in an area I would love to have a location with a doc ready to go... so that is my drive to make this happen.So the question is this. If I move forward with this, I am struggling on ideas of how to arrange the 'deal' with him.Not sure I want to take over his lease for him (1.5 years remaining) because he could of course abandon ship. Could just add my name on to lease and take over his operations and hire and train him. That seems clean only because he is still on hook for lease but why do that if don't have to be on it is my struggle there.Next option I thought is have him sign on as franchisee and just add addendum for no Franchise Fee, No royalties, etc and maybe just defer it all along with paying back any money I spend to get this going (be about $15K initially most likely to get him up to speed and hit marketing hard for several months)I have come up with scenarios and typed them out but didnt want to attach here because feel like it will be too overwhelming to read my potentially terrible scenarios.So my question is... Can you give me some ideas on a way to employ or partner with a guy in a situation like this where it makes the most sense.Perhaps some partnership hybrid where he can't abandon ship if all is not going well. So maybe he stays on lease and we just have an agreement with him that we take over his finances of the office and hire him as 1099 for low wage plus percentage as turns profit.Or perhaps a modified franchise option as mentioned above with a loan to get him going and he starts implementing my systems. Starts paying an amount per month towards these things on a profit level reached.Anyway.. hope this is a reasonable question you can give me some insight on.While I will probably consult an attorney in my area I like checking with this service as well so I can get an affordable second opinion and maybe just ideas of creative fair ways to structure it but most importantly any pitfalls to watch out for that I would not see coming or know about.
Counselor at Law
Can you dissolve a corporation while it is being sued or do
Can you dissolve a corporation while it is being sued or do you have to wait for a judgement? There are no assets, it's a small business that provides a service, thus if a judgement is placed it cannot pay it and thus either file for bankruptcy or just dissolve it.
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.
Dad has property in a single member LLC, which he has not
Dad has property in a single member LLC, which he has not filed returns on or paid the $800 annual fee(s) on since 2009, when he formed them. He does declare their income, however, on his returns. He now wants to put the properties from the LLC back in his name without paying the LLC taxes.JA: Can you tell me what state the LLC is registered in?Customer: CaliforniaJA: Have you talked to a lawyer yet?Customer: noJA: Anything else you think the lawyer should know?Customer: no
I am starting a new business, an online loose leaf tea
I am starting a new business, an online loose leaf tea (beverage) company. I am incorporating but I am wondering if that is enough to keep me personally liable for any issues. If not, can you please advise what steps I should take to cover myself? (general business insurance?). Thank you so much!
Thank you for your complete answer regarding what recourse
Thank you for your complete answer regarding what recourse is available to me with regards ***** ***** AV in this case.Attention:If you are a new attorney to this case please read the entire case to date in my last question to Law Educator, Esq.If you cannot access this case do not answer this question without contacting me first so that I can provide you with that critical information.I now have a new question.The question is what possible legal action by either the AV or the attorney, if any would I be opening up myself up to should I send the letter to the attorney in this case informing him the lies of omission that his client committed and a request that he is whatever influence he has with the client to make good on the consequences of these lies of omission as they relate to me.I would ask him to do this because of the amount of money involved $2,500 is clearly not an amount of money that any sensible person would initiate legal action upon in today's environment. Even though it is clear from the facts of the case that I am indeed owed this money. The letter would be along the lines of the one I outlined in our previous question.
My partner in our LLC has embezzled funds (taken ATM
My partner in our LLC has embezzled funds (taken ATM withdrawals to use for gambling) for 5 years. How do I handle this? I am not interested in pressing criminal charges but I also want to eliminate any negative tax consequences on me.JA: Can you tell me what state the LLC is registered in?Customer: MDJA: Have you talked to a lawyer yet?Customer: briefly but they weren't much help. They said there is a challenge when it is a partner since they have some "rights" to the funds. What about fiduciary responsibility etc?JA: Anything else you think the lawyer should know?Customer: We are planning on having her sign off of the corporation immediately.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Corporate Lawyer about your situation and then connect you two.
I began a discussion with , as listed below. I asked
I began a discussion with Barbara, as listed below. I asked a followup question to her response, but she was offline, apparently.My wife and I own a home, in which she does licensed day care. I am about to lose my job. My wife does not make enough money to support us and our home. We are going to be downsizing considerably. Ideally, we would like to buy a much smaller house, which we could pay for using my wife's income,before our credit rating (over 800) goes down. What are the best ways for us to protect our credit rating in this time of transition?26 May 2016 11:4126 May 2016 12:11BarbaraFinancial ProfessionalWelcome to Just Answer. My name is ***** ***** I will be happy to assist you.You are wise to be proactive in this situation. Your first priority is to list your house for sale as soon as possible since this is the best time of year to sell a house so you can downsize and purchase a smaller, less expensive house.You will also want to continue to pay your bills on time. The following link contains an excellent guideline regarding prioritizing your bills:http://www.moneycrashers.com/bills-pay-off-first/Once you have reviewed the information, please come back to me here if you have any other questions or concerns.Thank you and best regards,Barb26 May 2016 12:30Dear Barb,Thanks so much for your quick response. We are attempting to be proactive.One thing we were wondering was whether we should consider creating an LLC or family trust that would own the house? How would that work?Thanks again!