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Recent S Corporation questions

I have a question specific to a Delaware s corporation

Hi,JA: Hello. What seems to be the problem?Customer: I have a question specific to a Delaware s corporation regarding disbursmentsJA: Has anything been officially filed? If so, what?Customer: Are you proficient in Delaware corp law?JA: No. I'm the Corporate Lawyer's Assistant.Customer: Ok. Here is the question -there are two 50% owners of a s- corporation created in Delaware. One owner is a silent partner with very little involvement in company. Are diproportionate disbursments allowed. Both have same salaries and taxes are paid 50-50 on corp returns.JA: Anything else you want the lawyer to know before I connect you?Customer: No

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Asad Rahman

Attorney

J.D.

4,676 satisfied customers
I wish to start and incorporate a business, but I would like

I wish to start and incorporate a business, but I would like to try making money first to see if it is worth the effort. If I do start making money, can I retroactively count the money made toward the business? Or would I have to count the money made as my income and lose any tax savings that I would have had? How would that be different for say an LLC vs a S corp? That is, would one over the other affect whether or not I could retroactively apply an money made to the business after I incorporate? Thanks.

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Ely

Counselor at Law

Juris Doctor

69,140 satisfied customers
My Los Angeles corp is being sued in Georgia by YP. I need

My Los Angeles corp is being sued in Georgia by YP. I need to respond to the suit within 30 days. Can I do this without a lawyer?JA: Since business law varies from place to place, can you tell me what state the corporation is registered in?Customer: My corp is registered in CA, but the YP contract states they can sue in GA.JA: Has anything been filed or reported?Customer: YP filed in Feb. I was served last week, but then the sheriff came and took the suit back stating they had to serve the owner personally. That has not happened yet. But I am preparing for the suit anyway.JA: Anything else you want the lawyer to know before I connect you?Customer: No.

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KJLLAW

Juris Doctorate

2,360 satisfied customers
I plan to open a new business. I had businesses in the past

I plan to open a new business. I had businesses in the past and had two corporations I ran out of my house. Through all those businesses, I never registered one with my county. I want to do this business the right way. I am buying property with a building to run the business from. It is in Lee County, NC. I have a website domain I just purchased for my business. I may have more domains for the business for targeted marketing.1. Should I name my business the same as the domain? Or have a generic type business name that can have multiple websites all pointing back to my business?2. What are the order of steps I need to take to register correctly? Like the following?a. choose a business nameb. incorporate businessc. register business with the county it will be in

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Irwin Law

Juris Doctor JD

9,806 satisfied customers
I am transferring ownership of a sole proprietor ship LLC

I am transferring ownership of a sole proprietor ship LLC from another individual to myself, just wanted to make sure that I had all the bases covered, wanted to basically get a checklist for the transfer.

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Irwin Law

Juris Doctor JD

9,806 satisfied customers
We are a small WA State C Corp, with shares distributed

Hi. We are a small WA State C Corp, with shares distributed among 3 shareholders, who are also directors. Two of the directors are also employees. One of these directors has, apparently, been secretly starting a competing company, about 20 blocks from our company. When confronted, he said it was "just an idea he was thinking about" but he has a building, a website, business cards, an operating license, etc. His picture is even on the other company website, introducing himself as the Executive Director there. So, it seems he is being dishonest about this "idea" that already seems to be an operating business. There is concern about him suddenly leaving here, which would negatively impact our business, because of his role here, plus concerns about taking clients and referral sources. His wife also works here, currently, but is now on his other company's website (it is an LLC with some other person), so it seems she would also leave. In looking up what I can find, apparently this seems a breach of the "duty of loyalty" aspect of his role with our company, as a shareholder/director, and it certainly seems a conflict of interest, plus, if he leaves here, there is an existing non-compete agreement for 3 years, of not operating a competing business in the same county, but he already has a competing business, in the same town, it seems. So, we don't know what to do. We're trying to protect this company, plus see if we have any legal recourse regarding these seemingly dishonest actions on his part.

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INFOLAWYER

Attorney

Juris Doctor.

42,412 satisfied customers
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

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

116,668 satisfied customers
I want to ask what is the incorporator liability for a

Hi,I want to ask what is the incorporator liability for a Delaware corporation.If I were to incorporate my friend corporation in the State of Delaware. Meaning, I will place my name on the Article of Incorporator as the incorporator. Will I be liable for any lawsuit against the company or my liability only rests with the actual formation?Please help.

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INFOLAWYER

Attorney

Juris Doctor.

42,412 satisfied customers
I am currently a small business owner of a corporation in

I am currently a small business owner of a corporation in California. I would like to add another business(bar) to my corporation, but I would need 2 or 3 investors to help inject capital(cash) into the bar business. What would be the fair or standard percentage of revenue that I would give to my investors, or a percentage of the ownership if any? Would I need to give them a timeline to pay them back the investments?

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