I operate a pizza franchise in a brick and mortar location
I operate a pizza franchise in a brick and mortar location on a military base. I am unable to continue due to financial issues and am in the middle of my franchisee contract period (every 5 years and I last renewed in 2014). I made the corporate office aware of my issues and instead of helping they have limited conversation almost completely. They have sent one of their 5 inspectors around to "help" but it seems like he is there to monitor instead of help. I am in financial problems with the IRS and state of North Carolina for payroll tax withholding and sales tax withholding, respectively. North Carolina has offered to drastically reduce the monthly amount I'd have to pay going forward if I agree to give them all of my non essential equipment (I'm able to continue a profitable catering and food bar program because they aren't associated with my franchise) for them to sell and use that towards the debt. For some reason it seems like corporate is waiting for me to make a move and I'm waiting on them to make a move but every day the brick and mortar is open I'm digging myself a deeper hole. I am seriously considering letting corporate know that at the end of this month I will be no longer doing it. The corporate office actually has the rental contract with the base, not my company. So they would have to come in and operate the franchise if they so desire (which it looks like they want to). I own all of my equipment and in the contract it doesn't look like they can seize it as a result of me breaching the contract. I need someone to review the contract (I can email it) and provide advice. I'm very confused and stuck.
My friends own an LLC. They have offered me to sell me 10%
My friends own an LLC. They have offered me to sell me 10% of the total shares. One of the founders is basically selling his shares. In my assessment they are honest people. However, they are not very particular about record keeping and following processes.By having 10% share in the business , will I become liable to their wrong doings/shortcomings. I will not be actively involved in the business except for some advice. I will more or less act like a consultant.
California Workers Compensation Law How does and employee
California Workers Compensation LawHow does and employee become exempt from workers compensation. Can they become an officer of the company, and or do they have to own a percentage of the company, what is that percentage? Is there any other ways that they are still w2.
A 60-employee family-owned California corporation has 10
A 60-employee family-owned California corporation has 10 directors (6 company officers and 4 outsiders). The president or chairman always invites department managers to attend board meetings to make various presentations. These non-directors, some of whom, but not all, are small shareholders, stay for the duration of the meetings and participate in board discussions. There is nothing in the corporation's bylaws that provides for such participation. Case law appears to indicate that the decision as to who can attend board meeting should be made by the board collectively, and not by any individual director. If this is so (please confirm) does the board need to have a resolution for each meeting, or is a blanket consent permitted giving directors the power to invite people as they please?What potential liability do the non-directors face in connection with their participation?
Can a judgment awarded to an LLC be assigned to a judgment
Can a judgment awarded to an LLC be assigned to a judgment enforcer if the LLC is expired and not in good standing with the state? This is in Hawaii.JA: Can you tell me what state the LLC is registered in?Customer: Hawaii also.JA: Has anything been filed or reported?Customer: By the LLC?JA: Anything else you want the lawyer to know before I connect you?Customer: I don't believe so. Thanks!
S-corp created in CA - two owners thinking to create
S-corp created in CA - two owners thinking to create separate LLC under the S-corp for separate books -one moved to another State what is the best way to split but keep the brand / webpage / patented name without being liable for one another or future transactionsCa S corp created 2015 with two owners .Company brand was created and patented.50/50 ownership with 50/50 initial investment .One owner is CEO / other President.After one year one of the partners didn't live up to the expectations to bring in clients / revenue and the second owner is contemplating a split since the majority of the expenses were paid with the revenue brought in by only one of the partners .One of the Owners brought in 20%of bus and 80% by the other which meant that most liabilities were paid with the revenue generated by only one of the owners .The owner who brought in less clients and revenue moved to another State now and wants to open the new LLC in that state .The split would create two LLC with separate books and decision making in two different states.This owner wants to keep rights to the existing clients as well although he has not brought in the business or dealt with the clients .How can this be handled ? He didn't work with the clients or serve the clients during this time ?The owner bringing in less business wants therefor a 70/30 fee split - after the split into two different LLC'S with all the existing clients for the future to which the other owner bringing in the majority of the business does not want to agree too .Meaning if the new created LLC does business with a client that worked with the original s corp the other owner expects a 30 percent fee since it was a client that was entered into the original database.This would mean free money in the future since he did not bring in those clients and has not brought in much revenue in the first place therefor there would not be any fee split coming in from his side .The idea is to split the convert the s corp to an LLC and then open 2 separate LLCs under the original s corp (possible conversion to LLC )- which is just for holding purposes .How can a split best be handled in order for the partner bringing in more revenue to have separate books/ decision making and to not share any fee splits with the clients he originally brought in .Is the owner entitled to this fee split although he did not bring in the clients .If two separate LLC are created under the brand / patented name are the owner only liable for their new LLC only (tax returns, liabilities , revenue ect ).What is the legal implication if the owner who moved away wants to sell his new created LLC in another State how would this affect the s corp held open for branding purposes .
I am doing accounting for a CEO of a company. I am not a
I am doing accounting for a CEO of a company. I am not a CPA. The business was a corporation from 1998-2015 & its is now a single member LLC for 2016. This CEO has been taking money from the business (in addition to his normal salary) via direct transfers into his personal bank account and by using the company credit card for personal expenses for maybe 15 years now. His employees do not know, but his has often not paid them salary or paid them partial salary while he also take a pay cut "via payroll", yet he subsidizes his missed pay but taking money out of the corp account or using the company card. I have tried to account for these "transactions" as loans that should eventually be taxable income for him. In some instances he makes the company "forgive" the loan, or if he does report the money he has spent personally (not all that he has spent personally, just a portion of it) on his returns, he then takes the money out of the company bank account to pay his personal taxes. I keep telling myself "Well it is his company, he can do what he wants", but is this true? Can he really do this? Is it legal? I mean you can't steal from yourself can you? Can he be liable for damages or sued? Could he even go to jail for this? Am I liable since I know about all of this?