I want to set up a business with a friend but have only $5k
I want to set up a business with a friend but have only $5k to invest. Before we even start I want to sample test the business first to see if it has potential to grow. At what point should I get a lawyer or clarify our roles/ intricacies of this business with my friend?
In Pennsylvania, When a business is valued using the... When
In Pennsylvania, When a business is valued using the...When a business is valued using the income method by an 51% owner spouse plaintiff vs 49% owner spouse defendant to determine equitable division of marital assets, does that method of valuation disadvantage the defendant claiming double dipping exists?the salary the 51% spouse earns cannot becounted as part of the value as well as used for alimony?I as the defendant 49% owner would like to suggest that my husband buy out my shares at market value, then I would like to request alimony and child support based on his total net income from the business which is his fair market salary plus 100% of the excess value, three times my current net income btwIt has been proposed by my husband that that is double dipping and that since he used s valuator who used the income method, I can only receive alimony based on the lower fair market salary , not his actual total compensation because that has been added back to give the business it's value based only on the income methodIf I get the business valued myself using a valuator who uses the market and assets value methods, woyld it be double dipping to have him buy out my shares and still base alimony and child support on his total excess values which is his actual net income ?Thanks
Can an S-Corp buyback its shares from its shareholders at
Can an S-Corp buyback its shares from its shareholders at two different rates? One shareholder has negotiated a higher rate than two other shareholders. Would moving forward with the sale cause the S-Corp to lose its SCorp status?
A privately held corporation is trying to avoid an
Hi there! A privately held corporation is trying to avoid an involuntary dissolution by coming to a buy-out agreement between the minority shareholder and the majority shareholder. How can such an agreement be structured to include all of the corporate assets, and protect the seller in case the buyer dies or otherwise becomes unable to fulfill his (buyer) obligations?JA: Because laws vary from state to state, could you tell me what state is this in?Customer: IllinoisJA: Have you talked to a lawyer yet?Customer: I am a lawyer (smile) - but I rarely involve myself in the civil side. I am attempting to advise an acquaintance (seller/majority stockholder)JA: Anything else you think the lawyer should know?Customer: The Corporation is involved in equine transport and horse racing. The bulk of the corporate assets are the horses themselves. Clearly an independent appraiser must be appointed to evaluate each animal, determining then, the value of the coproate assets. What can be done in the interim to protect these assets from removal/disposal or anything that would disadvantage the majority shareholder/seller?
I have a client who is a partner in a California Law Firm
I have a client who is a partner in a California Law Firm which is a PC. He is now 66 and wants to come off the group plan and go on Medicare(he will continue to work full time) . Can the law firm pay the Medicare Premiums along with the Supplemental Blue Shield Plan F premiums and get a tax deduction. This is much less than group insurance and provides greater benefits.I thought ACA prevented thisthanks
In terms of liability (not tax). What are the differences
Hi ,In terms of liability (not tax) . What are the differences between LLC, LLC and PC. In my specific example there are two partners/members/shareholders.For example: issues such as liability for the other partners, type of protection (debt, mal practice , neglagece), etc.
A publicly traded bank was fined by the OCC for not
A publicly traded bank was fined by the OCC for not disclosing to shareholders that the CEO was named personally in a civil lawsuit against the CEO and bank for abuse of process and the corporate veil of the CEO was pierced holding him personally liable. The suit was dismissed on a summery judgment technicality (not the merits of the case) the plaintiffs filed an appeal that is currently pending. Since the case is still technically open and the outcome of the appeal can significantly effect the stock value, is the bank in violation of SEC or OCC rules for not disclosing the pending legal action and appeal?If a civil lawsuit was dismissed on summery judgment but is under appeal, is it still considered open./active?
I went to the bank with my documents to get a copy of what
I went to the bank with my documents to get a copy of what my business partner had submitted to remove me from the account,and the bank refused,and removed my online profile of the account now I'm blind to see the business proceeds that the company is making. I hired an attorney as advised 3 weeks ago but they have done nothing to help my case. Can I file something to close the business,but more importantly file something to keep him from spending the business proceeds or using the company tax ID to open another business account. How do I report him and his aunt who works at dcra? I feel like this matter is taking too long because the business is not worth $100k I guess. Please help.