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Nevada Law question: I have a friend who is considering

Nevada Law question: I have a friend who is considering opening an LLC in Nevada. I have heard a one man LLC has scant protection in Nevada, as it can be treated as a disregarded entity and creditors can go through the LLC easily and get to the owner, but a two man LLC , even if one owns only 1% is much stronger. Is this true? Can you explain a bit how this works. Is the same true of a one man S corp or C corp. Also, if a person incurs expense to start a business, this must be amortorized over 15 years. But if they start a business on a small scale,they can expand it without amortization and deduct expenses. E.G. A person wants to stat a school. They rent school building, train the staff, buy furniture, computers, etc. etc. do the legal docs etc etc. and then open and amortize this over 15 years. Lets say this is the FAST LEARNER'S ACADEMY. Now, they could have opened up the fast learner's academy in their living room, signed up two students and collected cash, and then done the above and it would pretty much have been all Pt expnse, assuming they qualed for 79 deduction. Is this correct? Is there a limitation on it?

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Richard - Bizlaw

Juris Doctor

10,560 satisfied customers
Can an S Corp. own and/or manage subsidiaries of different

Can an S Corp. own and/or manage subsidiaries of different industries such as physicians, tourism and diving instruction, nonprofit, assest housing [vehicle/diving gear/photography-video equipment/all for support of the parent or other subsidiaries ownership/maintenance and/or Leasing back to the other organizations owened by the parent], marketing [again having financial interactions are contracts to support the parent subsidiary organizations], marketing, and payroll?JA: Can you tell me where the nonprofit is registered?Customer: HawaiiJA: Has anything been officially filed? If so, what?Customer: Not yet, I'm trying to figure out the flowchart for all the different companies that I have and how I can structure it so it's more manageable for myself. The nonprofit would be for psychiatric service dogs and I've arty talk to the Hawaii department of nonprofit organization's and they think that it's a needed service that will fill a void that currently exists. All I have right now is an S Corp. which I've designated for tourism, but after reading stuff I might want to designated as a holding company and create LLCs underneath it for each business that I do like jeep tours, dive physicals and general medicine, nonprofit, and so on. All I have right now is an S Corp. which I've designated for tourism, but after reading stuff I might want to designated as a holding company and create LLCs underneath it for each business that I do like jeep tours, dive physicals and general medicine, nonprofit, and so on.JA: Anything else you want the lawyer to know before I connect you?Customer: Yes, how do I move personal loans, vehicle loans from institutions will not change the loan to the company so that I can have the company responsible for these and not me personally?

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Asad Rahman

Attorney

J.D.

4,164 satisfied customers
My small home improvement business authorized company A to

My small home improvement business authorized company A to do recurring billing for future purchases. Company B is a subsidiary of said company A.I did not authorize company B to automatically charge the credit card I had on file with company A. Is it legal for company B to charge me for a purchase using the authorization I gave to company A?

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38,828 satisfied customers
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 .

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Damien Bosco

Attorney

Doctoral Degree

3,746 satisfied customers
I have a case where a parent company holds three LLCs under

Hi,I have a case where a parent company holds three LLCs under its roof. Each LLC has a separate FEIN number and the responsible party for each LLC is the corporate parent company. Moreover, each LLC is fully owed by the parent corporation and the operating agreement also mentions that the income and expenses flow to the parent company.My question: When we file the parent corporation tax return, should we file a consolidate tax return that includes the parent corporation and the three LLCs on it?Or,Do we file spate tax returns for the parent corporation and the LLCs? (all together one 1120 and three 1065). Or, there is no need to file 1065 since each LLC is a single member LLC owed by the corporation?Could you please clarify.Thanks!

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KJLLAW

Juris Doctorate

1,742 satisfied customers
I'm planning on converting my NY C corp to a CA S corp. What

I'm planning on converting my NY C corp to a CA S corp. What are the steps I'll need to do in NY to accomplish this?

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Richard - Bizlaw

Juris Doctor

10,560 satisfied customers
I have published some apps in Apple's App Store. And, for

I have published some apps in Apple's App Store. And, for publishing apps using encryption, I have got an Encryption Registration approval from BIS ("BIS" refers to U.S. Bureau of Industry and Security).According to web page http://www.bis.doc.gov/index.php/policy-guidance/encryption/reporting#One, I need to file a annual self-classification report for every year. The web page says that "A annual self-classification report for applicable encryption commodities, software and components exported or reexported during a calendar year (January 1 through December 31) must be received by BIS and the ENC Encryption Request Coordinator no later than February 1 of the following year.". So, it seems that the report should only include things exported or reexported.And, here are my questions: (1) If one of my apps that I have published in App Store is a free (can get without money) app, should the report include this app? I don't know whether a free thing may be "exported". (2) What is the exporting and reexporting with reference to? Is it the United States? (3) What does "reexport" mean? What is the difference between it and "export"?Please answer my questions. Thanks!

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Damien Bosco

Attorney

Doctoral Degree

3,746 satisfied customers
A minority but major shareholder in our llc lost a personal

A minority but major shareholder in our llc lost a personal case in civil court. We acquired his assets years ago before the case. The receivership is now trying to request the transfer of assets we acquire before the trial started and now owned by our company and several subsidiaries to satisfy the judgement. He still manages our digital assets as a service provider. The judgement case was in indiana but our operations is in florida and llc in delaware. They will requested the court to take our assets to settle judgement. Can we move to file a counter in Florida or Delaware after the Indiana court requests said assets, which some we dont own or control ?

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Richard - Bizlaw

Juris Doctor

10,560 satisfied customers
Question on opening a bank account in TEXAS for Gospel

Question on opening a bank account in TEXAS for Gospel Express Ministries (TEXAS)Do I need a form 302 Application for Registration for a Foreign Nonprofit CorporationMy understanding is it would be a “non-profit subsidiary” that operates under our “non-profit 501-c3.” in North Carolina with our own TEXAS EIN # because of our finances being a completely separate entity from Gospel Express Ministries in North Carolina .My communication with our headquarters in North Carolina they told me the Following ( I think you need a lawyer,go to him for assistance on this because I don't know how this co-exists with the fact that you are a subsidiary under our 501-c3 with your own EIN #. On this form my understanding is that GEET Inc (us) is the Entity and GET (you) are the agent. However 2B the name is***** Texas NOT because GEET Inc wasn't available but because we wanted a different name for a subsidiary.)

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Richard - Bizlaw

Juris Doctor

10,560 satisfied customers
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