Join the 9 million people who found a smarter way to get Expert help

Recent Tax questions

Amazing how there is no choice for tax attorneys; so I chose

Amazing how there is no choice for tax attorneys; so I chose business law.Over the past five years I have purchased a collection of rare snakes, a few at a time. Now I am going to start to breed them and sell babies. I know I will have to pay income tax on the babies, but I also want to sell some of the stock I actually purchased. I bought all of these in my personal name, have never sold anything yet, and the purpose of buying them (aside from enjoyment) was to eventually make the babies and sell them as a business. I have receipts for most of the purchases. So if I sell some of the actual snakes I bought for the same price I paid, or less, do I have to pay any tax? Also, if I sell them for more than I paid, is it a capital gain if I've had them for more than a year? I never filed any business entity, but am willing to. Thanks.

Read more

tswartz123

Attorney

Juris Doctor

2,696 satisfied customers
I have a publicly traded (OTC: Pink) company domiciled in

I have a publicly traded (OTC: Pink) company domiciled in Nevada. I want to merge it with a private company in domiciled in Wisconsin with the private company becoming the majority shareholder of the public company. Can this be closed as a direct/statutory merger without having to dissolve the NV corporation; and losing the publicly traded aspect of the Parent in the process? Or, can the re-domicile be completed in some way as a continuance of the NV company?

Read more

Richard - Bizlaw

Juris Doctor

9,830 satisfied customers
I am about to open a cowork space / tech hub and it will be

I am about to open a cowork space / tech hub and it will be licensed under a 501(c)3 and have a question regarding unrelated business income.The main source of income from this entity is going to be rent paid by individuals who lease space in our facility. This will range from $150 a month to $800 a month depending on where they want to be and what level of access they want.The nature of this space is to allow tech developers and like minded thinkers to work in and around other people of the same stature, hopefully collaborating on multiple projects.My partner and I both have solid backgrounds in IT, design, web, branding, business development, etc and plan on using those talents to make ancillary income which leads me to this question:If we run the non-profit properly, record everything, have a board of directors that sits over compensation (we will only be getting paid what our fixed bills are - rent, car, insurance, phones) and the rest goes back into the business to be used for grants... if we do all this, how can the unrelated business income be payable to us?Lets say we take on a client for a $20k back end database... and $15k of that is profit.... how do we pay ourselves without it jeopardizing our tax exempt/non-profit status?We are already going to be running a few for profit entities out of this office, completely unrelated to the CoWork space, so I'm trying to keep the bookkeeping as simple as possible without having to register ANOTHER entity specifically for the consulting - or is that the best thing to do, keep everything separate and dont comingle income?

Read more

Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,286 satisfied customers
I need to get up and running quickly. I only have so much

I need to get up and running quickly. I only have so much saved without additional income. That being said, South Carolina has a 35 day processing 25 expedited. This is much longer than some of the other states such as Nevada and Delaware. I want all income to flow through a corporation. As well as I want the protection of a corporation for a couple of the websites I will be launching. Suggestion

Read more

CalAttorney2

Attorney

Doctoral Degree

20,240 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?

Read more

Richard - Bizlaw

Juris Doctor

9,830 satisfied customers
Small 501c3 corporation, with valuable websites wants to

small 501c3 corporation, with valuable websites wants to know how to keep the websites built by it up indefinitely without continuing to solicit funds or do further charitable work.should it just keep filing returns and basically stop work? Will IRS accept a rather passive 501c3.

Read more

Ely

Counselor at Law

Juris Doctor

64,650 satisfied customers
I am starting my own business. I plan to do business

I am starting my own business. I plan to do business consulting and building a website and blog as a catalyst for the business. I have also purchased two other sites than I plan to launch as affiliate marketing sites. I may additionally purchase an established site through auction. My plan was to establish an LLC as a Consulting & Acquisitions group and have the sites and consulting all part of one unified group. If one site produced significantly I would look to establish it as its own operating entity. Currently I am establishing this by myself, but have a business plan to grow and potentially hire employees. For now I will just outsource to freelancers. Will a basic LLC suffice in establishing this business.

Read more

Ely

Counselor at Law

Juris Doctor

64,650 satisfied customers
Where can I get samples or a checklist on how to write the

Where can I get samples or a checklist on how to write the Operating Agreement and Articles of Incorporation for an LLC so as to separate the assets and ownership. One partner is going through Federal and State tax issues and the goal is ensure that no one else in the LLC can be negatively impacted.

Read more

Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,286 satisfied customers
Been receiving met life std/ltd they required me to apply

Been receiving met life std/ltd they required me to apply for SSDI which I was just awarded. I paid over 3 decades of after tax premiums to them, how can they want payback out of my SSDI why did I pay them my money just to get them to be nothing out of pocket? Is this legal and is there any recourse to fight? Do I get a refund of all my premiums if they get the money? I feel I was forced to apply so they could get out of paying.. this can't be legal.

Read more

Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,286 satisfied customers
View more business law questions
In The News