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Corporate office bearer C&O question. I am currently own
Corporate office bearer C&O question.I am currently own my own VA LLC which is a single member LLC. I am also a practice manger for my wife's practice, a small healthcare practice.Recently (since Feb 2016) couple of my acquaintances asked me join their VA LLC as partner. It is staffing and IT consulting company. It so happened that when I joined the company I was named as 'Chief Manager' which in LLC terminology runs the company day to day operations. I do not have access to and do not operate financial activities and I do not operate payroll activities either. However, I myself want to be very careful in omission or commission of the company. Are these two (1) Being a partner in the operating agreement and (2) being the chief manager of the company two independent events? That is my first question. Assuming company does some mistake without my knowledge ( this is hypothetical question please) will I be responsible in the context of the above two points? Assuming company does something wrong by misleading me (again hypothetical please) will I be responsible in the context of the above two points?Two partners of the company are H1B non-immigrants. According immigration sources H1B people can own business in US. The original founder is a US citizen, who is considered the President and CEO of the company. Company is trying to replace the original founder with an African American to bring diversity to company management (this is my suggestion), which can give me also a very good opportunity to step down from chief manager position as the new incumbent is willing to take over management. One of my thought processes is to stay as Partner in the operating agreement and step down as chief manager ( I guess it may almost become like a silent partner), I can assume an individual contributor role as Business Development Associate and Facilities Manager (who will take company office and company condo etc). This company works with non-immigrants and often works in the scope of immigration law. So I would like to be even more careful. I am not a business executive by any means, but I am trying to bring expert help to these people. I am asking various consulting experts in the payroll, HR and accounting, and even immigration aspects so that these people will get educated in running the business 'as per law of the land'. I do not tolerate any exception to the law, does not matter what it costs. Even then I want to be careful and do not get involved at levels unnecessary to my risk bearing abilities. I know startup companies do not have enough money to follow every rule. But my way is to raise money by loans and partner contributions and stand out and respect law. i am telling them this exactly and I see they are listening.I need your suggestion what is best for my personal safety legally. They love me to be partner and if possible to lead the company. But they will insist me to be at least partner and a lower level employee (honorary because they may not have enough money to pay me though). Bot***** *****ne I do not want to be in the news because company did something stupid.
Does my business need to file excise or sales taxes? We
Does my business need to file excise or sales taxes?We provide refueling services to consumers vehicles as a service, however the fuel is purchased directly from local gas stations which means that taxes are already included in the purchase price correct?
If a real estate broker/agent working as an LLC registered
If a real estate broker/agent working as an LLC registered with the state and licensed as an LLC with the real estate commission is contracted with a real estate company, does the broker of the company which contracted the LLC have the right to treat the LLC as a statutory non-employees instead of an Independent Contractor, even though there are 2 managing members ( one is not a licensed realtor) and the entity is a company and not an individual worker.
Our business has been under court ordered receivership
Our business has been under court ordered receivership for six months because of a partnership dispute. The goal is appraise the true value of the business and then force our partner to buy or sell the business to or from us. It's a famous "mom & pop" in New York City. The problem is with the General Manager that is operating the restaurant. He is a "friend" of the receiver. We and our partner have not drawn a salary since January in an effort to pay up back taxes so that we could renew the lease that is expiring in five months! The GM is having unnecessary repairs done by his "friends", inflating the bills and paying them CASH! He bought three of the same calculators for $70.00 each,didn't like them and threw them away? He has installed $2300,00 worth of Apple computer system, purchased from a "friend" which itemized through Apple should have cost $18,000.00 and presented an invoice with the name of a company that was not on the internet or phone directory. I called and it was a furniture company. We discovered that he created the invoice on his computer! He purchased four thousand dollars worth of used cameras from another "friend" that are not necessary and do not work half the time, probably with another bogus invoice. I did an online background check on him with three different companies and he was arrested for selling CDS, resisting arrest four times back in the nineties. Who is responsible for bonding this guy? I have asked my lawyers several times for a copy of it and they keep "forgetting" to get it for me. He brags about doing drugs and drinking, sexually harassed a waitress and then gave her a $100.00 check from the corp. for doing extra work. (she went to staples). She and all of our staff HATE this foul mouthed loser. We complained to the judge, but all she wants to know is that the business is improving. She told us to speak to the receiver. The receiver and GM are friends. They frequent the same bar. Oh, did I mention that he hired a "friends" son to help teach the new computer system and one of the staff caught him inhaling "whippet" in our office! Luckily, he had his cell phone in his hand and video it. We don't know what to do. The judge is a friend of the receiver, the receiver a friend of the GM whacko. Our staff is keeping us informed and our son was the GM so he is keeping an eye out for us, or should I say, he is watching this derelict destroy our business and rob us blind. He has alienated our life time venders, switched to cheap products and brought in a bum off the streets and paid him eighty dollars today to take pictures off the wall so that a painter could prep and paint the office. We have our own maintenance staff available. We are Never going to get a profit sharing or pay check with the way this guy is wasting money. Do you think we should hire a private detective to prove to a judge that this man is an incompetent, drug using, thief. I know I have to prove this before I say it in a court. My lawyers are basically saying that we have to "suck this up". Easy for them to say, they are not going bankrupt with legal fees and living on SS. There son is also not watching some loser rob and squander their parents livelihood blind. Help us Please!
I have a friend who has collected records over the years
I have a friend who has collected records over the years for his personal pleasure. At this point in life, he's retired and while preparing his will found that no one in the family wants the record collection. So, he'd like to sell his personal collection on ebay just to rid himself of it at this point. Does he have to pay taxes on what he gets for his collection?
I'm bringing on a new partner to my S-Corp to have 30%
I'm bringing on a new partner to my S-Corp to have 30% stake in the company. Currently, I own 70%, and the company owns 30%. We'd like to change it to the company = 10%; new partner = 30%; and I = 60%. Is there an easy way to accomplish this? Do I need to sell him 10%, and then have the company sell him 20%? Or is there a method to just do one transaction for him?
I want to start my own transportation service in the
I want to start my own transportation service in the Worcester, MA area. I want to know, the order and steps to acquire specific licenses, permits, insurance I'll need? Where to apply for required items, local city or state offices? I'm holding off on buying the vehicle, small sedan or minibus, until I have the above information because I'd want to know if once the necessary requirements are in place, will the vehicle I purchase qualify as capital and eligible for any tax purposes at year end?JA: Have you talked to a lawyer yet?Customer: No, I'm in my local library researching. Recently I settled a workman comp case, and mentioned this to my lawyer the idea of using settlement to start my own business. I asked him if he could put me in contact with anyone he might know that could help with this, he told me he'd get back to me if he had a lawyer to refer me to.JA: Anything else you think the lawyer should know?Customer: I'm setting up the business to allow me flexibility along with an income, in order to pursue other interests, goals, I'm turning 54 end of the summer and no longer want to work for others.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Corporate Lawyer about your situation and then connect you two.
I am planning to register a start up company to resell someView more business law questions
I am planning to register a start up company to resell some American merchandise to China. And I am wondering how can I avoid the TAX as much as I can. I searched online and find something called Oversea (BVI or cayman islands) Two-level Structure and Price Transfer, as Apple Inc. applied. But I think I need much more details to make it 100% legal. Could you please tell me more about the Avoid Tax oversea and walk me step by step to register the company with the two-level structure. Thank you very much.