Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

Hello. I have several business startup questions, but need…

Hello. I have several business...
Hello. I have several business startup questions, but need to supply some background info first. I'm seriously considering purchasing a defunct factory at a judicial sale at the end of November with my own funds and, if I can swing it, crowdsourced funds.
After purchase, it will take considerable time and expense to repurpose it for anything other than private use as storage/studio space. That said, the eventual intent is for it to be multi-purpose (private and business use). I currently own a residence in
NJ and have a rental property in another state that I plan to sell in March 2015 when the lease expires. The market is pretty good in this area (Austin, TX) and barring unforseens it may sell fairly quickly at a fairly good price. That will supply me with
some additional funds. I have a very limited amount of small-business experience (I'm in my 27th year at a large corporation) consisting mostly of some freelance design work about 15 years ago. My gut tells me that some kind of business status is needed. Can
I start as a for-profit business that changes to non-profit? Is the reverse true? Ditto LLC vs Corp. There's a lot of information out on the web but it's given in very broad strokes and difficult for me to apply to my particular scenario. Your thoughts?
Show More
Show Less
Ask Your Own Business Law Question
Answered in 46 minutes by:
10/29/2014
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,820
Experience: 30 years of corporate, litigation and international law
Verified
Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.
There are some basic rules you have to keep in mind. First you cannot convert from a for profit business to a non profit business. The two entities cannot be mixed. For example, a non profit that ceases to operate generally has to transfer all its assets to another non profit or the state.
If you are not going to have a lot of owners involved with the project you are probably best served by forming an LLC. If you are the only owner, you file the taxes for the business on Schedule C of your personal return so you do not need a separate tax filing as you would if you were incorporated. You can convert a LLC to a corp and vis versa.
I am not sure what other information you need.
If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,820
Experience: 30 years of corporate, litigation and international law
Verified
Richard - Bizlaw and 87 other Business Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Richard - Bizlaw Your Own Question
Richard - Bizlaw
Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10,820
10,820 Satisfied Customers
Experience: 30 years of corporate, litigation and international law

Richard - Bizlaw is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
I have a quick question regarding a non profit organization.
Hello Pearl.. I have a quick question regarding a non profit organization … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
12,040 satisfied customers
In Arkansas can I build a riding arena for my non profit I'd
In Arkansas can I build a riding arena for my non profit I'd I am ru … read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I am the executive director of a non profit. I am organizing
I am the executive director of a non profit. I am organizing a youth retreat. The retreat is not part of the mission for my non profit. The sponsors for the retreat will send the money to my non profi… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
938 satisfied customers
I need information on non profits in California and
I need information on non profits in California and violation of by laws … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
According to Texas law, does a non-profit 501(c)6 membership
According to Texas law, does a non-profit 501(c)6 membership corp need to disclose Board minutes to a member? All of our officers and directors have signed non-disclosure/confidentiality statements to… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,461 satisfied customers
I'd like to know how long a non-profit can wait until they
I'd like to know how long a non-profit can wait until they are obligated to hand over their public documents to an inquiring party? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Is it fradulent to open up a bank account for a non profit
Is it fradulent to open up a bank account for a non profit under a name that is different than the name the same non profit files its taxes under with the IRS? For example, the name on the bank accoun… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
The Board of a non-profit organization adopted a rotating
The Board of a non-profit organization adopted a rotating chairing practice (5 months) in order to give every board member a chance to be involved with the running of the organization and avoid that t… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
36,795 satisfied customers
In a non-profit organizations, decisions are made by the
In a non-profit organizations, decisions are made by the Board based on consensus. What is unethical about the behaviour of a member using desinformation and naming, blaiming and shaming techniques in… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
The Board of a non-profit organization adopted a rotating
The Board of a non-profit organization adopted a rotating chairing practice (5 months) in order to give every board member a chance to be involved with the running of the organization and avoid that t… read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
938 satisfied customers
Looking for a non profit lawyer for a church in Freeville NY
Looking for a non profit lawyer for a church in Freeville NY which is near Ithaca and or Cortland NY. … read more
Michael Bradley
Michael Bradley
JD
1,421 satisfied customers
I am on the board of a non-profit incorporated in Kansas and
I am on the board of a non-profit incorporated in Kansas and I need to make a request in front of a Kansas Judge under KSA 17-6505 (d) If the election of the governing body of any nonstock corporation… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My business was labeled as a non profit in the state of but
my business was labeled as a non profit in the state of washington but as a for profit for the ein how do i change the washington to a for profit… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Are there any advantages to setting up a Non Profit LLC to
Are there any advantages to setting up a Non Profit LLC to furnish Auspices services to individuals instead of a for profit LLC?… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
Started a non profit and we want to amend the bylaws for the
started a non profit and we want to amend the bylaws for the president to never be voted out. … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Is the CFO in a California non-profit organization needs to
Is the CFO in a California non-profit organization needs to be a California resident? … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,157 satisfied customers
What must a California Non-Profit Public Benefit Corporation
What must a California Non-Profit Public Benefit Corporation do to get a Court fee waiver to file a Civil law suit in Los Angeles California?… read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
Lawyer that specialize in Non-profit corporation law,
This is for a lawyer that specialize in Non-profit corporation law, Question; Our organization is exempt under section 501 (c)(3) of the Internal Revenue Code. And we are also classified as a “Public … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x