Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law
This answer was rated:

Hello. I have several business startup questions, but need

to supply some background info...
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: 10,685
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: 10,685
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
Ask Richard - Bizlaw Your Own Question
Richard - Bizlaw
Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10,685
10,685 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

1,793 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

742 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

640 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

564 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
We are a non-profit, 501 c 3 organization in a Court of
We are a non-profit, 501 c 3 organization in a Court of Claims suit against IDHS for $750,000 from an executed and delivered contract. We have a scheduled date of December 1, 2017 at 9:00 a.m. at the Thompson Center. We need legal representation. … read more
Richard - Bizlaw
Richard - Bizlaw
Attorney
10,685 satisfied customers
To operate a farmers market in california a non profit
to operate a farmers market in california a non profit entity must be formed. Does a mutual benefit non profit corp. fit the bill?… read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
I have a non-profit 501(c)3 corporation, and wish to also do
I have a non-profit 501(c)3 corporation, and wish to also do some related "for profit" work. Specifically, we run a no kill dog rescue and sanctuary - non profit. We want to sell related merchandise,,… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,793 satisfied customers
Can a non-profit healthcare organization (a 501a) with a
Good morning! Can a non-profit healthcare organization (a 501a) with a Board of Directors consisting of physicians- to avoid Texas corporate practice of medicine violations- have as its sole managing … read more
Damien Bosco
Damien Bosco
2,992 satisfied customers
Can a for profit owns a non- profit division? Hawaii Oahu,
Hawaii Oahu, but not active yet. I looking into it now? … read more
Damien Bosco
Damien Bosco
2,992 satisfied customers
I want to start a non-profit organization to help needy and
I want to start a non-profit organization to help needy and homeless persons but without the political restrictions that i perceive are a part of a 501C3. what is the best solution for me.… read more
Richard - Bizlaw
Richard - Bizlaw
Attorney
10,685 satisfied customers
Trying to determine if non-profit can own real estate and
trying to determine if non-profit can own real estate and have the real estate be exempt from taxation if one of the officers is providing services there, but also living there. … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Converting my llc business to a c corporation and looking
Converting my llc business to a c corporation and looking for a lawyer to sign the paperwork … read more
Richard - Bizlaw
Richard - Bizlaw
Attorney
10,685 satisfied customers
I live in NJ and am thinking of forming a non-profit. But a
Hi, I live in NJ and am thinking of forming a non-profit. But a lot of the activities would be localized to PA. Does the non-profit have to be formed in my home state of NJ. Or can it be any state?… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,506 satisfied customers
In a California 501c6 non-profit, is there any federal,
In a California 501c6 non-profit, is there any federal, state or common law legal reason or precedent for the unilateral removal of a board member by the chair? If so, under what circumstances? … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,506 satisfied customers
I have a non-profit question. is it possible to form a
Hello, I have a non-profit question. is it possible to form a non-profit business in addition to already having a for-profit?… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,793 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
I am a small non profit business. I need help from an
I am a small non profit business. I need help from an attorney that can represent me in circuit court of Virginia … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
My wife is in the process of starting a non-profit, and has
Hello. My wife is in the process of starting a non-profit, and has set up a group using a well-known website where people can meet up, though I won't mention that site by name in case it's against the… read more
Damien Bosco
Damien Bosco
2,992 satisfied customers
I am starting a non-profit organization in Houston, TX and I
Hi, I am starting a non-profit organization in Houston, TX and I wanted to see if you could give me the most concise way to get that started. I definitely want it to be a 501c3 organization.Thank you … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
We are a national non-profit with offices in 9 different
We are a national non-profit with offices in 9 different states. We're registered to solicit donations/grants in MA, NY, and IL. When do we need to register in other states? Does it depend on where th… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,921 satisfied customers
This is a non-profit public benefit corporation question; I
This is a non-profit public benefit corporation question; I and six other people work for a non-profit public benefit corporation, that is recognized as tax-exempt under Internal Revenue Code (IRC) Se… read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
Does a non profit organization have to disclose how they
Does a non profit organization have to disclose how they operate business? … 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