GPs should be contained within the Operating Agreement. You also need contingency planning in case GPs become impractical or impossible. Speak with an experienced business attorney to get an agreement that works for your business.
You need to come to terms on a transfer of the absent partner's interest in the business to you. This can be done with a buyout or some other form of transfer or in the worst case scenario by judicial determination. Get in contact with an business lawyer to proceed properly.
You need to set up a corporate entity under which you will run your business. The taxes you will pay will be a factor in which corporate structure you decide upon. Get in touch with a business lawyer to get all set up.
One of the method that is teached is a Unquie method of remarketing. There is a paid program out there that teaches a simailr version of this as well, as well as information online about it. I have used some of this work as inspiration, and created a similar strategy in my own words, but the end... Read more »
It seems your teaching/coaching methodology may be protected by copyright and/or patent protection. Copyright law protects original works of authorship; caveat is it need to be in a tangible form like videos or books. There is not enough information here to say yes or no. If the paid program that...Read more »
I manage a multi-unit property in NJ and we have a tenant (contractor, a corporation) who rents a storage garage on the property. Landlord is an LLC owned by a family member. There was a commercial lease that ran for one year and expired in May 2019. Tenant did not renew, landlord continued... Read more »
You will need an attorney to help you file a summary dispossession complaint in the Special Civil Part - Landlord /Tenant section - in the county in which the premises are located. This is the proper legal way to remove the current the tenant without resorting to self help.
I live in Florida and separated spouse took a vehicle I owned out of state (NJ)...allowed another person to drive... had an accident... the injured party is suing...my name is listed...as a potential defendant because the vehicle was registered to me...I have about 30 days to respond.
Call your insurance company and let them know you are being sued. They will most likely assign you counsel. If the vehicle was uninsured you will have to get counsel on your own and to defend against the lawsuit.
We ran a business with best intentions but lost lots of money, and I feel it is wrong for others to sue wy wife who is the CEO while we hoped for some Corporation protection from personal assets. Can we ask the court to remove my wife from the lawsuit and deal with the corporation only? What is the... Read more »
Ignorance is never bliss in the legal world. The protections to you and your wife as members via the LLC are not unlimited. Courts will “pierce the corporate veil” and allow personal liability to attach to individual members for debts and obligations of the LLC if:
Generally speaking you can legally pay a referral fee on a commercial loan. For example if you apply for a commercial loan online via a lending aggregator, a referral fee may be charged to the loan. Lender will often pay this fee, but some aggregators pass this tax the borrower.
Generally speaking a corporation's officers and directors are not personally liable for the obligations of the Company. As always there are exceptions to this general rule so it is definitely a good idea to talk to a good business litigator; you are going to need one to handle the lawsuit.
The IRS will value the interests as per the K1. Your final capital account sum is reflection of what that member's taxable gain would be if the interest were sold. Speak to a tax professional, as well as, a lawyer.
We don’t have a partnership agreement. The 2 partners are making decisions without my approval and I don’t trust them. How do I stop them? The business is a franchise and is doing well. They want me out now that it is profitable but this was my business idea and I’m not willing to sell my... Read more »
You have to get counsel and get them to the table to put together an agreement going forward. If they are not acting within their fiduciary duties (duty of loyalty and the duty of care) to you, you may have to go to court to get this accomplished. Spend some money now to avoid spending much more...Read more »
Simple answer is that you are required to register your foreign company with the state of New Jersey if your business is transacting business here in New Jersey. Speak to an attorney to get the details specific to your needs.
If it was an LLC then it is not a complex process. An LLC formed prior to March 20, 2013 may simply be canceled (closed). This takes place by filing the required cancellation form with the New Jersey Department of Treasury. You will also, need to file tax returns and pay any outstanding taxes due...Read more »
He has told me he can sell his half as a condo, but I was a mortgage processor and has basic knowledge. I do not want my yard as commom space. I have 2 large dogs and would like a fence for safety purposes as well as privacy, can I legally do this?
First it needs to be converted to a condo. A survey is done to define the private and common areas, set designated parking spaces and storage areas for each owner. A master deed and by-laws must be drawn up and recorded. These are legal documents prepared by an experienced real estate lawyer. The...Read more »
All partnerships and limited liability companies (LLC's) operating in New Jersey must maintain workers' compensation insurance or be approved for self-insurance so long as any one or more individuals, excluding partners or members of the LLC, perform services for the partnership or LLC,...Read more »
Can the father give up his rights prior to the child being born if both parties agree and mother does not need financial assistance of any kind? The parties are not married and are no longer in a relationship. The father has not been involved or shown any interest in being involved in the... Read more »
Without someone waiting to step into the father's shoes and adopt the child, the father cannot just walk away from his legal ties to the child or his obligation to pay child support. However, with the help of an attorney the parties can have a Consent Order prepared giving the mother sole...Read more »
Re: NJ Statute Title 9, Section 9:2-2 , which dictates "...have resided five years within its limits, they shall not be removed out of its jurisdiction against their own consent...". We've only lived here for 3+ years. She lived in NC for the first 6 years of her life, and I am now... Read more »
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