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, for prior,...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 child's... 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 custody...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 graduating from... Read more »
No one can be convicted until they plea guilty or a jury or judge finds them guilty. Sounds like the State's only witness is one that doesn't want to testify against you. In my opinion unless a police officer observed you with the weapon, the State doesn't have much a case. You and your partner...Read more »
Absent an agreement in the Lease to the contrary, a Tenant is entitled to an award for damages upon breach of the Landlord duty to deliver possession and also has the right to terminate the Lease. Talk to an attorney. Question really boils down to are you willing to pay money for an attorney and if...Read more »
I was on the phone with car insurance when they had my girlfriend sign papers that I was unaware of. I asked for a copy of the papers and they told me they would email the papers to me. When I received the paperwork, my name was crossed out as owner and my girlfriends name was written in. On the... Read more »
Put simply, if someone signs a contract without the party’s consent, the party is not bound by that signature or document because the signature does not manifest the intent to be bound by it. Talk a lawyer about your transaction.
My Aunt passed in 2016 and her will was filed in the County of Monmouth, NJ. After her death, to my surprise, I learned from my cousin, she bequeathed me a lump sum cash legacy. My cousin, her son, is the executor and only other beneficiary named in will. My cousin has been telling me I had to wait... Read more »
Within 60 days of the date of probate, an executor is required to mail a written notice to all named beneficiaries stating that the will was probated, so the executor ran afoul of this requirement by your account of the matter. The deceased person’s spouse, heirs and next of kin also are entitled...Read more »
A grandparent whose will names grandchildren as beneficiaries can add a similar provision referring to future grandchildren. However, if part of that estate is real property the rule against perpetuity comes into play. Speak to a lawyer and work through an estate plan that fits your needs.
For every question, email or text I am billed. When I preformed his paralegal work in preparing my own case, I was charged for him reviewing common case law. I can't afford a new large retainer and his mistakes and lack of knowledge are costing me.
It is not uncommon for people to change lawyers in the course of their divorce proceedings. If you do not feel comfortable with your current lawyer perhaps that is what you need to do. Get a second opinion. However, the next attorney will bill for their time as well.
This license permits the sale of alcoholic beverages for consumption on the licensed premises by the glass or other open container. The license also allows the sale of package goods for consumption off the licensed premises. These sales of package...Read more »
Both accidental injury or an occupational disease resulting from stressful working conditions may be compensable. Generally, the working conditions must be stressful; when viewed objectively, the stressful working conditions must be peculiar (not just common to everyone) to a particular work...Read more »
Depends on your structure. Were you formed as an GP, LP or LLP. If you were a general partner, then yes you may be on the hook. Get in touch with a Lawyer who knows business law. They will be able to look over your structure and governing documents to determine what your exposure is or isn't.
Your question is not so much legal and more so a business decision. Perhaps it will be Pro rata to the initial Capital contributions or investment of each stakeholder? Perhaps it will be structured where one partner or member putting up all the cash and the other partner contributing Sweat Equity?...Read more »
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