answered on Feb 6, 2022
It might benefit you to create an LLC for limiting personal liability.
For the answer to your specific tax question, I suggest you query "LLC" and "pass-through" or contact a CPA or tax attorney if you still have questions.
I own 3 restaurants (one of which my wife and I bought in 2014. The other two I had before we married). This 3rd restaurant operates under one of my original corporations formed in 2005, and she would like to buy me out (we are divorcing amicably) and I need the expertise to properly set her up... Read more »
answered on Jan 4, 2022
First of all, congratulations on working this out amicably. Dividing up these assets will involve at least one written agreement between the two of you, and should also include the formation of a legal entity by your wife, as you indicate. I strongly encourage you to seek legal counsel to assist... Read more »
my husband sold his part of a business to other partner but his name was on the business loan and was not removed and he also had life insurance policy used as collateral on that loan in his name only at this business. He died of cancer and that life insurance policy in his name only was used to... Read more »
answered on Oct 8, 2020
My condolences for the loss of your husband. The buyout of his interest was a contractual obligation. If you are uncertain, have an attorney review the contract to see if it required the other party to refinance the loan so that your husband was no longer a guarantor. It’s not a matter of... Read more »
I want to open up a bar and grill in either Missouri or Illinois or both. How do much would it cost in either state and what's the process? Will i need to take classes? And what's the best business structure to go with?
answered on Sep 8, 2020
There are several types of liquor licenses in Missouri. The type you get will depend on many factors. You will have to apply for the license, pay the fees, purchase a bond, at a minimum. It is a process that takes time, including a background check and fingerprint check.
The format of your... Read more »
answered on May 25, 2020
I have no idea what your question means. Non-competition agreements are generally enforceable but they can be challenged depending on their terms. If the situation is important to you then you ought to hire an attorney to review the contract and give you advice. These agreements often have... Read more »
I NEVER PAID THE SALES TAX ON IT, I CANT AFFORD THE TAXES,$1800, IT WAS NEVER TITLED IN MY NAME, IVE BEEN DRIVING AROUND WITH MY OLD PLATES FOR 6 MONTHS, AND IM 3 MONTHS BEHIND IN THE PAYMENTS. I NEVER SHOULD HAVE PURCHASED THE CAR, ITS ALMOST $ 400 A MONTH, AND MY HOURS AT WORK HAVE BEEN CUT. CAN... Read more »
answered on Aug 22, 2019
You can ask. If it gets repossessed it will be resold and you'll probably be sued for the deficiency, however.
The officer I was on my way cop told steves towing I was on my way get the car officer said the tow truck driver rushed get my car on the truck to where I had pay 600 for them to drop it and they was told don't load my car up my insurance doesn't use steves towing now steve that owns the... Read more »
answered on Apr 26, 2019
Tell the local cops what highway patrol said or ask highway patrol to straighten him out. Towing is a racket and they are allowed to charge huge amounts for nothing.
I’m starting a hair extension business but in the future I want multiple business under the brand name (ex. Fenty by Rihanna). I need advice on trademarking the name and llc.
answered on Apr 16, 2019
Trademark rights depend on use. You would need to search for similar federal (or state) registrations in the same class of goods or services and then analyze those registrations against your desired name and determine whether there is a likelihood of confusion under the DuPont factors. If that... Read more »
When I moved in, the store below me was an antique store. Now it is a drink "bar". After talking with the store/business owner, I was assured there would be no loud music, it would be a calm place. Now, as I was told, "the dynamic has changed". The live DJ's on Sunday... Read more »
Confidentiality. Customer hereby represents and warrants that Customer has not and will not disclose the financial terms of this Agreement to anyone other than, legal counsel and/or a financial advisor. However, Customer warrants if Customer discloses the terms of this Agreement to legal counsel,... Read more »
answered on Apr 3, 2018
The agreement refers to keeping its terms confidential. I don't see how your discussing your situation with someone prior to receiving the agreement could be a breach of the agreement. The last sentence you wrote, however, ends with "Custom" so I don't know what is missing.... Read more »
answered on Sep 26, 2016
Tax law is certainly complex and depends entirely on your factual situation. It's commendable that you're inquiring about your tax obligations at such an early stage. Getting these systems down will greatly benefit you in the long run.
The IRS publishes small business guides... Read more »
answered on Jul 4, 2014
This is a difficult question to answer without knowing a lot more. For example, what does the contract say? Was there fraud on the part of the seller? How long ago did you become the owner? I suggest you schedule an appointment with an attorney.
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