A limited liability company has members and membership interests. Yes, you can purchase 99% of the interest in the LLC - but if you are leaving one percent- is that for the old owner- so they would be one percent equity owner? This sounds like a structure of membership issue. It may be...View More
If there is a n Operating Agreement then look at that for any controlling terms. More than likely the Managing Member simply designates new members. A new owner would need to notify the State Secretary of State of their new manager status. But it is also dependent on what State the LLC is...View More
I am not sure what to put for the management structure and the articles of organization. I will be the producer, writer and director making all creative decisions on the project, but a unit production manager will be running the set. Thanks for your help.
It should probably be Member Managed if you are the only Member. You will need Articles of Organization saying this, and it is best to have an Operating Agreement to define the Manager's powers. Hire an attorney to draft and set this up with the State.
Options for keeping my portion of the land that my business is located? If we cannot agree to subdivide the majority of the entire property into lots for resale, with him getting reimbursed for all of his expenses prior to me drawing any shares from the sale, will the property be ordered... View More
purchased some investment properties in TN. These are single family homes that are never rented. They are purchased, held for less than a year and then sold after some repairs. The properties are all bought and sold through independent real estate agents. Does the business need to register as a... View More
I would recommend registering with the Secretary of State. At some point the corporation will need to sue someone, and then it will be important that standing issues are not existent. If title or lien problems come up, it will also help that the corporation has a legal presence here.
Obviously you can... But you need an attorney's advice first. S Corporations require monthly profit/loss determinations, so you will probably be paying alot for accountants. An LLC or a regular C Corporation might work better. Have the attorney so advise as to all options first, before...View More
Can I be an officer/manger on my board if I have felon from another state? I had an over payment for unemployment of 11,033.38 (including a $5,000 fine) ALL of which I REPAID in full. the nonprofit that I am starting is a community building project teaching beginning farmers from low income and... View More
I am not aware of any disability from running a TN non-profit entity. If you already formed it, then apparently the TN Secretary of State has no problem. Since it is from another State, noone here may know about it at this time, and who would want to remove you anyway? You might look into...View More
We have 2 LLCs that have partial shared ownership, 2 people are owners in both, 2 more are owners in just one. We are hoping to have an S Corp that is owned by the 2 that own both to employ everyone that currently works in the LLCs to consolidate and simplify things for employees and compliance.... View More
You could set up an entity to provide employees to both and then be reimbursed by both entities for the employees. Or the employees could be employed by one entity and when they work for the other - the other entity reimburses the first entity for the time of the employees.
Depends on the debt. Are they personally obligated? Is the business just in debt? Or does it have a positive fair market value? Typically, without an operating agreement, when a member quits the LLC pays fair market under TCA 48-249-505. But there are other considerations as well. Consult counsel...View More
There's not so much a list but various items you may want to look at - for example, codes and zoning. Make sure where you open up shop, you are permitted to operate. Then you'd want to check the environmental laws on disposal of tires and fluids. And then other statutes like the consumer...View More
I have an online business that I made with a friend but everything is in my name included the LLC but he is in a good amount of the footage that our online course provides but his name is literally on nothing except for about half of the videos. I do think he should be payed something but how do I... View More
Your post indicates that you are the only member of the LLC and from this I am assuming all of the online content is owned by either you or the LLC. You don't indicate the agreement with this other person - and you likely should discuss this with a lawyer rather than creating another post. -...View More
My father (general partner) in our Limited Liability corporation has recently died and me (the limited partner) needs to convert the business to a sole proprietorship. What form can I access in order to undergo the conversion? If not, is a general partnership a better idea? Thank you.
No form is going to meet your objective, and you are confused about LPs and LLCs. Hire an attorney to examine the business and its assets, and then advise a course of action. Sole Proprietorship means you individually own it. It may be very simple, instead of a formal Dissolution.
Im wanting to start an ecommerce website. Do I need a LLC to protect myself just to test the business and the market. However, I do have an ok savings but I do not want to get sued. I'm scared that I would lose my personal savings if I don't.
I have an electricians license in TN as well as local business licenses. I have registered to pay business tax and franchise and excise tax on Tennessee. I live in Virginia and have formed my LLC in Virginia. Am I okay to use my local TN business licenses and my TN electrical license to perform... View More
There is an old saying that anyone can sue anyone for anything. The question would be whether someone can sue over an oral agreement? Most oral agreements are valid. There are a number of exceptions. For instance a contract for the sale of real estate must be in writing.
I have contacted every agency I can think of in Tennessee to find out if I need a license to manufacture lotions, soap and Bath Bombs in Tennessee. Everyone says they know if no requirement. If this is true, is there a county or city license I need?
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