Partner buying out leaving partner wants to reduce buyout amount by leaving partners % of sba loan liability. Is this right? Nothing in partnership agreement and buyout terms mentions liabilities.
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answered on Sep 15, 2023
When a partner leaves an LLP that has taken out an SBA EIDL loan, the implications for the remaining partners can be influenced by several factors, including the terms of the partnership agreement and the loan documents. If the partnership agreement does not explicitly address the allocation of SBA... View More 
These CC accounts are approx. 2-3 years old and unfortunately, due to business challenges, I am considering closing down the business. I personally guaranteed these business CC. The business has been experiencing financial instability for a while now, and it has become increasingly difficult to... View More
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answered on Aug 29, 2023
If you are in CA, why are you asking for NJ? The State you live in determines where you would file bankruptcy if that is appropriate. Whether you will have to file both a business and personal attorney cannot be determined on these facts. Pick the best attorney you can find and remember one rule:... View More
i deposited a check into my bank account it cleared so i started spending the money, i then got a call from my bank a few days later saying
the check had been flagged as fradulent and my bank account is overdrawn $4500.
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answered on May 14, 2023
Yes, you are legally obligated to repay the check. I personally make it a practice if I have any doubts about the person or the check to call the issuing bank. They can tell you if it is safe to deposit the check in your account. The police in your town will probably allow you to file bad check... View More
of them. All cards are current and I am still making payments, but not getting no where with the interest rates.
Can I negotiate with the banks for a lower amount?
How will this impact my personal credit and my business credit (Dun & Bradstreet)? If I am not able to satisfy the... View More
answered on Jun 17, 2022
You can negotiate with them. Any break they give you MAY result in a 1099-C for taxes. They start reporting usually after the first late 30 days occurs. Debt management companies, in my opinion, are not good as the first several months of payment go to their fees, and nothing is done to protect... View More
of them. All cards are current and I am still making payments, but not getting no where with the interest rates.
Can I negotiate with the banks for a lower amount?
How will this impact my personal credit and my business credit (Dun & Bradstreet)? If I am not able to satisfy the... View More
answered on Jun 16, 2022
If your credit accounts are current, of course you can approach the credit card issuers with a request for a lower interest rate, but your chances of success are dim when the Fed is raising rates steeply toward a tentative goal of 5.5% by year's end (that's the prime rate, and most credit... View More
His friend and coworker attempted to gain access to his funds from his Bank Of America accounts since my brother didn't have a Will or designate anyone with the Power Of Attorney, does he have a claim even though I'm his sole kin?
answered on Jun 6, 2023
In a joint account, in the case of one joint tenant dying, the survivor takes. In all other matters, probate proceedings must be filed with the County Surrogate, an administrator will be appointed and a bond required. Thereafter, the estate will pass in accordance with state statutes.
I tried to work with them with a debt consolidation firm a few years ago. They were the only CC that would not. I have my personal accounts and my mortgage through them. They continue to take money out of my account and refuse to work with me to set up a payment plan for repayment. I can't... View More
answered on May 3, 2023
In order for the withdrawals to be made there must either be a provision in the loan agreement or a suit was filed for which a judgment was obtained to collect the debt.
For Example, Currently:
Shareholder 1 owns 51% - President
Shareholder 2 owners 49% - Vice President
The New breakdown will be
Shareholder 1 owns 51% - President
Shareholder 2 owns 24.5% - Vice President
Shareholder 3 owns - 24.5% - Treasurer... View More
answered on Feb 20, 2023
The corporate record book should be updated and kept current showing shareholders' interest, number of share held, transfer information, purchases, and dates of such activity.
answered on Nov 8, 2022
There is a lot that goes into asking and answering this question. The legal aspects are probably secondary to business planning. Before you need an attorney you need to have a clear idea, a business plan, sufficient funding, and the right personal environment to launch a business.
I have three kids I’m all they have I haven no family I’m scared for me n my kids
answered on Oct 29, 2022
Yes you should be concerned whenever you get a criminal charge as you do have two. But if you get a good lawyer you can rest assured that you are doing all that you can to win, reduce or eliminate the penalties that your facing. Most of us criminal lawyers offer a free in office consultation, so... View More
Since they already withdrew my funds, will I receive my next deposit?
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answered on Feb 26, 2022
First of all, we don't know who "they" are, so realistically, you should first make sure your next direct deposit goes into a new account, like a Credit Union. Second, you need to retain an experienced civil litigation and bankruptcy attorney and possibly someone who also has a... View More
My husband’s business partner stole $20,000 from their joint business account after my husband was locked out of the online banking portal. It been going on for a couple of months and it’s clear the the former business partner had something to do with that; which I can only assume is bank fraud... View More
answered on Feb 15, 2022
You need a lawyer that handles litigation the lawyer fees however for these types of cases are never cheap as generally you will be in protracted litigation as people will generally try to hide their wrongful actions.
i am trying to get information as a POA from an account set up by a prior POA for my grandmother. They are asking for all of my personal information to access her account stating "Banking laws require" it sounds odd since my information has nothing to do with her account.
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answered on Feb 10, 2022
Personally, I agree with you that all of that information about YOU, the attorney in fact, should not be required. Some of it, maybe, but not all of it. HOWEVER, the sad fact is what the bankers are telling you is correct. They have to satisfy government regulatory requirements that mandate that... View More
the cashiers cheques received were from individuals, who I did not know .
answered on Feb 9, 2022
Not necessarily, but more information is needed to answer your question. I suggest that you setup a consultation with a business cybersecurity internet lawyer. That being said this could be a scam. Expect the lawyer to charge you a fee for the advise.
I currently live in FL. Previously lived in NJ. Noticed today that checking and savings accounts were levied. When I spoke to my bank, they said the superior court of NJ authorized this. I never received any notification of a pending court case against me. The address on my license and with the... View More
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answered on Jan 18, 2022
Significiantly more information is required for a meaningful answer.
Binance has over 300k in stolen assets, and refuses to return it or cooperate with investigation, and also locked my account.
My father is moving to a new country next week and I am newly appointed durable power of attorney over his financial accounts.... If I file bankruptcy that shouldn't effect his banks accounts correct? Also I was thinking of opening a new checking account with my father and myself as joint... View More
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answered on Oct 10, 2020
Do not open any bank accounts until after your bankruptcy is discharged. Do not look for problems. You also need to be represented by an experienced Bankruptcy attorney. What you do not know can cause you all sorts of problems. You really need to leave things alone. Even with the Pandemic, if you... View More
The agreement was to send the $5,000 Cashiers check and follow it up with 1 ot 2 checks for the remainder.
answered on Jul 11, 2019
Rather than ask unanswerable questions to lawyers here on Justia you are advised to put the rejected $5,000 cashier's check in a safe place--or turn it in to the issuing bank, get your $5,000 back and put IT in a safe place while you look for a lawyer capable of defending against the... View More
I heard that payday loans are illegal in NJ. I took 600 put and paid four payments of $206 . I also heard that since they are illegal I only have to pay the principal. Is this true,? The rest of my cc and such ate in good standing so I don't want to file for bankruptsy. What can they do to me,,?
answered on Jul 8, 2019
Think this all the way through: If the payday loan creditor operates its business anywhere in the state of New Jersey there is a really strong possibility that payday loans are NOT illegal in New Jersey. What can they do if you do not repay? They can sue you.
The remaining mortgage amount is an amount one co-borrower can pay independent of the other co-borrower. (In fact, one co-borrower has always made 100% of the mortgage payments.) One co-borrower is not planning to move; the other had moved away from the home years ago. Both co-borrowers pay real... View More
answered on May 24, 2019
Under normal circumstances, one person can force the sale of real estate by means of an action in partition.
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