Business Formation Questions & Answers by State

Business Formation Questions & Answers

Q: Can a 3rd party avoid/get out of a pre-incorporated company contract? Please explain. Thanks in advance! (Business Law)

1 Answer | Asked in Business Formation and Business Law for California on
Answered on Mar 30, 2017

The answer depends on the language of the contract and if there was any consideration and what has happened to the corporation, if anything?
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Q: I need to change my 10 mo. old business from a general partnership to a sole proprietorship. Which way should I do this?

1 Answer | Asked in Business Formation and Business Law for Colorado on
Answered on Mar 29, 2017

Sell the partnership (assets and membership/profit interests) to you as an individual for whatever price is deemed fair by all, But consider an LLC, which protects personal assets, as an alternative to a sole proprietorship.
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Q: If I am 50% owner in a LLC and my partner dies, can the widow of the company get anything from me if I give her the LLC?

1 Answer | Asked in Business Formation and Business Law for Idaho on
Answered on Mar 27, 2017

That depends entirely on the terms of your LLC "operating agreement," but those corporate formation documents (and LLC laws generally) typically shield members and owners of an LLC from all personal liability.
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Q: Does each owner of a business need to have their name on the initial formation docs or can they be added on later?

2 Answers | Asked in Business Formation for New York on
Answered on Mar 23, 2017

People can be added later, but without any stock or evidence of ownership, what do you have?
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Q: Is an operating agreement same as lease agreement between a holding & operating LLC?

2 Answers | Asked in Business Formation and Business Law for Ohio on
Answered on Mar 22, 2017

No, an operating agreement governs how an LLC enitity is run among its members (essential shareholders), including division and distribution of profits, not an agreement between two or more LLCs or other legal corporate entities.
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Q: I've bought a used car and the next day the transmission stops. Anything legal I can do? I purchased as is but one day?

1 Answer | Asked in Products Liability, Business Formation, Business Law and Lemon Law for South Carolina on
Answered on Mar 18, 2017

If the warranty covers drive train it should. You want to find out what the problem was. If it'something they have to know about, then you can go after them. File a complaint with better business bureau, with the attorney General;s office of consumer affairs.
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Q: nonprofit club put in there bylaws preventing members of the club from doing personal business at club sponsored events

1 Answer | Asked in Business Formation for Florida on
Answered on Mar 13, 2017

Hi,

If you're asking whether this is legal, the short answer appears to be yes. Without seeing the bylaws it would be hard to give you a definite answer, but typically the bylaws and the Articles of Incorporation govern the affairs of Non-Profits unless prohibited by law.

The simple solution, I think, would be to go the events, make connections and contact people regarding your business afterwards.

Hope this helps!
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Q: If I am a LFMT and want to start a Sole Prop., but I also want to be a paid w2 employee... can I legally do that?

1 Answer | Asked in Business Formation for California on
Answered on Mar 11, 2017

You'd need to incorporate, but talk with a CPA re: advantages and disadvantages of doing so. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child...
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Q: I want to trademark a name and create 2 businesses as an extension of that trademark. Question is do I need multiple...

1 Answer | Asked in Business Formation, Copyright and Trademark for California on
Answered on Mar 8, 2017

Each trademark needs to be individually registered. See: https://www.uspto.gov/trademarks-getting-started/trademark-basics

More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following areas of law: Business &...
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Q: If a ch 7 personal bankruptcy filer has capital contributions to an LLC or an S Corp, how should it be noted?

2 Answers | Asked in Bankruptcy, Business Formation and Business Law for New Jersey on
Answered on Mar 7, 2017

It should be listed as it is held in the books and records of the LLC.
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Q: Right now I operate multiple eCommerce websites under one LLC . I want separate each into their own LLC. is that a good?

1 Answer | Asked in Tax Law and Business Formation for Minnesota on
Answered on Mar 7, 2017

There is too little information to provide you advice on this matter.
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Q: i need contract so i can be safe to get product as agreed after i pay freelancer in Venezuela,(im not from Venezuela)

1 Answer | Asked in Business Formation, Business Law, Contracts and Products Liability for Illinois on
Answered on Mar 7, 2017

If you are conducting business in the US, I highly suggest you obtain a lawyer from the US. Many of us offer free consultations, so it will not cost you anything to obtain a professional's opinion that is tailored to the specific facts of your case.
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Q: I am working with multiple partners to put together a LLC to purchase a commercial property. Can I take a fee.

1 Answer | Asked in Real Estate Law and Business Formation for Ohio on
Answered on Mar 6, 2017

You should discuss your business plan privately with an attorney. It sounds like you may be involving yourself in transactions which require a license that you do not have.
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Q: what do you do if you buy out a partner in a business and sole owner refuses to sign over company

1 Answer | Asked in Business Formation and Business Law for Florida on
Answered on Mar 6, 2017

Your situation will turn upon the buyout agreement or the business formation documents. I strongly suggest that you speak with a lawyer in your area on how best to deal with this situation.
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Q: Is it required that officers and/or Directors of California banking institutions reside in California?

1 Answer | Asked in Banking and Business Formation for California on
Answered on Mar 3, 2017

I see no legal basis for that. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
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Q: If one files for personal Ch 7 bankruptcy, do the past capital contributions to an LLC or S Corp get affected?

1 Answer | Asked in Bankruptcy, Business Formation and Business Law for New York on
Answered on Mar 2, 2017

The short answer is it depends if it is real capital or an entry on a balance sheet. But, it can be affected, and when closely held business is involved a personal chapter 7 needs to be documented carefully.
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Q: 1% or more owner in business?

1 Answer | Asked in Business Formation for Arizona on
Answered on Feb 28, 2017

The choice of what to offer in exchange for a piece of the company is a business decision for you. The choice depends on whether repayment of the loan/note is worth more to you than a less certain return from an increase in stock value. If they are selling stock at a per-share price that is less than what you could work out as consideration for the equipment sale, then you obviously should invest your own funds directly.
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Q: my husband and I are opening a business how do I find out of the word "tink"is allowed to be used in the business name?

1 Answer | Asked in Business Law and Business Formation on
Answered on Feb 28, 2017

Perform a trademark search (online at the U.S. PTO and some states) or hire a trademark search firm to do so on your behalf.
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Q: Question regarding charity fund.

1 Answer | Asked in Business Formation for California on
Answered on Feb 27, 2017

That kind of release may be too broad to be effective. Consult with an attorney to guide you in the process and to advise you of the risks you're possibly facing. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following...
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Q: when an LLC is formed and a member invest personal money, is that members personal assets at risk?

1 Answer | Asked in Business Law and Business Formation for Wisconsin on
Answered on Feb 26, 2017

No, that is the legal function of the LLC form, shielding personsal assets of the members absent fraud or commingling.
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