So a local small family owned business is asking for my help as a friend, they are offering a 50/50 partnership (technically less cause someone has a 25% share in their S-Corp business) for a cosign on a $30,000 loan that will save their business and bring it back into the green. They are offering... View More 
answered on Apr 7, 2023
You can ask for collateral, like a stock pledge agreement, assignment of accounts, etc.
This type of transaction almost certainly requires an attorney to paper whatever deal is reached. The more complicated; the more it will cost.
I am opening a brick and mortar location in CO, with investors lined up. Naturally, they will request some equity in the company.
How can I setup a situation where I end up owning the overall brand, so that several years from now I can open additional locations in other states and/or... View More
answered on Sep 2, 2022
While this reply is not legal advice specific to your situation, the following generalizations may be useful to anyone opening a business in Colorado under circumstances similar to yours.
Selecting a business structure is a key business decision. Business structures can be changed over the... View More
Working in workers' compensation in Colorado, we have noticed recently a large number of businesses creating "staffing agencies" where they provide labor only to their own businesses, not to other client companies (so technically not staffing for our purposes). We had never seen... View More
answered on Mar 21, 2022
Business strategists and corporate attorneys sometimes recommend wholly-owned staffing subsidiaries. A parent company will own several businesses of the same kind and own a staffing company. This business structure makes sense when there are multiple locations that all operate in substantially the... View More
answered on Feb 1, 2022
In Colorado, the state government regulates the license of architects through the Department of Regulatory Agencies, under the division of Architect, Engineer and Land Surveyor licenses. There are regulations for architects under C.R.S. § 12-120-401 et seq. Most relevant to you are the laws §... View More
I charge someone to rent my vehicle. They then use vehicle for Ride Share App then return vehicle after 6hr.
answered on Jan 31, 2022
I see that you are in West Virginia but asking about laws in Colorado. The Colorado law supports you leasing your automobile to someone who then uses it for profit. Leasing an automobile to another person or business can be done at a profit to yourself (just be sure to tell your CPA about that... View More
Currently we find new artists (who are shareholders and purchase their share for $50 when they join. that $50 is refunded to them when they leave) by accepting applications from our website or from artists who come into the gallery, we also find new artists at art fairs. We would like to post a... View More
answered on Jan 22, 2022
Colorado business can be for-profit, not-for-profit, or a benefit corporation. For-profit corporations and benefit corporations can invite folks from the public to become shareholders, but must obey some fairly complicated rules about advertising stock, publishing a prospectus, and following... View More
I have a Nevada LLC and I want to move it to Colorado where I now live. I want to preserve the company history, EIN, etc. so not start a new LLC but just migrate it to a new state. What's the best way to do this? I heard creating a new LLC in Colorado and merging the Nevada one into it, but... View More
answered on Mar 30, 2021
Yes.
You can create a new CO LLC and have that LLC acquire the NV LLC. Then merge the two with the CO LLC surviving.
Or
File a foreign registration in CO for the NV LLC. Then convert the CO foreign LLC to a domestic LLC.
Dissolve the NV LLC.
That moves... View More
I formed an LLC for Photography and it's only me, am I required to get Workers Comp or can I save that?
answered on Jun 11, 2020
The fact that you're a beneficiary of a trust will not affect your eligibility to apply for a MED license.
The three of us are all small business marketing coaches, working under individual DBA's and or LLC's. We want to know how best we can merge our resources together into some kind of partnership, business or entity. We're unsure what the best approach is considering the various... View More
answered on Feb 3, 2020
Justia is a wonderful free online legal forum established to allow members of the general public to ask general legal questions to experienced lawyers who volunteer their valuable time to do so. Your important small business question is much to important--and too complicated--to be solved online.... View More
My lender is requiring a statement of authorization as my property is owned by my holding company which is a LLC which is wholly owned by myself. They want me to have a certificate of authorization recorded by the county. I don't know which county to file it with and also what this... View More
answered on Dec 29, 2019
It's filed in the county where the property is located. It's the document that verifies that you have the authority to act on behalf of the LLC. Just because you own it does not automatically mean you have the authority to make decisions on behalf of the LLC. Notary's county does not matter.
I went on the Colo Sec State site and do not see renew option for my trade name, just the ability to correct info for historical purposes.
Curious about penalties? Thank you.
answered on Jun 17, 2019
Only if you are doing business under a different name than that of your LLC articles of organization.
Part of the awning and cement steps in the original established main entrance to the building (built in 1928), encroach slightly on the line for public right-of-way. As far as I know, the steps and cement awning were part of the original construction in 1928. In my pre-application, the city... View More
answered on Jun 12, 2019
They can require anything until you challenge their authority. You're going to want to get an attorney on this one. Good luck.
I want to do business in the State of Nevada with an incorporated company in Colorado. Is the process as simple as applying for a tax license in Nevada? I plan on registering as a boxing manager and I want to do things properly.
answered on May 19, 2019
File on https://www.nvsilverflume.gov/home to operate as a foreign entity in NV and check local licensing requirements for counties and cities.
That will allow your CO business to operate in NV lawfully.
answered on Apr 12, 2019
No. The collection of sales tax only applies if you are selling goods.
Nothing was signed or stated prior discussing anything about selling the business. And if I can legally sell my part of the business w/o his consent would I then have to give him half of the money I sold it for if we got a divorce - were in Colorado
answered on Feb 7, 2019
Technically you could sell your ownership interest as there is no restriction because there is no operating agreement.
Colorado is an equitable separation state so it's not automatically 50/50,but yes the cash or the ownership of the entity would both be marital property subject to... View More
Back taxes for 2 separate corporations that were started in Montana. Seeking a lawyer in Denver Colorado as that is where the i currently reside. Does the sought out lawyer in Colorado need to have jurisdiction in Montana in order to help me?
answered on Oct 20, 2018
Tax is not restricted to only attorneys that are licensed in the state. I have cases in about 10-11 different states. I'd have to go count them to be sure.
A Colorado attorney can help you with this issue.
I am from Colorado. I am purchasing an existing company in TX. That company will be manufacturing product in TX and I will have a partner there. The product will be built and shipped from that third party manufacturer to likely all 50 states. My question is when purchasing the company, can I set up... View More
answered on Mar 24, 2018
Generally the best approach is to register in the state of operation. Also be aware you will pay income taxes to CO regardless of where you set up the LLC because an LLC is a passthrough entity and you are a CO resident.
You need to retain a business/tax attorney that can advise you on the... View More
It’s a partnership llc
answered on Jan 4, 2018
Partnerships must file a Form 1065 each year regardless of income or loss. If you don't have an EIN yet you can simply write "Applied For" on the EIN block. You should get an EIN as soon as possible.
Looking to buy land/develop homes for a business. Have multiple friends involved. Can one of us get the mortgage and then right up a contractual agreement between us to hand out ownership %'s? So for example, the person with the strongest credit gets the mortgage/loan to build and they own... View More
answered on Dec 17, 2017
It's theoretically possible, but there are some complications. Most deeds of trust have a "due on sale" clause. This means that if you transfer an interest in the land to your partners, the lender can call the loan. You should disclose all material facts to the lender and get written... View More
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