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Iowa Business Formation Questions & Answers
1 Answer | Asked in Business Formation and Business Law for Iowa on
Q: If I have comercial small business/building insurance do I need an additional business insurance at same address???

I’m paying almost 5k a year on my newly possessed comercial building and it has a small mechanic shop in the garage. It’s an old gasoline station no pumps, no gas tanks just my new residence. My insurance agent made an additional charge of 1.5k for the small business shop in the back and it’s... View More

Tim Akpinar
Tim Akpinar
answered on Nov 30, 2022

An Iowa attorney could advise best, but your question remains open for two weeks. However, it would be difficult to answer your question about whether you need additional insurance. This is something to go over with your insurance carrier or broker, who would review your needs in more detail.... View More

1 Answer | Asked in Business Formation, Tax Law and Business Law for Iowa on
Q: What is the least expensive way to buy into an LLC with regard to Iowa and federal tax cost?

Father and two siblings put farm into LLC (split 50/25/25). One of the siblings is going to nursing home and selling their membership units (25%). An agreed price has been established for units. Should the LLC buy the seller's units and then sell them to me? OR Should I buy into the LLC first?... View More

D. Mathew Blackburn
D. Mathew Blackburn
answered on Aug 20, 2019

You need to hire a professional. There's a few things in your question that are not correct in regards to how an LLC functions. You're going to need more detailed advice than should be given through this forum.

1 Answer | Asked in Business Formation for Iowa on
Q: What should i use for duration of corporation
James Kenneth Sweeney
James Kenneth Sweeney
answered on Mar 15, 2012

Corporations have no termination until you wind it up. It differs thus from a partnership. Corporations are perpetual entities.

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