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Colorado Business Formation Questions & Answers
1 Answer | Asked in Business Formation for Colorado on
Q: I am considering starting a campaign online to raise money for multiple charities.

I am considering starting a campaign online to raise money for multiple charities. My thought is a website allowing small donations into a bank account kept separate for just the campaign proceeds. The website will have a poll where visitors vote to decide what charities get the donations. All... Read more »

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Aug 25, 2016

The idea is possible, but the legal requirements and costs will vary based on your plan. I suggest that you create a firmer plan and then consult with a business attorney. The costs for a basic campaign could be as little as a few hundred dollars (not including legal fees) to several thousand... Read more »

1 Answer | Asked in Banking and Business Formation for Colorado on
Q: Hi, We want to nominate a person who will deal with all the banking needs on behalf of our corporation, how?

Hi,

We are a Colorado based corporation, and we want to nominate a person who will deal with all the banking needs on behalf of our corporation in another state.

The bank in another state (Virginia) is asking us to provide some evidence that this person has authorization to open a... Read more »

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Aug 20, 2016

Your idea can work. There are other more formal ways to achieve this too, but this will take time and money. Check with the bank, to see what they would like to see for "authorization".

1 Answer | Asked in Business Formation for Colorado on
Q: Can an LLC pay back initial investment first and then change to a different equity structure after that point?

I'm trying to structure a new LLC where 50% interest is divided in proportion to capital contribution and 50% is split 45/5 in "sweat equity." I want to have the first 50% (capital contribution) to get 100% of the profit distributions and/or proceeds from company assets until the... Read more »

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Aug 9, 2016

There are a lot of unknowns here. An attorney will need to review the articles of incorporation and bylaws before making any definitive statement. There are also a series of tax considerations that are beyond the scope of Justia's Q&A. I recommend that you contact a business or tax attorney.

1 Answer | Asked in Bankruptcy, Business Formation, Business Law and Civil Litigation for Colorado on
Q: Should I report a corporation filing Chapter 7 and hiding its main asset in a US shell LLC & has also commingled funds?

I learned my former employer will be filing Chapter 7 for his privately-owned corporation mainly because of (unsecured) judgments against it. It has very few assets other than the office building it owns which has about $500k of equity. The building was always the property of a US shell LLC whose... Read more »

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Jul 16, 2016

There are a lot of things to consider here. I understand that you want to do the right thing, but you may be subject to NDAs (non-disclosure agreements) and other potential violations of privacy/confidentiality. The best advice is to contact a lawyer directly (at least the discussion will be... Read more »

1 Answer | Asked in Business Formation for Colorado on
Q: How should I file as an LLC?

I am starting a small business, landscaping to be exact, and I would like to file as an LLC. When I go to file in my state I see that the name is taken. Well, when I add LLC to the end of my business name it lets me go forward. Will adding the "LLC" to the end of business name make... Read more »

Tristan Kenyon Schultz
Tristan Kenyon Schultz answered on Jun 30, 2016

There are a lot of issues related to naming (and trademarking). Simply adding LLC may work with the CO filings, but significantly limits trademarkability (and potentially introduces a potential lawsuit). Contact an attorney who can review the name and the conflicting name to assess your risks. That... Read more »

2 Answers | Asked in Business Formation for Colorado on
Q: Could a organization be made such as a non profit or activist group that helped provide training and assistance to kurds

and other groups that are fighting against ISIS? Or to hire Private Military contractors to assist with training and security.

Adam Studnicki
Adam Studnicki answered on Feb 12, 2016

A local non-profit lawyer can advise.

Please Take Notice: I am not your lawyer unless we enter into an engagement agreement in writing. This is only general information. It is NOT legal advice, and it may not work for your specific situation. It is impossible to evaluate a legal problem...
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