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I have a 501(c)(7) Not for Profit Corporation that last filed a 990N with the IRS in 2018, which provided us with a tax-exempt ID number. Since we have not filed since then, I am concerned whether we are still considered tax-exempt and what steps we need to take to maintain or regain our tax-exempt... View More 
answered on Mar 20, 2025
Your 501(c)(7) tax-exempt status may have been automatically revoked due to your failure to file the entities tax return for three consecutive years. Section 6033(j) of the Internal Revenue Code states (in so many words) that a tax-exempt organization's status can be automatically revoked if... View More
answered on Dec 12, 2024
In Florida, an LLC name becomes available for another entity to use after one year of inactivity, meaning the dissolved LLC's name is held for a year before it can be registered by another business.
Key points about inactive LLC names in Florida:
One year holding period: If an... View More
Is there any way that I can form an LLC as a Turkish citizen. I am not a US citizen, can I form an LLC there and if yes; how's the process goes and what are the prices, tax info et.?
answered on Sep 24, 2024
Yes, regardless of your citizenship, you can create a Florida corporation. There are only a few requirements to do so. They include, but are not limited to, registering the corporation with the Florida Department of State, registering with the IRS to obtain a tax identification, and submitting a... View More
answered on Sep 11, 2024
Creating a magazine with the name "Pulse" may involve potential trademark issues, as the name is quite common and could already be in use by other entities in various industries. Trademark law is designed to protect brand names and logos that are used to identify goods and services. If... View More
In 2020, a friend went into the cannabis business in Oklahoma. He told me it was legal and profitable and convinced me to invest $100,000, promising me shares. I wired the money to his real estate company, AAA LLC, in September 2020 (I have the receipt). By 2022, he had not provided any updates,... View More
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answered on May 31, 2024
It sounds like you may have been a victim of investment fraud. Your friend’s failure to provide updates, the lack of formal documentation, and his reluctance to return your money are concerning. The fact that your name is not listed in the cannabis company and the handwritten statement without... View More
In 2020, a friend went into the cannabis business in Oklahoma. He told me it was legal and profitable and convinced me to invest $100,000, promising me shares. I wired the money to his real estate company, AAA LLC, in September 2020 (I have the receipt). By 2022, he had not provided any updates,... View More
answered on May 30, 2024
After reviewing the details of your investment in the cannabis business in Oklahoma and the issues you've encountered, here are some potential legal actions you can take :
Demand Letter: Initiate with a formal demand letter requesting the return of your $100,000 investment. Clearly... View More
I would also like to know if a phase that is the business name should be trademark
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answered on Mar 15, 2024
Starting an online aromatherapy service is an exciting venture. Regarding your question about setting up a business trust, it's indeed possible. A business trust can manage the business's assets and operations, but the specifics can vary widely based on your location and business needs.... View More
I would like my personal taxes and my business taxes to be seperate. Which entity would I create my business as?
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answered on Mar 8, 2024
If you're aiming to keep your personal and business taxes separate in Pinellas County, Florida, considering the structure of your business entity is crucial. For your goals, forming a corporation (either a C Corporation or an S Corporation) or a Limited Liability Company (LLC) could be... View More
I have an LLC, EIN, business license and taxi. All of which I had while working with yellow cab of Sarasota. I payed them a portion of my wages for Dispatch services. Soon after I began working with yellow cab, I was made to sign a very basic non- competition paper. All along i was a 1099... View More
answered on Jan 29, 2024
There are many variables here, starting with who signed the non-compete agreement, i.e., whether it was done in an individual capacity or whether it was signed on behalf of your company. A contractor in Florida likely could have a non-compete enforced against him/her, provided that the hiring... View More
The money is saved in llc checking account and never used unless it’s for business expense like buying materials. Both me and my husband don’t draw salary. Do we still need to file any tax forms or pay taxes on it?
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answered on Jan 14, 2024
If the partnership has reported income( falls within the Income definition within IRC), it should be reported on the annual 1065 partnership return. Based on the partnership income/expense allocation agreement, that amount will be reported on an individual K1, which will then be reported on your... View More
The money is saved in llc checking account and never used unless it’s for business expense like buying materials. Both me and my husband don’t draw salary. Do we still need to file any tax forms or pay taxes on it?
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answered on Jan 15, 2024
Yes, even though you don't draw a salary from your Florida partnership LLC for your Etsy business, you still need to file taxes for the business income and expenses.
As a partnership, the LLC itself does not pay taxes. Instead, the LLC's profits and losses "pass through"... View More
If a process serving delivery is attempted at a moment that the registered agent is not at the FL LLC's registered office, can someone else that is not their employee, such as a family member, friend or housemate receive the delivery on their behalf?
Is a signature required for... View More
answered on Dec 26, 2023
Yes, service can be made by serving an employee of the registered agent, at the registered office. Also, the registered agent is required to have at least one person (such as in your words "a family member, friend or housemate") at the registered office, as the registered agent's... View More
I am looking to start a 501(c)(3) for cat rescue. is it similar to a llc where you are protected from lawsuits financially. for example if a feral colony cat bites someone or if when you are showing a foster cat to a possible new owner and they get bit. if not can a non profit llc own the... View More
answered on Nov 27, 2023
Entities that are tax exempt pursuant to section 501(c)(3) include limited liability companies (LLCs), as well as non-profit corporations. Both afford limited liability, and are formed under state laws, while 501(c)(3) is federal tax law. The entity you form should have liability insurance, to... View More
I need to have a purchase agreement with the seller to proceed with the FSA who is giving a farm loan to purchase the land 100%.
answered on Nov 24, 2023
For the real estate transaction, hire a real estate lawyer. If you still need to set up your business entity for the farm, hire a lawyer handling business formation. You might be able to find a lawyer/law firm that does both. Another issue is whether your land is already zoned for everything you... View More
Ok so I'm currently on an F2 visa (dependent visa in the US) I opened my business which is an LLC but as im applying for a tax application in florida for the business i'm not sure whether to file it for a S-Corp or a C-Corp. Due to the fact that technically I'm not allowed to work in the US.
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answered on Nov 13, 2023
Selecting between a C-Corp and an S-Corp tax status for your LLC is a significant decision, especially considering your F2 visa status.
Generally, F2 visa holders are not permitted to engage in employment in the U.S., and this includes active management of a business. While owning a... View More
I live in South Carolina and currently have an LLC there. I am interested in virtual wholesaling real estate in states like Texas, Florida, Georgia, Alabama, or Tennessee, where a real estate license might not be required for wholesaling activities. Would my South Carolina LLC allow me to conduct... View More
answered on Mar 4, 2025
The best state-by-state legal analysis is at https://crushingrei.com/is-wholesaling-real-estate-legal/
The original bill was 25.500 or so and they increase it by double the amount and when I tried to confront them the paperwork got altered.
answered on Feb 6, 2025
You need to review your paperwork to identify whether you have a contract with the company that would allow them to assess that charge. Otherwise, it appears, they would have no basis for that charge.
Is she allowed to do this while we both own the bar? She did it for personal reasons. A bad break up.
answered on Dec 20, 2024
No, unless you had an agreement providing she has exclusive rights to do whatever she did. In any event, if you are getting a business divorce, consult a lawyer who handles business formation and dissolution issues.
I just registered an LLC in florida which has a different name than the name of my website. Do I have to register a fictitous name for that website name, even though I'm not using it for any formal business interactions like contracts and banking?
the website name is only used for... View More
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answered on Oct 25, 2024
Yes, in Florida, if you operate your LLC under a name different from its official registered name, you generally need to register a fictitious name. This applies even if the alternate name is only used for marketing, branding, or displayed in your logo. Registering ensures that the public is aware... View More
please guide me steps by steps
my organisation is a service business tax businesses
answered on Oct 6, 2024
A good explanation of the steps to take are at:
https://charitableallies.org/can-you-convert-an-llc-into-a-nonprofit/#:~:text=At%20this%20point%2C%20you'll,exempt%20status%20with%20the%20IRS.
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