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 have removed the S election from a Delaware corporation in 2023.
At the end of 2022, there is about $500,000 of retained earnings.
I would like to distribute those funds in two separate loans, done sequentially, of $250,000 each.
The transactions would be completed... View More
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answered on Nov 19, 2023
In considering distributing retained earnings as loans from your Delaware corporation, it's essential to be aware of the IRS rules and potential pitfalls. The IRS allows corporations to issue loans to shareholders, but these loans must be structured and documented properly to avoid being... 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
answered on Nov 3, 2023
Depending on the exact details of your business plan, you may need a Food Permit from the state Department of Agriculture, plus other basic permits and licenses for the establishment of a business such as a city and county business tax receipt. You may also want consider what type of business... View More
My name is Janina G., my small business name is ‘janinasdiycrafts’. I currently sell handmade goods as a hobby, I haven’t made enough money to register it as a business. (Still in the hobby tax bracket) my questions is do I need to register it as a sole proprietorship in Florida since it’s... View More
answered on Oct 17, 2023
There is no registration with the Florida Secretary of State's Office for a sole proprietorship. However, since you are doing business other than your own name you need to comply with Florida's Fictious Name Statute.
In Florida, Section 865.09 of the Florida Statutes requires the... View More
Hello
I transferred $1016 from the US to my fiancé in Ukraine on October 6th.
The transfer usually takes between few minutes to few hours to be completed.
However, this time, the transfer hasn’t reached the receiver till this day.
I called MoneyGram on the day of... View More
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answered on Oct 14, 2023
Sorry to hear that. I believe the way MoneyGram works is local location in Ukraine has to have US cash on hand and they portably don't or the local place stole it. They must've tracked the transfer by now, and still no money. Try to stay on top of it and get a refund here. If not, your... View More
The door hangers in question only advertise a free inspection and not any of the paid services that I offer.
Sometimes I find doors with "no soliciting" signs on them and I want to make sure that I'm not doing anything illegal by placing a door hanger on said door.
answered on Oct 12, 2023
A Florida attorney could advise best, but your question remains open for a week. Until you're able to consult with a local attorney, it's best to avoid leaving anything at such residences or businesses. The sign usually means they want nothing in the form of materials, whatever the... View More
answered on Oct 10, 2023
You can find your answer in the Florida Statutes as listed below. You can do it for yourself and son, it does not appear that you can represent the friend until you get properly licensed.
468.403 License requirements.—
(1) A person may not own, operate, solicit business, or... View More
Just curious if a waiver I was pressured to sign is legally bounding or mean anything. Thanks
answered on Sep 27, 2023
You signed a waiver AFTER they injured your dog?? A waiver that explicitly provides that you cannot make a claim against them for injuring your dog??? If it's really that kind of waiver, it may be enforceable in a court of law, with you letting them off scot-free - but you must show it to a... View More
I had to let it go because of no funds to prolong the registration.
answered on Sep 25, 2023
You should speak with a Florida Attorney if this is in the State of Florida, if you are a do it yourself type person, you can go to Sunbiz.org, Florida Department of State website and see what needs to be done. Depending on how long it has been inactive, you may or may not be able to get it. No... View More
I had to let it go because of no funds to prolong the registration.
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answered on Sep 28, 2023
To reinstate your trademark registration for Mineral Evolution LLC, you should contact the United States Patent and Trademark Office (USPTO) or consult with a trademark attorney who can guide you through the process of reinstating and renewing your trademark registration. Be prepared to provide the... View More
We used our mortgage to help refinance our business vehicle. We may need to file bankruptcy for the business. Will it hurt our mortgage loan?
answered on Sep 13, 2023
The answer mostly depends upon the type of *legal*entity that you've put the business into. A corporation, LLC, etc., is eligible to file a bankruptcy itself, as is a partnership. A sole proprietorship, however, is not a separate legal entity, and a bankruptcy of it will necessarily bring... View More
We used our mortgage to help refinance our business vehicle. We may need to file bankruptcy for the business. Will it hurt our mortgage loan?
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answered on Sep 14, 2023
Filing bankruptcy for your business should not directly impact your mortgage loan, as they are typically separate legal entities. However, it's essential to consult with a bankruptcy attorney to evaluate your specific situation and consider any potential implications on your personal assets,... View More
answered on Sep 12, 2023
Yes, any time you are running a business of any type, you want to keep your business and business assets and liabilities separate from your personal matters. You accomplish this by properly setting up the business and keeping personal and business assets separate and creating an Operating Agreement... View More
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answered on Sep 14, 2023
Forming an LLC can provide personal asset protection for you and your co-author in case of legal issues related to your self-published book. It separates your personal assets from business liabilities, reducing personal risk. Consult with a business attorney to determine if an LLC is the best legal... View More
The equipment belongs to the owner and was bought with his personal funds to take advantage of using credit to purchase such equipment. Since the LLC is new it doesn’t have any credit to purchase equipment with. The idea would be for the LLC to lease the equipment from its owner, pay monthly... View More
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answered on Sep 14, 2023
Yes, a newly formed LLC can lease equipment from its owner, who is also the sole proprietor, and structure it as a lease with an option to purchase. However, it's essential to document the arrangement clearly in a formal lease agreement to avoid any potential legal issues down the line.... View More
I live in a 356-unit condo in Florida. In August 2022, the president of the board entered into a retainer agreement with a law firm to represent the Association in a couple of lawsuits. There was not a duly association’s meeting where this agreement was ever discussed, let alone, approved by a... View More
answered on Aug 29, 2023
Often, when there is potential or pending litigation, the board of directors will meet with the attorney in a closed legal meeting subject to attorney/client privilege and the retainer agreement results from that consultation. It is also possible the other board members authorized the president to... View More
The previous question I asked was intended to apply to Florida not California. The scenario would apply to partial funds from 501(c)3 donors used to purchase a home in Baja California which is Mexico over 25 years ago while the majority was used to purchase from "own" private funds.... View More
answered on Aug 16, 2023
Yes, when a non-profit corporation is dissolved, the assets covered by the asset-distribution clause applies to real property such as that in Mexico. It's essentially a matter of federal law, so it doesn't much matter whether the non-profit was incorporated in Florida, California, or elsewhere.
Lawyers are trying to use negligence. They are not settling with insurance they are trying to get more money.
answered on Aug 5, 2023
Evidently you, as well as an LLC in which you have an interest, are being sued. If the lawsuit ends up with a judgment against you as well as the LLC, the judgment creditors could levy upon property belonging to either or both judgment debtors, you and the LLC. So, trying to transfer your assets... View More
answered on Jul 26, 2023
A Florida attorney or intellectual property would have the most insight into this, but your question remains open for two weeks. If it's only an informational site that posts things like news articles or press releases, the webmaster or author could be contacted to point out the correct... View More
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