New York Business Formation Questions & Answers

Q: If someone has a trademark on words. Make It Right in Canada. I have US I company named MIR Contracting can I use it as

1 Answer | Asked in Business Formation for New York on
Answered on Mar 26, 2019
Griffin Klema's answer
You're asking for a registrability opinion (whether you can register your own trademark rights in the U.S.). Much of the answer depends on the DuPont factors that try to answer the question of whether your mark is likely to cause confusion with another registered mark. The simple answer for the Canadian mark is that it would not affect your U.S. rights. But, other U.S. registrations may pose problems for you. Speak to a trademark lawyer first, before investing time and money creating a business...

Q: I am a starting film maker. I have 2 movies with their own LLCs . should I form production holding LLC?

1 Answer | Asked in Business Formation for New York on
Answered on Mar 10, 2019
Michael David Siegel's answer
This is really more of a tax issue than a legal one. Thus, consult an accountant. That being said, I think the LLCs should be separate, and there should be no umbrella for both.

Q: i have an s corp and i didnt pay myself a w2 in 2018? what do i do acn i pay myself a 1099?

1 Answer | Asked in Tax Law, Business Formation and Business Law for New York on
Answered on Feb 22, 2019
D. Mathew Blackburn's answer
If you didn't pay wages you can't issue a W-2.

A 1099 does not solve the problem and creates self-employment tax.

Make an estimated tax payment on IRS.gov or EFTPS.gov.

Q: i am a real estate agent and i have an s corp can i pay myself a 1099 or do i have to pay myself a w2?

1 Answer | Asked in Business Formation, Business Law and Tax Law for New York on
Answered on Feb 21, 2019
Michael David Siegel's answer
As the year is over, it is too late for a wage payment as you did not withhold taxes. Therefore, issue a 1099. The tax issue is the same, as you will pay self employment tax on the 1099 income.

Q: Does sweat equity count when there is a call to capital?

1 Answer | Asked in Business Formation for New York on
Answered on Jan 17, 2019
Michael David Siegel's answer
It depends on the formation documents. If this is an LLC it is the operating agreement. If a corporation it is the shareholders agreement.

Q: i have a disregarded entity and in middle of the year i got a partner should i file a schedule c or a 1065?

1 Answer | Asked in Tax Law, Business Formation and Business Law for New York on
Answered on Jan 5, 2019
Jonathan David Warner's answer
You’ll probably want to file a 1065, given that you ended the year as a partnership.

Q: Can I still hire an employee as a sole proprietor?

1 Answer | Asked in Business Formation for New York on
Answered on Dec 7, 2018
Michael David Siegel's answer
Sure, but all rules governing employment apply, like withholding, workmans' comp., etc.

Q: Does it matter if the county listed on your Articles of Organization(LLC),is not the county your business is located in?

1 Answer | Asked in Business Law and Business Formation for New York on
Answered on Nov 29, 2018
Michael David Siegel's answer
It will effect publishing, but it is not really a big issue. It impacts nothing else. If you amend for something else, change it, but no reason to spend now.

Q: Can my LLC have only me? Or do I need partners?

1 Answer | Asked in Business Law and Business Formation for New York on
Answered on Nov 23, 2018
Michael David Siegel's answer
It can have only you.

Q: Do I have control over employment hiring if I become a franchisee?

1 Answer | Asked in Business Formation for New York on
Answered on Nov 18, 2018
Michael David Siegel's answer
Depends on your agreement.

Q: Do all businesses need to create a board of directors? If so, when should that happen?

1 Answer | Asked in Business Formation for New York on
Answered on Aug 30, 2018
Michael David Siegel's answer
Businesses do not need a board of directors.

Q: What’s the best way to save money on taxes when trying to form an llc or Corp with personal 1099?

1 Answer | Asked in Business Formation, Business Law and Tax Law for New York on
Answered on Aug 30, 2018
David Lacher's answer
So long as your corporation is an S Corp, there is no real practical difference with respect to taxes between that and an LLC. The profits and losses of the business flow through to your personal tax return in either instance. But there might be other considerations which favor one form of entity over another. For sure, it is more expensive to form an LLC in New York State because of the publication requirement, which does not apply to other business entity forms.

Q: Hi, is it possible in US Business Law for directors to apply to make residential address unavailable to public access?

1 Answer | Asked in Business Formation and Business Law for New York on
Answered on Aug 27, 2018
Michael David Siegel's answer
A director does not make a public filing except in a public company. So I am unsure why this is an issue.

Q: Hello, so so to make a long story short. A few months ago I bought a business (restaurant) and it’s a 3 man partnership.

2 Answers | Asked in Business Formation, Business Law and Contracts for New York on
Answered on Aug 27, 2018
David Lacher's answer
The governance of LLCs is determined only partially by state law, but primarily by the LLC Operating Agreement which hopefully your LLC has and hopefully you signed. That agreement should detail both the responsibilities and duties of the officers as well as the options and requirement for withdrawing from the LLC (selling your Member Interests). Without reviewing your LLC Operating Agreement, no one can answer this question definitively. But I would be very surprised if your Operating...

Q: How do I know what type of legal structure is best for my new [catering] business?

1 Answer | Asked in Business Formation for New York on
Answered on Aug 9, 2018
Michael David Siegel's answer
By talking to a lawyer and accountant.

Q: LLC INFORMATION

1 Answer | Asked in Business Formation for New York on
Answered on Aug 8, 2018
Michael David Siegel's answer
Just get your EIN. Some business require certain licenses, but there is no general business license required if you are a corporation.

Q: What constitutes "doing business as"?

1 Answer | Asked in Business Formation for New York on
Answered on Jul 12, 2018
Michael David Siegel's answer
A d/b/a is something you get from the Secretary of State. Doing a real estate business in your own name is not the best plan.

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