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New York Business Formation Questions & Answers
1 Answer | Asked in Tax Law, Business Formation and Business Law for New York on
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?

if not how do i withhold all my taxes? and issue a w2?

D. Mathew Blackburn
D. Mathew Blackburn answered on Feb 22, 2019

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.

1 Answer | Asked in Business Formation, Business Law and Tax Law for New York on
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?
Michael David Siegel
Michael David Siegel answered on Feb 21, 2019

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.

1 Answer | Asked in Business Formation for New York on
Q: Does sweat equity count when there is a call to capital?

I am a co-founder in a company with 5 other partners. We all put in capital based on our % ownership. I also got 5% sweat equity for free, because I'll be working in the business. We now have a capital call to raise funds. They are factoring in my 5% equity (on top of by 10% ownership which I... Read more »

Michael David Siegel
Michael David Siegel answered on Jan 17, 2019

It depends on the formation documents. If this is an LLC it is the operating agreement. If a corporation it is the shareholders agreement.

1 Answer | Asked in Tax Law, Business Formation and Business Law for New York on
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?

and how do i file it?

Jonathan David Warner
Jonathan David Warner answered on Jan 5, 2019

You’ll probably want to file a 1065, given that you ended the year as a partnership.

1 Answer | Asked in Business Formation for New York on
Q: Hello, I have an LLC and want to start an online business with another name, how do I attach that name to the LLC?

I want to start making children's books, coloring books, workbooks and a kids animation Roku channel teaching the alphabet. how do I tie the new name to my old LLC And I already have a tax ID number for my LLC also.

Michael David Siegel
Michael David Siegel answered on Dec 17, 2018

You need to file a "d/b/a" for the new name.

1 Answer | Asked in Business Formation for New York on
Q: Can I still hire an employee as a sole proprietor?
Michael David Siegel
Michael David Siegel answered on Dec 7, 2018

Sure, but all rules governing employment apply, like withholding, workmans' comp., etc.

1 Answer | Asked in Business Law and Business Formation for New York on
Q: Does it matter if the county listed on your Articles of Organization(LLC),is not the county your business is located in?

(For example: County listed is New York but the business is in Brooklyn?) Does this affect submission for NYS publishing requirements ?

Michael David Siegel
Michael David Siegel answered on Nov 29, 2018

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.

1 Answer | Asked in Business Law and Business Formation for New York on
Q: Can my LLC have only me? Or do I need partners?
Michael David Siegel
Michael David Siegel answered on Nov 23, 2018

It can have only you.

1 Answer | Asked in Business Formation for New York on
Q: Do I have control over employment hiring if I become a franchisee?
Michael David Siegel
Michael David Siegel answered on Nov 18, 2018

Depends on your agreement.

1 Answer | Asked in Banking, Business Formation, Business Law and Contracts for New York on
Q: gave my CC info to a gym&I did not sign a contract I tried to back out but they required me to go in person.

They keep charging me even after I replaced my card

Michael David Siegel
Michael David Siegel answered on Sep 12, 2018

Do a chargeback on the credit card.

1 Answer | Asked in Business Formation for New York on
Q: Do all businesses need to create a board of directors? If so, when should that happen?
Michael David Siegel
Michael David Siegel answered on Aug 30, 2018

Businesses do not need a board of directors.

1 Answer | Asked in Business Formation, Business Law and Tax Law for New York on
Q: What’s the best way to save money on taxes when trying to form an llc or Corp with personal 1099?

Llc or Corp? I have a personal job that pays 1099 what is better for me to form when doing taxes?

David Lacher
David Lacher answered on Aug 30, 2018

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... Read more »

1 Answer | Asked in Business Formation and Business Law for New York on
Q: Hi, is it possible in US Business Law for directors to apply to make residential address unavailable to public access?

Are there any provisions like Singapore, Australia & UK for company directors to file an alternate contact address, in place of their actual residential address?

Pls advise, thank you.

Michael David Siegel
Michael David Siegel answered on Aug 27, 2018

A director does not make a public filing except in a public company. So I am unsure why this is an issue.

2 Answers | Asked in Business Formation, Business Law and Contracts for New York on
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.

I’m in New York by the way. 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. I was added on to the LLC. now Can I sell my part of the share without the permission of my other of my other 2 businesses partners? And also my... Read more »

David Lacher
David Lacher answered on Aug 27, 2018

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... Read more »

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1 Answer | Asked in Business Formation for New York on
Q: How do I know what type of legal structure is best for my new [catering] business?
Michael David Siegel
Michael David Siegel answered on Aug 9, 2018

By talking to a lawyer and accountant.

1 Answer | Asked in Business Formation for New York on
Q: LLC INFORMATION

Hello Everyone i just went and file for my LLC what i want to know next is do i need a business license after i receive my LLC or i can just get my E.i.n instead im abit confused also im a single member ill be working alone

Michael David Siegel
Michael David Siegel answered on Aug 8, 2018

Just get your EIN. Some business require certain licenses, but there is no general business license required if you are a corporation.

1 Answer | Asked in Contracts, Real Estate Law and Business Formation for New York on
Q: I'm an amateur investor trying to start a company that invests primarily in real estate deals with friends/family funds

The company's main strategy would be buying properties at auction and reselling them at market value. I want to offer friends and associates (not professional investors nor high net-worth individuals) the opportunity to invest $50,000 in my company in return for a 2.5% equity in the company... Read more »

Elaine Shay
Elaine Shay answered on Jul 15, 2018

Interesting business plan but what is the question?

1 Answer | Asked in Business Formation for New York on
Q: What constitutes "doing business as"?

Hi. I'm trying to get into real estate investing and am setting up a website in that effort. My County Clerk's website says that if I am conducting business in the county under a name other than my own, I have to file a DBA. Does a website name, though (as well as a Facebook business... Read more »

Michael David Siegel
Michael David Siegel answered on Jul 12, 2018

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.

1 Answer | Asked in Business Formation for New York on
Q: Does filing a personal bankruptcy affect my ability to launch a business (getting loans, etc.)?
Michael David Siegel
Michael David Siegel answered on Jul 9, 2018

As loans are governed by credit ratings, and a bankruptcy will appear on your credit report and lower your credit score, the answer is yes.

1 Answer | Asked in Copyright, Business Formation, Business Law and Intellectual Property for New York on
Q: What are the legal steps to start a brand for and copyright the creative works of an artist?

I am an artist. I create paintings, I do customizations, and also design merchandise and apparel related to my art. I want all of these entities of my work to operate under one brand, named after myself, as subsidiaries.

John Espinosa
John Espinosa answered on Jul 1, 2018

It sounds like you are currently operating as a sole proprietor, where there is no legal separation between you and your business. Your first step might be to form a separate legal entity, such as a single member LLC, with its own tax ID number and bank account for all of your business activities... Read more »

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