New York Business Law Questions & Answers
Q: What is the difference between LLC structured as a S Corp and a Corporation elect to be a S Corp?
Michael David Siegel's answer
LLCs are not S-corps, but the tax issues are the same. There is little difference. These are tax driven questions which are determined by your personal tax situation.
LLCs are not S-corps, but the tax issues are the same. There is little difference. These are tax driven questions which are determined by your personal tax situation.
Q: Is a co-op board legally required to let shareholders know what lawsuits are pending against the building?
Michael David Siegel's answer
The easiest way to find out is just to look it up on the court docket. A board does not have to discuss litigation with shareholders. There is no risk, as insurance covers this claim.
The easiest way to find out is just to look it up on the court docket. A board does not have to discuss litigation with shareholders. There is no risk, as insurance covers this claim.
Q: A client signed my contract, gave me a check that bounced and I did some of the work, what are my rights?
Michael David Siegel's answer
Under the terms of the contract, assuming you have a right to payment, you can sue.
Under the terms of the contract, assuming you have a right to payment, you can sue.
Q: Destruction of Property- subcontractors
1 Answer
| Asked
in
Criminal Law, Employment Law, Products Liability and Business Law
for
New York
on
Answered on Mar 8, 2019
Answered on Mar 8, 2019
V. Jonas Urba's answer
How do you know the sub was a non-employee. You can always contact the Department of Labor. That may not help you much but only the DOL can decide who is or who is not an employee. Even if everyone wanted to agree, in writing, that the unlicensed was independent. What both parties think is beside the point. The fact that you think they should have been licensed indicates that they probably did not have their own business nor other customers, probably did not decide how, how much, or when they...
How do you know the sub was a non-employee. You can always contact the Department of Labor. That may not help you much but only the DOL can decide who is or who is not an employee. Even if everyone wanted to agree, in writing, that the unlicensed was independent. What both parties think is beside the point. The fact that you think they should have been licensed indicates that they probably did not have their own business nor other customers, probably did not decide how, how much, or when they...
Q: Piercing the Corporate Veil. Once the limited liability is lost in one instance, is it lost forever?
1 Answer
| Asked
in
Contracts, Business Law and Civil Litigation
for
New York
on
Answered on Mar 7, 2019
Answered on Mar 7, 2019
Q: if i was paid a 1099 from my s corp, do i put that on line 7 (compensation of officers) on 1120s?
Q: Help with the calculation
D. Mathew Blackburn's answer
Distributions from S-corps don't go on the 1040, just the net income.
Also, S-corp income goes on the Sch E not the Sch C.
Distributions go on the K-1 and adjusts your basis. They don't affect income except for very limited circumstances.
I'd suggest you find a professional if you're running an S-corp it's worth it.
Distributions from S-corps don't go on the 1040, just the net income.
Also, S-corp income goes on the Sch E not the Sch C.
Distributions go on the K-1 and adjusts your basis. They don't affect income except for very limited circumstances.
I'd suggest you find a professional if you're running an S-corp it's worth it.
Q: i made 8k on my s-corp and i took that money out and put it into my disregarded llc how would i have to report it
D. Mathew Blackburn's answer
You would file an 1120S for the S-corp income of $8k, issue a k-1 to yourself showing box 1: $8,000; Box 17: D $8,000 for the distribution to yourself.
Then record an $8,000 capital contribution to your LLC.
You would file an 1120S for the S-corp income of $8k, issue a k-1 to yourself showing box 1: $8,000; Box 17: D $8,000 for the distribution to yourself.
Then record an $8,000 capital contribution to your LLC.
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
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.
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
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.
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: doing my taxes now i dont remember when i opened my corp
Michael David Siegel's answer
If it is a New York corporation, you can do a business name search at the website of the Secretary of State of New York State.
If it is a New York corporation, you can do a business name search at the website of the Secretary of State of New York State.
Q: My company only sells used computers, can I advertise an apple logo on the website under a"Used brands we sell" tab?
1 Answer
| Asked
in
Business Law, Consumer Law and Contracts
for
New York
on
Answered on Feb 12, 2019
Answered on Feb 12, 2019
Jonathan David Warner's answer
If you don't mind the potential of being sued by Apple, go ahead. Otherwise, you might be better off not taking the risk.
Good luck.
If you don't mind the potential of being sued by Apple, go ahead. Otherwise, you might be better off not taking the risk.
Good luck.
Q: I'm looking for a business law lawyer who understands US & China law.
Ali Shahrestani, Esq.'s answer
You'll need a lawyer who is licensed in both jurisdictions (rare), or two lawyers. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AliEsq.com. I practice law in CA, NY, MA, WA, and DC in the following areas of law: Business & Contracts, Criminal...
You'll need a lawyer who is licensed in both jurisdictions (rare), or two lawyers. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AliEsq.com. I practice law in CA, NY, MA, WA, and DC in the following areas of law: Business & Contracts, Criminal...
Q: is there any way to deduct the full closing costs on a rental property instead of adding it to the basis?
1 Answer
| Asked
in
Business Law, Real Estate Law and Tax Law
for
New York
on
Answered on Feb 1, 2019
Answered on Feb 1, 2019
Q: Hi, I was given a business check in Nov 2012 as payment for money owned my my former business partner as we parted ways.
Michael David Siegel's answer
You should sue both, but as it is 2019, you are likely barred by the statute of limitations unless something tolled or reset that clock.
You should sue both, but as it is 2019, you are likely barred by the statute of limitations unless something tolled or reset that clock.
Q: Golf club membership
Ali Shahrestani, Esq.'s answer
You can have an attorney review the Board rules and facts related to this incident. It does like a conflict of interest and breach of fiduciary duty at first glance, but more details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AliEsq.com. I practice law in...
You can have an attorney review the Board rules and facts related to this incident. It does like a conflict of interest and breach of fiduciary duty at first glance, but more details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AliEsq.com. I practice law in...
Q: You dream it, we build it Can I use this for my construction company as a slogan?
Ali Shahrestani, Esq.'s answer
Assuming you don't violate any Intellectual Property rights if others have copyrighted this phrase, and assuming you don't falsely advertise your services and note clearly in contracts and on your website that this slogan is not a literal promise, it might be a useful slogan. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors,...
Assuming you don't violate any Intellectual Property rights if others have copyrighted this phrase, and assuming you don't falsely advertise your services and note clearly in contracts and on your website that this slogan is not a literal promise, it might be a useful slogan. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors,...
Q: PARK ‘N FLY is US Service Mark registered Does the following in any way unlawful “www.bestparkandflydeals.com”
Barry Eran Janay's answer
Good question, probably belongs in the Trademarks category since Trademarks and Servicemarks are the same set of rules. Your question would boil down to whether an objective consumer would be confused by the domain, if they would be then it would potentially be an infringement. That said, a good attorney (I'm not one to brag ;) would be able to poke many holes in any claim that it was infringing, but like a good magician doesn't give away his secrets...
Good question, probably belongs in the Trademarks category since Trademarks and Servicemarks are the same set of rules. Your question would boil down to whether an objective consumer would be confused by the domain, if they would be then it would potentially be an infringement. That said, a good attorney (I'm not one to brag ;) would be able to poke many holes in any claim that it was infringing, but like a good magician doesn't give away his secrets...
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
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.
You’ll probably want to file a 1065, given that you ended the year as a partnership.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
