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?

2 Answers | Asked in Business Law and Tax Law for New York on
Answered on Apr 5, 2019
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.

Q: Is a co-op board legally required to let shareholders know what lawsuits are pending against the building?

1 Answer | Asked in Business Law for New York on
Answered on Mar 25, 2019
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.

Q: I filed a mechanics lien in ny state. The recipient refuses to sign for it. Is it still considered valid?

1 Answer | Asked in Contracts and Business Law for New York on
Answered on Mar 13, 2019
Michael David Siegel's answer
It must be served. I am not sure what "signed for it" means.

Q: A client signed my contract, gave me a check that bounced and I did some of the work, what are my rights?

1 Answer | Asked in Business Law and Contracts for New York on
Answered on Mar 12, 2019
Michael David Siegel's answer
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
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...

Q: Help with the calculation

1 Answer | Asked in Tax Law and Business Law for New York on
Answered on Feb 28, 2019
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.

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

1 Answer | Asked in Tax Law and Business Law for New York on
Answered on Feb 25, 2019
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.

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: doing my taxes now i dont remember when i opened my corp

1 Answer | Asked in Business Law and Tax Law for New York on
Answered on Feb 21, 2019
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.

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
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.

Q: I'm looking for a business law lawyer who understands US & China law.

3 Answers | Asked in Contracts and Business Law for New York on
Answered on Feb 4, 2019
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...

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.

1 Answer | Asked in Business Law and Collections for New York on
Answered on Jan 25, 2019
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.

Q: Golf club membership

1 Answer | Asked in Business Law for New York on
Answered on Jan 24, 2019
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...

Q: You dream it, we build it Can I use this for my construction company as a slogan?

1 Answer | Asked in Business Law and Construction Law for New York on
Answered on Jan 22, 2019
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,...

Q: PARK ‘N FLY is US Service Mark registered Does the following in any way unlawful “www.bestparkandflydeals.com”

1 Answer | Asked in Business Law for New York on
Answered on Jan 18, 2019
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...

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.

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