I have a sole proprietorship plumbing business but have been told by other business owners lately that I should have gone with an LLC. I am fully insured, bonded, and licensed but I want to make sure that will protect my personal assets if something does happen one day. I have been researching how... View More
An LLC can certainly provide an additional level of protection for your personal assets, when properly set up and properly run. But, as you pointed out, you would likely need to open a new bank account and set up your license, insurance, bond, etc to reflect the LLC. Some of those things you might...View More
You could repost your question and add "Trademarks" as a category. That's probably why it remained open for two weeks. Some questions go unanswered, but you could have better chances of a response with the added heading. Good luck
Determining whether a product infringes a patent is not a do-it-yourself project. It is governed by federal law and not the law of any particular state. Many times the analysis is complicated. If you have any investment at stake, it should be cost-justified to consult a patent attorney.
My business would involve hosting summer programs for teenagers in different states, at locations temporarily rented for that purpose (e.g. facilities at a college campus). Do I need to be licensed in a state I plan to hold a program in?
As an LLC, we file as an S-Corp for federal taxes. We have an existing contract with the foreign company for services, resulting in expected revenue for 3 years. Can they purchase part of the LLC even though we file as an S-Corp? Or should we reform as a C-Corp. What then becomes of the existing... View More
You would have to elect to be taxed as a partnership or as a C-Corp. A foreign entity cannot own part of an S-Corporation. However depending upon the purpose of the investment and the nature of how you want to operate there may be an alternative set of structures to accomplish your goal.
To first clarify, I do have a partner who is of legal age; however, his line of credit is woefully inadequate for the company's needs. The main concern is the distinct possibility that the adult may attempt to claim the company as his own, thus completely undermining the operation. Thus the... View More
Contracts by minors are generally voidable in many states so doing business can be challenging. Sit down with a local business lawyer.
Please Take Notice: I am not your lawyer unless we enter into an engagement agreement in writing. This is only general information. It is NOT legal advice,...View More
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