I agree with the answer of my colleague, but I would also recommend you review the corporate bylaws to ensure you are doing it properly. The bylaws will dictate the process by which you can resign.
Keep in mind, the corporate structure generally shields individuals from liability with a few exceptions. If any of these exceptions is used, you would still be liable for anything you may or may not have done while in your position for the time up to the point of your resignation.
No he is not on the mortgage and is not responsible for it. I would seek to get a loan modification because negative amortization mortgages are in my opinion unethical and were in large part a reason for the real estate market collapse.
I agree with my colleagues. The contract should specify those time periods as well as any attorney modifications to the contract following attorney review.
In the event it does not, your attorney (and if you do not have one I would hire one immediately) should be able to either demand repairs and/or serve a "Time of the Essence" letter on the Seller and cancel in the event Seller isn't able to cure the damage and ready him/her self for closing within a short period of time.
I agree with my colleagues. Further, I would hire an attorney rather than resort to online questions when dealing in property and substantial amounts of money.
Not only are there going to be some tax implications, but there may be liability implication in you doing this individually rather than in the form of an LLC or other.
Don't attempt to go at it alone. The production company has attorneys and they will try to be as one sided (in their favor) as possible. Our firm works in this area of the law.
If you have any questions or want us to have a look, feel free to reach out to me:
Roman Tabatchouk, Esq.
Criscione, Ravala & Tabatchouk, LLP
I agree with my colleague. Not many attorneys will take this on a contingency basis and with attorneys, you really do get what you pay for so be careful in choosing an attorney and do not just go for the cheapest one in town.
New Jersey will terminate your status/good standing. If you ever want to reinstate your company, you will have to pay all the back charges/fees to date. Otherwise they will generally not come after you for anything.
I agree with Krishnan S. Chittur, Esq.. You need to go through all of this with an attorney because even if you let your home go via the foreclosure process, you may still be on the hook for the deficiency, if any.
To find a great business attorney you either have to have a referral that has used that attorney, or you go through trial and error and see which attorney you like.
One of my colleagues suggested calling or meeting with a few attorneys which I support because you'll get to meet the attorney and see whether or not the two of you can work together.
I think you need to sit down with an attorney and go over this with them in person.
Many of my clients have multiple LLC's. One's they use and one's they don't. The point of an LLC is to shield you from certain liability and if you have not done anything with your old LLC then you likely don't have any potential liabilities. If so and if you want to use this LLC then you can run your business under this LLC otherwise it would be wise to just start another LLC. In order to define how money is...