Karen J. Orlin's Answers

I used my primary home address for the llc. am i still protected of my home being an asset and not used as the business.

Whether your home may be deemed by a court to be an asset of the llc depends in part upon whether your clients, customers or lenders reasonably believe that it is owned by the llc. Regardless whether you or the llc own the home, however, the llc may be held liable for injuries to its clients or customers on the premises of the home, as business guests. If the llc deducts expenses of maintaining all or any portion of the home on the llc's federal or state income tax return, a creditor of the...

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Can my disabled husband be a partner on my new corporation?

I am a licensed lawyer in FL as well as in NY, concentrating on businesses organized as limited liability companies ("llc") or corporations. One of the earlier contributors confuses the status of the business entity for federal and state income, Social Security and Medicare tax purposes (i.e., S corporation election or no S corporation election) with its status for business entity/debtor-creditor law purposes. An advantage of an llc having two or more members (i.e., equity owners) over any...

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Is a single member llc ,responsible for debts incurred by the llc? in kentucky.

Unlike Mr. Hanson, I am licensed to practice law in, and have been involved in drafting provisions of, the limited liability company statute in effect in Florida. That statute was amended after the decision of the Florida Supreme Court in Olmstead v. Federal Trade Commission in Summer 2010, to which Mr. Hanson refers, to clarify the protection of assets of a multi-member llc and to provide for protection of assets of a single-member llc under limited circumstances, notwithstanding the opinion...

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How do I get out of an llc when a great deal of money is invested by the other member?

I am an experienced llc, corporate and business transactions attorney licensed in FL and NY and have handled transactions regarding schools. If your llc is located in or organized under the laws of FL or NY, I would be pleased to advise you regarding this matter upon completion of my law firm's conflicts of interests and background checks and signature and delivery to my firm of its prescribed engagement letter agreement. See www.orlinlaw.com . Disclaimer: Karen J. Orlin is licensed to...

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What kind of legal risks can arise when allowing an unpaid friend to help with LLC repairs?

Depending upon the extent to which you, on behalf of the llc, direct and control the actions of your "friend," he may be an employee entitled to receive from the llc at least the minimum wage prescribed by the state in which he or she performs the services for the llc, you and he may be liable for Social Security tax on his wages, and the llc must issue to him a Form W-2 with respect to those wages for each year in which the wages are paid. If he performs those services as, when and how he...

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I live live in Florida acting as a consultant for someone who is trying to set up a small business as LLC.

I am licensed to practice law in Florida and New York and the areas of concentration of my practice include, among others, limited liability company law. Under the Florida Limited Liability Company Act, Ch. 608, Fla. Stat., the name or names of members and of managers of the limited liability company ("llc") formed under that statute need NOT be included in the Articles of Organization filed to form it, although the Articles must be signed by at least one member or the authorized...

Can a copier lease company sue me personally if my business LLC was disolved and the lease was written to the LLC?

I am licensed to practice law in Florida and New York and the areas of concentration of my practice include, among others, limited liability company law. If your limited liability company ("llc") is formed under Florida law, then the aggregate liability of any member of the dissolved llc for claims against the dissolved llc may not exceed the amount distributed to the member in dissolution, under Section 608.4421, Fla. Stat. If the assets of the dissolved Florida llc were distributed...

My wife and I would like to comprise our three businesses into one tax filing. Is a tierred LLC the answer?

Although your question does not so state explicitly, it implies and, solely for the purposes of this response, I therefore assume, that all of the three businesses are currently organized as limited liability companies ("llcs") and owned solely by you and your wife (i.e., that you and your wife are the sole members of each of the llcs). Based upon your location, I also assume, solely for the purposes of this response, that all of them are organized under FL law, where I am licensed to practice...

I am a LLC in PA looking to do work in NJ, Do I need to form a LLC in NJ just to do occasional business in NJ?

See: http://www.state.nj.us/njbusiness/tax/corporations/ http://www.nj.gov/njbusiness/pdfs/Doing_Business_in_New_Jersey08.pdf http://law.onecle.com/new-jersey/14a-corporations-general/index.html and in particular: http://law.onecle.com/new-jersey/14a-corporations-general/13-3.html http://law.onecle.com/new-jersey/14a-corporations-general/13-4.html http://law.onecle.com/new-jersey/14a-corporations-general/13-5.html http://law.onecle.com/new-jersey/14a-corporations-...

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I want to buy a home in Florida using a Delaware LLC,is it possible?

I am licensed to practice law in Florida and New York and the areas of concentration of my practice include, among others, limited liability company law. Florida law does not restrict ownership of real property by an entity organized or formed under the laws of another jurisdiction, such as, for example, a Delaware limited liability company ("DE LLC"). In order to own real property in Florida, without more activities in Florida, the DE LLC is not required to file with the Florida of Division...

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