T. S. Givens’s Answers

T. S. Givens

Troy Business Attorney.

Contributor Level 4
  1. Does Michigan have seperate gift tax law that they use besides federal law?

    Answered 9 months ago.

    1. T. S. Givens
    2. Ryan James Buck
    2 lawyer answers

    The gift tax to which you appear to be referring is the U.S. Federal gift tax. While individual states can enact state gift tax laws, only two states, Minnesota and Connecticut, currently do so. A number of other states have enacted gift tax laws and then subsequently repealed them. If the gifts you are contemplating, or have made, have any connection with either of these states, you should seriously consider at least consulting a tax attorney or CPA licensed to practice in that state.

    2 lawyers agreed with this answer

  2. I need to know how to set up an LLC so that my foreign business partner will be on the LLC and bank account with me.

    Answered over 1 year ago.

    1. Patrick D. Cole
    2. Thomas R. Morris
    3. John F. Brennan
    4. Jeffry L. Landis
    5. T. S. Givens
    6. ···
    6 lawyer answers

    The comments of the other contributors regarding your need for an Operating Agreement are all well taken. It also appears that you correctly filed your LLC Articles of Organization with the State of Michigan. I am more concerned, however, that you may not be aware of the very substantial banking and taxation issues you will be facing because one of the two members of your Michigan LLC is apparently neither a U.S. citizen nor a U.S. resident. If this is true, your business partner will be and...

    2 lawyers agreed with this answer