Markus May’s Answers

Markus May

Naperville Business Attorney.

Contributor Level 9
  1. Does a contract for custom made products have to list a return policy?

    Answered 3 months ago.

    1. Robert Alan Cohen
    2. Markus May
    3. Judy A. Goldstein
    4. L. Maxwell Taylor
    4 lawyer answers

    I would check with an attorney who does mechanics liens. Sounds like this may fit into that description. I don't practice in that area, but send me an email with your county (does your contract provide what county litigation should occur?) and I can probably get you the names of some attorneys that work in that area. Can also give you collections attorney names. Seems like you may have a decent claim since you already installed the windows and performed under the contract. The client got the...

    2 lawyers agreed with this answer

  2. If I am married now currently & buy a business in Illinois. What can I do to protect the company, it's assets if I get divorced?

    Answered 6 months ago.

    1. Colby Graston Hathaway
    2. Judy A. Goldstein
    3. Markus May
    4. Christopher Daniel Leroi
    5. John P Corrigan
    5 lawyer answers

    It may depend on whether the property that is going into the business is premarital or post as well as a number of other issues. The general principle is that property (including a business) acquired during a marriage is marital property. Buy sell provisions in the operating agreement/shareholders agreement can protect other owners and prevent a spouse from obtaining ownership, but this is applicable in a multi-owner entity generally - whether that is you and another entity owned by you would...

    2 lawyers agreed with this answer

  3. Freelancing business - I live in Illinois with clients across USA. Can I setup an LLC in another state to save on filing fees?

    Answered 9 days ago.

    1. Thomas O. Moens
    2. Markus May
    2 lawyer answers

    Agree with Thomas. If doing business in Illinois, which you are as you are doing the work here, you will need to register with Illinois in any event. a related issue is whether you will need to register in other states if you are performing work in those states. This could then result in needing to pay taxes in the other states as well as Illinois and become a real hassle.

    1 lawyer agreed with this answer

    1 person marked this answer as helpful

  4. I need some legal advice

    Answered 2 months ago.

    1. John Sheridan Burke
    2. Markus May
    3. Alan James Brinkmeier
    4. Juliet E. Boyd
    5. L. Vincent Ramunno
    5 lawyer answers

    If this was a general partnership, review the partnership act dissolution provisions and if it was an LLC or corporation, then review those applicable provisions regarding your rights. You said it was a partnership with no contract, so start with 805 ILCS 206 in Article 8. You may wish to hire an attorney to represent you and help you with this as well as negotiating with your ex-friend.

    1 lawyer agreed with this answer

    1 person marked this answer as helpful

  5. Do I need a physical address to register an LLC

    Answered 2 months ago.

    1. Markus May
    2. Alan James Brinkmeier
    3. Thomas O. Moens
    3 lawyer answers

    Sounds like you will be using your home as an office and that is where you will receive payments. Why wouldn't you list that address?

    1 lawyer agreed with this answer

    1 person marked this answer as helpful

  6. Can I back out of a recorded verbal agreement to purchase shares of restricted stock? and if so, how?

    Answered 4 months ago.

    1. Robert Alan Cohen
    2. Markus May
    3. Gary Roger Waitzman
    3 lawyer answers

    Without knowing all the facts, I suggest contacting the Illinois Securities Department. https://www.ilsos.gov/ContactFormsWeb/securities_contact.jsp Also, sounds like you haven't agreed to put a ton of money down - assuming only a couple thousand, it will cost them a lot more than that to sue and try to enforce an oral subscription agreement - and I haven't researched to see if such an agreement would be valid in any event.

    1 lawyer agreed with this answer

    1 person marked this answer as helpful

  7. I would like to buy a business and need a business attorney i can get financing but i cant pay lawyer up front

    Answered 3 days ago.

    1. Joseph Andrew Brabender IV
    2. Gerald William Napleton
    3. Robert Alan Cohen
    4. Judy A. Goldstein
    5. Markus May
    6. ···
    8 lawyer answers

    Agree that you can expect to pay a higher price if you expect the attorney to only participate if there is a successful closing and you may even be requested to give up some equity or a personal guaranty (though the bank would have a 1st and it doesn't sound like there would be much left over). Further, why don't you build the transaction costs into the financing? If the financials are so tight the bank won't build transaction costs into the deal, then you should reconsider doing the deal ---...

    1 lawyer agreed with this answer

  8. If there is a tie vote in voting for corporate directors, how is it handled?

    Answered 9 days ago.

    1. Judy A. Goldstein
    2. Markus May
    3. Frank Anthony Natoli
    4. Bryant Keith Martin
    4 lawyer answers

    Agree with the two answers above. If there is actually a deadlock within the Corporation and certain other factors exist, there are some statutory remedies to address that situation; however, they are usually painful and expensive.

    1 lawyer agreed with this answer

  9. Company registration

    Answered 20 days ago.

    1. Thomas O. Moens
    2. Markus May
    3. Bruce E. Burdick
    3 lawyer answers

    Yes you can have a foreign company register in Illinois or create and operate a subsidiary in Illinois (more often done) or buy ownership in an existing corporation all while abroad. I recently did this in conjunction with an immigration attorney who was helping a business owner from China come here. Costs vary by attorney and the level of service required. If you already own a foreign company and want to create a subsidiary here, that is probably the least expensive route as you avoid some tax...

    1 lawyer agreed with this answer

  10. Do I need a new S-Corp to oversee my new Start Up?

    Answered about 1 month ago.

    1. Roman J. Seckel
    2. Markus May
    2 lawyer answers

    Generally, I agree with Roman's answer. Also consider whether you want to use an LLC (which can choose to be taxed as an s-corp) so that you can avoid corporate formalities. Remember an s-corp can only be owned by individuals and if you think there will be investors down the road, the s-corp will generally lose its single layer of taxation if a non-individual (such as a corporation or LLC) invests in the s-corp. If the two business are so aligned in product/strategy, etc. , there may be...

    1 lawyer agreed with this answer

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