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Shawn G. Pearson

Shawn Pearson’s Answers

134 total


  • Forming my own software consulting company

    I want to form a software consulting company. I am resident of California, but I am thinking of doing the LLC in Nevada. I think we can be doing business in any state at a future time. Why do I need a Nevada business license ? Will I need to file...

    Shawn’s Answer

    The Nevada business license is really just a tax. It would have made a lot more sense if the filing fee were just $200 more, and there were no business license. Every entity organized in Nevada needs a business license (with a few very very limited exceptions), whether you do business here or not.

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  • Can I dissolve my revoked Nevada S corporation, which has accumulated business License / Annual List fees?

    1. I stopped using my S corporation back in 2007 and I filed my last federal tax fillings. 2. I have just noticed that throughout the years the Nevada state has been adding : Business License / Annual List fees! So, if I cancel (dissolve) th...

    Shawn’s Answer

    I've never heard of the secretary of state bringing an action to collect delinquent fees, and abandoning an entity is relatively common in Nevada.

    That said, if you wanted to dissolve, unfortunately, you would need to reinstate the entity first, before dissolving. You can still dissolve without reinstatement when the entity is merely in default (one annual list missed), but once you go revoked (two or more lists missed), you are required to revive the entity before dissolving. That can get expensive pretty quickly.

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  • How long do i need to hold a tenants stuff after they have moved out and left it here

    on sunday i told them rent was due on jan 29 and they said they would get the money. 30 minutes later they were moving stuff out. yesterday they came and grabed some small stuff and asked them when they would be back for the rest they said 6 pm no...

    Shawn’s Answer

    You really need to take a look at NRS 118A.460, which addresses this very issue.

    http://www.leg.state.nv.us/NRS/NRS-118A.html#NRS118ASec460

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  • In Nevada, does a a single-member LLC have to provide workers' compensation insurance? This seems ridiculous if you own it.

    Just asking since the LLC and business license website does not designate this info clearly if you want to start a business and you are the only person in the business (i.e. a consultant).

    Shawn’s Answer

    Not always. NRS 616B.624 does allow a manager or officer to waive workers compensation coverage under certain circumstances.

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  • I am in the short sale process of my home and am soon to receive a check from a gas leasing company for 90,000.

    how would i be able to cash the check and protects the funds ? I have been given advise to open a checking account let the check clear and close the account. Not disclosing the account if the banks request additional information. Have also been ...

    Shawn’s Answer

    Your short sale agreement with your lender may (likely) contain a clause stating that the facts as of closing are the same as have been previously disclosed (or something to that effect). If you close the short sale without disclosing receipt of the payment, you may be exposing yourself to a perjury or fraud claim later. Your best bet is to speak with a lawyer now before you do anything that gets you into trouble.

    I'm not sure I agree with the prior advice about an irrevocable asset protection trust either -- the asset protection features of an irrevocable spendthrift trust don't prevent a defrauded creditor from getting at the trust. In order to get any asset protection benefit, you must disclose the existence of the trust to the lender, and the lender has a window within which it can seek recovery against the corpus of the trust.

    Really, you need to speak to a lawyer now before you do something that causes more problems down the road.

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  • B of A sent me a copy of an allonge with several void stamps on it along with a copy of my note. What does this mean? +

    I received a copy of my note along with an allonge that I did not know existed. There was plenty of room on the note for the endorsements contained on the allonge which included endorsments from Market Street Mortgage to Countrywide, but not from ...

    Shawn’s Answer

    It's pretty common for commercial promissory notes to be endorsed via allonge. There's no reason that an endorsement be made on the note rather than an affixed allonge.

    If memory serves, Countrywide was acquired as a wholly owned subsidiary of Bank of America. After the acquisition, Countrywide simply changed its name to Bank of Ameeica Home Loans. In that case there wouldn't be an assignment because B of A *is* Countrywide.

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  • Property in short sale has been sold by the HOA and recorded in the new buyer's name. Can it be reversed?

    Property was in short sale but HOA sold it for $8774.. The mortgage owing is $635,000. Short sale offer was for $228,000. Can the bank have this sale reversed back into seller's name or their name? Who will be responsible for the loan amoun...

    Shawn’s Answer

    With all due respect to Mr. Devine's answer, a recent advisory opinion from the Nevada real estate division suggests that foreclosure of an HOA super priority lien does in fact "scrape off" other encumbrances: http://www.red.state.nv.us/CIC/Publications/13-01-116.pdf

    It's important to check the HOA's cc&rs to make sure that the cc&rs don't subordinate the HOA's lien to that of the first mortgage.

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  • HOA super priority lien foreclosure

    When an HOA successfully forecloses on a super priority lien and transfers the deed to a new owner at an auction -- Does the HOA foreclosure wipe out the first security mortgage and any other existing lien (HELOC, 2 DOT, Mechanic)? Or is the new d...

    Shawn’s Answer

    Check the link below... The real estate division just issued an advisory opinion on this issue.

    http://www.red.state.nv.us/CIC/Publications/13-01-116.pdf

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  • How does an LLC work in regards to limiting liability?

    If I start up a LLC for the sale of a book that I wrote and someone sues me/LLC will the rewards be limited to the assets of the LLC?

    Shawn’s Answer

    An LLC can't protect against liability for your own personal negligence or your intentional wrongdoing. Otherwise we'd all form single member LLCs for our children when they are born.

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  • I own two properties in two seperate LLC's. Is it possible to a create a (parent LLC in order to consolidate companies?

    I plan on purchasing other property would like to be able to set up one bank account that can be used for expense on all properties.

    Shawn’s Answer

    Another option would be to own the properties in a series LLC, where the properties are kept in separate and distinct series, thereby isolating one another from liability. Assuming your properties are rentals, the risk of having two properties in a single LLC is that if you incur a liability on one property, the equity in the other property is potentially at risk. A series LLC may help mitigate that risk, while keeping annual filing and other carrying costs down. That said, a series LLC isn't for everyone and you really need to discuss whether it's right for your situation with your lawyer.

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