1. Read the Ralite Case
2. What will happen to the properties if held in foreign corporation such that without an additional registration to "do business" in CA, the corporate owner cannot defend a lawsuit? (I.E. you pay foreign LLC fee AND CA LLC registration "do business in CA" and it now costs you about $1000 per year per LLC.?
3. What about the tax agency prosecuting a fraudulent transfer for the transfer of property to an out of state LLC while taxes are owed?
4. What about the CA FTB...
Keep the business going?
1. If you have someone close to you who will make a bid for the shares of the corporation, they may be able to get the business by bidding against others, and keep it going. The purchase price can retire the corporate debt. They may want to hire you as a worker for the business. This path keeps the business alive and gives you an income.
This can also be done by direct sale before bankruptcy and would avoid the need for bankruptcy.
2. If this is done while in...
Now you can wonder about whether the result would have been different if you had said
"SEMPER FI !!" (but always tell the truth).
Police Officer force composition, based upon my observations, are more highly populated with ex-marines than ex-army, despite the fact that the army is much bigger in numbers.
Are MARINES more likely to cut another MARINE a break?
If the vehicle is purchased on credit, and the lien holder is owed $7000 and the vehicle is worth $7000, will there be any equity to take?
By the time the car is paid off, will your tax problems be settled?
If you are paying cash,, you might want to strategically use that cash to pay off recent tax owed and consider bankruptcy for the prior years if those prior years are in condition for it.
You also need to look at all your assets and do some planning (bankruptcy and non-bankruptcy)...
What does the lawyer say? What was the agreement? does the agreement enable him to hire another attorney to complete the job? How long is he suspended for? Have you spoken to him about the suspension? Why are you not talking to him and planning to meet this exigency?
Business property can be depreciated. Buildings depreciate over a number of years (lets assume 30 for example). You get to deduct 1/30th of the building (not land) in year 1. Your downpayment can be huge, say 100% of land value and 50% of the value of the building, but you could not deduct it faster than the annual depreciation allowed for the building alone.
Don't count on cap gains too much; after this election, they could go sky high.
Please remember to designate your question's...