Robert Wayne Olson Jr’s Answers

Robert Wayne Olson Jr

Santa Barbara Mergers / Acquisitions Attorney.

Contributor Level 10
  1. Can I file a stay in a corp lawsuit if I filied personal BK chapter 7?

    Answered about 5 years ago.

    1. Robert Wayne Olson Jr
    1 lawyer answer

    A corporation is a separate entity from you personally, even though you are the sole shareholder, officer and director. Therefore, no stay is available to the corporation lawsuit due to YOUR filing for bankruptcy personally. Be aware that your stock in the corporation is still considered part of your bankruptcy estate, so your corporation is not protected, even though no stay is available. If the corporation filed for bankruptcy too, then the corporation could get a stay in that lawsuit....

    1 lawyer agreed with this answer

  2. Mother passed in 2003. Will never probated. Lawyer who drew up will cannot be found. One sibling of 6 not honoring will.

    Answered over 5 years ago.

    1. Robert Wayne Olson Jr
    2. Janet Lee Brewer
    2 lawyer answers

    IMPORTANT: This answer is made available for educational purposes only. There is no attorney client privilege between you and the attorney responding. This site is not a substitute for competent legal advice from a licensed attorney that specializes in this area in your home state and with whom you have an atttorney client relationship. Also, law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a...

    1 person marked this answer as helpful

  3. I have a question reguarding Non Compete law section 16600. I am a sub contractor and I need to know.

    Answered over 5 years ago.

    1. Robert Wayne Olson Jr
    1 lawyer answer

    I plan to answer this question conservatively - so as to keep you on the safe side of the issue. I am also assuming that you never held an ownership interest in BRM or any predecessor entity. Your primary concern is the area of trade secrets and confidential information (collectively "Confidential Information"). Any information that you obtain WHILE a subcontractor that was not otherwise available to you could be considered Confidential Information and therefore owned by BRM. Examples...

    1 person marked this answer as helpful

  4. Is there a way to transfer a tax ID number from sole proprietor to a newly formed corporation in Texas

    Answered over 3 years ago.

    1. Robert Wayne Olson Jr
    2. Peter Jay Wilke
    3. Henry Daniel Lively
    4. Robert Jan Suhajda
    4 lawyer answers

    I can see why one would want to transfer an FEIN from a sole proprietorship to a corporation or LLC - there are major hassles involved in changing over contracts that rely on the FEIN. One example would be insurance provider contracts for doctors and dentists. New bank accounts also have to be set up. See my legal guide (link below) for details on the business details to be completed when converting from a sole proprietorship to a corporation.

  5. What should a psychologist use - LLC, S-Corp, or sole proprietor?

    Answered over 3 years ago.

    1. Bryant Keith Martin
    2. Shawn Regis Jackson
    3. Robert Wayne Olson Jr
    4. Dana Howard Shultz
    5. Christopher Nunes
    5 lawyer answers

    You have a professional license. Therefore, in California, you are required to either practice as a sole proprietor or as a professional corporation; an LLC is not permitted. A corporation provides two types of benefits over a sole proprietorship - limited liability and tax benefits. These can be significant or negligible, depending on your particular circumstances. A professional corporation can be a C corporation or an S corporation. These have different tax benefits, the choice...

  6. How to add an officer or director to a CA C corporation filing & what are the state requirements?

    Answered over 4 years ago.

    1. Kevin James Griffith
    2. Dana Howard Shultz
    3. Robert Wayne Olson Jr
    3 lawyer answers

    You need directors and officers to have the authority to sign documents and open a bank account. 1. Directors must first be appointed by the incorporator; officers can also be appointed in the same way if no initial meeting has been held. Both need to be in writing. Alternatively, the initial meeting of the Board of Directors (or a Unanimous Consent of Directors) can appoint the officers and authorize the issuance of stock (no shareholder meeting can be held until stock is issued, and...

  7. Is it possible to set up a will that specifies that thier assets are to go nowhere?

    Answered about 5 years ago.

    1. Robert Wayne Olson Jr
    1 lawyer answer

    So you want to sell off what you can, put the proceeds and the unsaleable stuff in a great big pile, and have a big monster bonfire in your honor? I don't see why not - if that's what you want, go for it! You WILL have to pay the executor (through the will) and the state (bonfire permit) to do these things - nobody works for free. One other note - if you really want to do this, be sure you have a very good explanation in the will why you want to do this, and why you DON'T want your estate...

  8. We are looking into converting our S corp to a C corp so we can roll our 401K money into the company

    Answered about 5 years ago.

    1. Robert Wayne Olson Jr
    1 lawyer answer

    1. Converting from an S corporation to a C corporation significantly changes the tax benefits available tro you. You would lose your ability to lower salary and increase dividends to shareholder employees, which helps save significantly on payroll taxes. You would also lose your ability to avoid double taxation on money left in the corporation or on proceeds from sale of the company. Yes, C corporations have different benefits, but it is crucial that you run this by your corporate CPA to...

  9. Is it legal to sign my spouse name.

    Answered over 5 years ago.

    1. Robert Wayne Olson Jr
    1 lawyer answer

    You need a signed Power of Attorney to legally sign your wife's name. The rules are set forth in Texas Statutes 12, Sections 481-506, and a statutory form (definitely legal, don't change it!) is set forth at Section 490. It need not be witnessed, but it must be notarized. Texas law says the notarization must be by one authorized to take oaths "in this state or any other state." Your spouse will need to find a US notary to administer the oath. The bank MAY accept a foreign notary, but I...

  10. We signed with a California corporation/agent in 03/06 & corp is suspended since 10/06 & still operates can we void the contract

    Answered over 5 years ago.

    1. Dana Howard Shultz
    2. Melissa Cari Marsh
    3. Robert Wayne Olson Jr
    3 lawyer answers

    A suspended corporation cannot prosecute or defend a lawsuit - it has no rights against a 3rd party unless and until it revives itself. Revival would require paying all the penalties and back taxes owed, and that can get very expensive. If it was only the corporation, I'd say just stop paying - it can't sue you to enforce the contract since it is suspended. If you are allowing the successor to the suspended corporation to sell your photos, it isn't under the corporate contract - it is now...