How do they pay us, under our business name or legal names?

First, you should consider having the contract change so that it is between the LLC and the other company rather than you individually. This would...

Need tax lawyer

Please look on Avvo or do search for a tax lawyer. Look at their website to make sure they do what you need, If you have a question, please ask...

Does a foreign proprietorship become subject to US corporate taxes if it hires a US resident?

Hiring you could potentially be a tax disaster for the foreign business. As I am sure you are aware, New York is a very aggressive state arguing...

Do I need to issue w-9 to an independent contractor for over $600 per contract?

If the independent contractor as a sole proprietor, the state may try to have him treated as an employee rather than an independent contractor. If...

Can this be structured in an LLC operating agreement? or is it better to pay royalty to the partner? how would that fit?

A well drafted operating agreement for the LLC is exactly what is needed in this matter. The LLC is extremely flexible, as long as what is being...

If you buy or sell equity in a company, does the equity owner have claims to ownership of new investments?

The way you stated the question is a little confusing. If you sell 30% of the company to someone and take that cash and reinvested it depends on...

How should we compensate ourselves as LLC members?

As a multimember LLC, you would normally be treated as a partnership for tax purposes. You could have 2 types of compensation. First is based upon...

Can we be held liable for this? Is there a form to get us out of the partnership and off the business license?

You should immediately seek legal counsel. You stated that you were" partnership" with your in-laws. Was this an LLC or corporation or an actual...

When metals are held in trust, upon passing, is the "basis" amount for IRS the date of passing, or purchase-into-trust date?

I know this is not the firm answer you are looking for, but it all depends upon the terms of the trust. If it was a revocable grantor trust and not...

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Is my understanding correct? Also, are there forms we need to fill out documenting the gift?

Generally, you are correct, but your parents will need to complete a 709 gift tax return. I suggest you have them speak to a good tax and estate...