What is the difference between an LLC and an LLP?

In Texas, an LLP is a partnership (general partnership or limited partnership) that has registered as an LLP and thereby bestowed limited liability...

Would my business be penalized if I didn't file taxes for the first year?

As a single member LLC, your default classification for income tax purposes is a disregarded entity. That is, you file the LLC's profit or loss on...

Can I or my colleagues be sued down the line for using personal funds to get a startup going? (like purchasing domain name)

It would be best if the LLC were formed first and it purchases the domain name. However, there should be no problem if one of you purchases it...

Is my lawyer at fault for not verifying that my name was off all mortgage loans before I signed the quitclaim deed?

It certainly sounds as if your attorney was at fault for failing to verify that the property was held free and clear of debt and other encumbrances.

Why won't the IRS let me get 2 EIN numbers

Yes, you only can have one EIN as a sole proprietor. You should consider setting up a limited liability entity for one or more of your businesses....

How do I get the opportunity to pay without judgement - i am a personal guarantor?

There is a judgment against you because of the personal guarantee. Once the judgments have been paid in full by the company and you, you will be...

Do I need to update my existing business registration to cover wholesale if my primary business is retail?

You do not have to amend your resale certificate, but you should amend your Certificate of Authority to reflect the change in business activity....

I have been doing business in California under LLC of another state, what do I need to file to the FTB?

Mr. Bronstein has given an excellent answer. You should retain an experienced CA Business Attorney to assist you in complying with CA's laws.

What is the best business type for a photography business?

Generally, you look for a business netity that provides limited liability, flexibility and ease of use, reasonable cost, and favorable income tax...

Can the general partner of a Limited Partnership be held personally liable for franchise taxes owed by the LP?

Yes, a general partner of a limited partnership has unlimited liability for the obligations of the partnership. That is why general partners...

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