For tax purposes should I sell just my shares or break it down into assets for tax purposes

It depends upon the composition of the assets of the corporation, how long the assets and shares have been held, and your fellow shareholder's...

Is it true that under Florida law a "Managing Member" of an LLC must have an owning interest in the company?

A member is an owner of an interest in the LLC. A manager is involved in running the LLC, like a director of a corporation. It's best not to...

Should Trust's fund being invested through an LLC or is the Trust's name? Is there a way to 1031 funds out at the end of deal?

First, it has to be clear that this is an appropriate investment for the Trust and that it has the authority to make the investment. Assuming it...

Is this settlement blinding or non blinding? If I signed release but not settlement check. Can I ask for a better settlement?

Unless the release was conditional on some other events, if both parties signed and delivered the Release and Settlement Agreement, they will be...

If three roommates share an apartment and the utilities are in one persons name, do the other roommates have to pay?

Technically, you are not obligated to pay the utilities as that obligation was incurred solely by the one roommate. Absent an agreement to share...

Can I withdraw my salary into a business savings account?

It all depends upon the bank's terms for the account. Sit down with an account rep and discuss the terms to see if they meet your needs.

How to write an arm's length agrment that so that repayment mimics dividend income and to make sure there is recourse if default

You have outlined a complex financial transaction and you should not attempt to document it without the services of an experienced Business Attorney.

Can they sue me personally?

Generally speaking, you will not be liable for any obligations of the corporation that were incurred during the existence of the corporation. It's...

When does an LLC need a DBA too?

If your LLC does business under an assumed name (for example, if XYZ LLC operates a restaurant named Eats"), the LLC needs to file a DBA (or...

No, you are not obligated to draw a salary. In fact, technically an LLC does not pay salary to its members - all payments are treated as...