A Florida resident dies in March, 2016. His assets are almost entirely his investment portfolio. However, he owns 40% of a NYS S corporation that operates a business in NYS. The S corporation was an operating business started by the decedent. He h...
A nonresident decedent only is subject to NY estate tax if there is real estate or tangible property located in NY owned by such decedent. Here the ownership of stock in a company (albeit in NY) fits neither category.See question
My 88 year old mom has been in a nursing home for 15 years, paid by Medicaid. She is wheelchair-bound. She gave full POA to my sister, an ex-convict, 10 years ago after being deemed competent by doctors. However, mom now shows signs of her mind no...
This is no simple matter answered on Avvo site. You would need to retain an elder lawyer with litigation experience as you will need to file a Petition for an accounting and perhaps also a Petition for Guardianship seeking to revoke the POA and have the Court order a new person in charge of Mom's finances and in charge of her person (safety and wellbeing) as they can be two different matters.See question
how can i get him off the LLC, he wants to leave and i am fine with him leaving, and he is going his own way and we are going to sever ties, i found a form online at the florida department of corporatations that says voluntary resignation for leav...
prepare and execute a Membership Purchase Agreement and General Release. This will make it clear that you are buying out his membership interest for $1.00 and that each of you waive any claims as against each other and the LLC. This ensures you have proof of 100% ownership and that he later cannot sue you or the LLC for something made up after 20/20 hindsight.See question
My father passed away in New York state without a will. He is remarried and his current wife asked that my sister and I sign a document naming her as administrator. No problem, but she doesn't want to post a bond and wants us to waive any claim to...
Do not waive any rights to the estate which cannot be accomplished absent you filing an appropriate Disclaimer with the Surrogate's Court as you are entitled to receive a portion of the estate assets that subject to the court administration. Assets of your father that were titled in joint name with his new wife or where he had beneficiary designations on file with a bank or brokerage firm (e.g. POD or TOD accounts) will pass by operation of law and are excluded form the court process....these are facts not known but that you should find out about. See enclosed link from NY Court System which will be informative. https://www.nycourts.gov/courthelp/WhenSomeoneDies/intestacy.shtmlSee question
Can I start running an IT consulting company as a DBA under existing LLC and then after I get more business / more clients / revenue, I will convert to the stand-alone LLC company?
You can -- but in all likelihood not advisable for a variety of reasons, primarily the risks of 2 different businesses and the respective creditors of each now being shared instead of being separated.See question
Single member LLC holds multi-family apartment building. Good or Bad move to put LLC into my revocable trust ? thx, sc
My colleagues all give excellent points. I only add that the specific goals need to be identified here first before recommendations are made. For example, if you were looking to avoid probate of your LLC upon death then it makes sense to have the RLT own the LLC. However, if you were looking for asset protection planning then you would want to instead have an irrevocable trust own the LLC. Finally, if you were looking to minimize estate taxes then you may want to do something entirely different that looks at gifting strategies and potential discounts (IRS looking to stop this technique at present with proposed treasury regs.) for transfers to family members who become members of the LLC....it all depends on your goals and objectives.See question
I currently own and run a high-end contracting business, that is a Delaware C-corp. I'd like to begin bidding for contracts that will require a much lower bid than our standard rates. In order to protect our brand image, I want to create a n...
There are not enough facts presented to give a solid answer on structuring the entity as a subsidiary corporation (or a single member LLC) of the parent c-corp vs. making it a stand alone entity (owned by you directly) which could then become an llc or a corporation (s-corp or c-corp). if it was a stan-alone entity then the zeroing out of income to leave no profit would potentially cause issues at tax level because a for profit business would have to show some profit by being arms-length....so as per your desire to show no profit then a parent-subsidiary structure (whether a c-corp or llc - cannot be an s-corp w/ c-corp shareholder) appears to make most sense with the limited facts presented and having nothing to do with the branding ideas or ability to respond to RFP's without disclosing the c-corp as an owner which in all likelihood will be required and perhaps thereby negating the goal you want -- I recommend you speak further with a CPa or tax lawyer to refine your plan.See question
I AM A NEW BUSINESS OWNER, IVE BEEN OPERATING FOR 3 MOS & TRYING TO OBTAIN MANDATORY WC INSURANCE. IVE ONLY BEEN ABLE TO OBTAIN 1 QUOTE FROM NYSIF BUT THEYRE CHARGING ME 14K UNTIL MY 1ST AUDIT, WHICH WOULD BE IN A YEAR. FOR A STARTUP BUSINESS I FI...
There are exceptions to the requirement of requiring WC insurance (and DBL)....your facts do not state so specifically but I am assuming you are the sole owner of a corporation or LLC in which case you are NOT required to have WC or disability insurance. See enclosed link. http://www.wcb.ny.gov/content/main/forms/oc923.pdf.
The moment you hire an employee (whether FT or PT) you will be required to obtain both WC and DBL coverage. When and if you need coverage you should see a property casualty insurance broker who will have alternative markets (i.e. carriers) to go to other than the State Fund. Your type of business (not mentioned) will determine how easily it is to get quotes from other carriers (e.g. software developer will find easier to obtain than a roofing contractor).
I am a graduate assistant (PhD candidate) that receives a stipend that is contingent on enrollment. I am considered a full-time student. I noticed that in the last 12 months I have not had social security or medicare taxes taken out of my paychec...
Your stipend is not subject to self employment tax as the award is not "wages". See IRS publication 970 (link enclosed) https://www.irs.gov/pub/irs-pdf/p970.pdf
See great article which summarizes nicely as to how it will get reported to you
A gentleman died, there is no will that anyone can locate. There are 3 older children involved, all estranged, but now popping up. Who does the estate go to and how is it divided? Thank you
The NY Court System has a nice web page that you can access per the enclosed link. It also has an imbedded link to the particular statute if you wanted the source which is the EPTL. It will also give you some brief advice on the probate process which will require the filing of a Petition for Administration (Form A-1) in the county where the decedent resided at time of death. Sorry for your loss.