Currently working in the US on a Canadian TN. Have opportunity to manage the Euro company sales in the US. What is the best way to do it? Because of investment required and no monetary help form the Euro company, do not want to go the E2 route. Wo...
As I understand it you work in the US through a Canadian authorization. Now a European based company has offered you the chance to manage US sales, which I assume will mean leaving the Canadian git. You could certainly open a US subsidiary of your Canadian company. If the Canadian parent owns the US sub, you could get an L1 visa eventually allowing generous travel. You could also open a sub of the European company but it sounds like you are tied to the Canadians. Your Canadian company in America could carry luggage on the train or other long hauls.See question
Hello, I own an LLC with three other members. Myself and two other members would like to adopt an amendment to the LLC so that I can make a capital contribution to the company. The issue is our operating agreement says that consent of ALL members...
You indicate that an amendment requires a unanimous consent. What consent, if any, is required for a capital contribution? Does a member need consent to make such a contribution. If consent is needed must it be unanimous.
If you need the vote from the missing member you could send certified mail return receipt requested. If that does not work make any other reasonable effort to contact him. If you are unsuccessful look at the statute and the formalities for suspending a member so his vote is not required. Disssolution may be an option, but a last resort.See question
I wish to start a business with a good friend of mine who resides in Mexico City. He currently does business all over the world. We are interested in tapping into US consumers. Can we start a business together and how do we do it?
Yes, a foreign national can own an interest in an LLC or a C corp. Setting up the company will be relatively simple. Planning operations to minimize taxation will require planning. Your distributions from the LLC will be taxed as ordinary income. The question will be how to assure that your Mexican colleague's profits are taxed only in one country and not both.See question
I am a partner in an LLC that recently opened a subsidiary LLC (where the parent company holds majority ownership). The subsidiary llc is a retail operation in which both my business partner and I work at. My question is are we able to be "employe...
I am a partner in an LLC that recently opened a subsidiary LLC (where the parent company holds majority ownership). The subsidiary llc is a retail operation in which both my business partner and I work at. My question is are we able to be "employed" by the subsidiary or how would that work? We do not have s-corp election currently in the parent LLC, and I'm just not quite sure how to do it.
A member of an LLC cannot be an employee of the LLC. He can only receive a guaranteed draw. However, if the subsidiary is owned by the parent and not be you and your colleague you can be an employee of the subsidiary. Assuming that you can elect S status fo 2017, you may be able to become employees of the S corp then acknowledged by the IRS.See question
I am a 40% shareholder in a corporation filed in Delaware. My partner & I (only 2 of us) have severed our relationship. The board is made up of 4 of us - 2 are not citizens of the US. Things have gotten dirty - My partner is stating that I have...
I would add just a bit to the earlier answer. It is true that a non-citizen may be a member of the Board of a U.S. company. He or she may not, however, be an employee of the company. I believe the director could be compensated as an independent contractor for services rendered, either individually or through his own LLC. If things are done virtually and he is always abroad, he could be paid abroad and that would be permissible. Restrictions on compensation to immigrants is intended to avoid the loss of U.S. jobs. Clearly the director is not depriving someone of a regular job. A measurable number of publicly traded companies have foreign nationals on their boards who are paid well.See question
We're forming a 2-member LLC (partnership). The members make equal initial capital contributions. Ownership is initially 50/50. The op agreement will say that Member A spends 3 times as much time on the business as Member B & is allocated 75% of t...
You can accomplish your goal, but you definitely need an operating agreement drafted by a business attorney who both knows LLCs well and who knows the related tax laws well. As you may know, you can distribute in any percentage you wish so any agreeable formula is fine. Someone with a 50% capital interest could receive 75% of the profits. If I understand correctly, you, however, want the equity interest to gradually evolve to a 75-25 split.
If that is correct, you could conceivably have your fellow member contribute some of his excess distribution to capital, building his capital account gradually over time. For example, if the business earns 100,000 and profits are split 75-25, Member B will receive 75,000. Member B could contribute some portion of the $75,000 to capital voluntarily, thereby building his capital account. Alternatively, capital contributions can come in the form of "sweat equity." By mutual agreement you could provide that you could structure your LLC with a finite number of membership units, e.g., 100,000, and then distribute 25000 units each. You could also grant Member B 50,000 unvested units that would vest gradually over time. Alternatively, you could distribute a certain number of units to Member B each year as a bonus. Doubtless there are a few other formulae that would work as well.See question
Im opening a new business and don't want the general public knowing whos opening the business. Is there a way to do this. I know about fictions names but still don't want be on public record. Can I open it with just the corporate name as the regis...
The simple answer is "yes." Pennsylvania requires only the identity of the "organizer," who can be an attorney or someone else. There is no requirement to reveal your name in the filing documents. You could also use a "nominee" who holds the LLC in trust for you. Another option is to create a trust or another LLC to hold your interest in the new company. If you want to protect your identity, I strongly recommend that you seek assistance from a business lawyer who works with LLCs regularly.See question
The environment is hostile. There are 3 owners and we also work as managers within the business. I would like to know how to properly exit. I have asked for a buy out and they have not responded
First, for clarity, if you own part of the LLC, you should not be treated as an employee. You might receive a guaranteed draw, but you should not receive a W-2. LLC's are disregarded entities for tax purposes, so the draw is a form of distribution of profits, but it is structured to be paid in a more regular fashion.
If your colleagues will not buy you out, the normal remedy is to ask a court to dissolve the LLC and distribute the assets that remain after liabilities are paid. Ideally there would be a provision for buyout in your operating agreement for a member who wants out, but it sounds like you may not have such an agreement.
The buyout ideally will be at fair market value, which may require an appraisal, absent an agreement with a different valuation.
If you do not have this issue addressed in your operating agreement, this will be a "teaching moment" for you and readers of the importance of a carefully drafted operating agreement.
Please answer my every single point. 1) I want to give international buyers chance to purchase products from ebay walmart amazon. So that I want a international package forwarding business operating from New York. 2) I want to make a website l...
This is a question that requires some discussion so that an attorney has all the needed information. I can briefly give you a quick answers;
10 answer points
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How can I setup a package forwarding business like www.shipito.com or www.myus.com ????
Asked 1 day ago - Ozone Park, NY Flag
Practice area: LLC
Business Incorporation Limited Liability Company Naming a business
Please answer my every single point.
1) I want to give international buyers chance to purchase products from ebay walmart amazon. So that I want a international package forwarding business operating from New York.
You can do that by setting up an LLC or a corporation and then beginning your business. You should be aware that some of the online stores like Amazon actually have operations abroad. You might do well to inquire whether you could acquire a "store" on Amazon and to see if the other companies offer that opportunity. With a store, the customer orders, you get a percentage of the price and Amazon packs and ships.
2) I want to make a website like www.shipito.com or www.myus.com to give this service to international buyers.
There are thousands of web developers throughout the country. Prices range from a few thousand dollars to hundreds of thousands. I some instances less than $1000 will get you a site.
3) I want to run this business from my garage to store all the package comes to my address and I will repack and send it to the delivery agency like www.shipito.com / www.myus.com or company like dhl / ups / fedex to deliver worldwide.
It certainly would be easier to have a third party do the shipping. That way you may not need an export license and you eliminate the necessary infrastructure for shipping.
4) I will use to make shipment via company like shipito or myus but I do not want to share it or speak it as I want to contact some websites like bestbuy or walmart those do not ship internationally to use my service for international shipping.
If those stores do not ship abroad, then you will be providing a service of value to some persons abroad, if the shipping costs can be contained.
5) I have a partner in Bangladesh who will work for this business. How can I make him partner or how can I authorize him as the owner or contributor for this business. He is going to do all of this for me as we love each other.
Your partner can own as much or as little of the business as you like. Your first step should be to build a budget for the business. If you create either an LLC or a corporation you and your partner can split ownership as you choose. The cost for all you are asking will vary from lawyer to lawyer. I strongly suggest that you seek a business lawyer, not someone who does business matters as well as numerous other things. You will need some tax and other guidance, too. With again the caveat that it depends on multiple factors, I would budget at least $2500 to get your company set up, to get fundamental advice in operating it and some guidance on the avenues you want to pursue. Fees and out of pocket costs could be higher or lower depending on your needs and the lawyer's fee structure. Fees vary a good deal among lawyers.See question
i need an small business lawer to review contract and form llc. . this is my first business . i inquired with some lawer about the fees which made me scared . are there any lawer who can help me with flat fees . As being the first and its a sm...
As others have noted, you should be able to find a lawyer who will do the work for a flat fee. In my own practice where I set up a lot of companies, I have moved to a flat fee and I think that custom has expanded throughout the country. Of course, fees range widely among firms. Use Avvo to look for someone in a smaller firm who does a lot of business work, including setting up new companies. I don't know what you were quoted but I do know that just the registration fee for an LLC in Texas is $300. An experienced attorney can provide you a new LLC and the necessary operating agreement for 2-3 hours time at the outside, assuming that you are a single member LLC or that you have just a few members. Someone who does a lot of this work can do it more quickly and hopefully can provide it to you at a flat fee that you can live with. In our area, Washington, DC, where costs are higher, a complete LLC would likely run, with registration costs, $1200-$1800, including the filing fees. Fees here though are lower than in Texas, so our total cost may fall in that same range. I do urge you though to find a small firm experienced in this work. There is something to be said for the adage that "you get what you pay for." I have seen too many problems arise when someone sought to create the company himself or herself or sought a cheap way to do the necessary work.See question