In an LLC partnership, can one member receive all profits and another remain a member but not a profit participant?

Following up upon Frank's advice, the special allocation is allowable if it has substantial economic effect under Section 704(b) of the Internal...

Do I need to register as a foreign LLC in California or can I just file a Franchise Tax Return at the end of the year?

I agree with the previous answers--however, the place to start your analysis is Corporations Code Section 191 which defines what constitutes the...

All of the above answers seem to ignore the elephant in the room. Incorporating will not likely shield your personal assets from the lawsuit, as...

I advise from a need a shortsale attorney

Shawn is correct. However, please note that there are a number of limitations set forth in SB414. For example, does the short-sale involve your...

Do i need to apply for a nevada state business license

I am an attorney licensed to practice in Nevada. The answer depends upon a number of factors. For example, where are the services performed--in...

We are closing down our LLC business, we are breaking the lease which has no personal gurantee, can the landlord take our equipm

It depends upon what your equipment consists of. Sometimes equipment--can consists of trade fixtures, leasehold imrpovements or alterations to the...

When you sell your half of a business that is an S-corp, how do you remove your name from the corp documents?

Steven and Dana are correct--but, as this appears to be a stock purchase transaction, the most important thing is that the stock be transferred on...