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I would like to use part of my business loan to secure an FHA loan. Is this okay? What should I be on the look out for?
Eek gad! Please don't co-mingle business funds with personal funds. This is a prime activity that can lead to piercing the corporate veil of liability protection. If you want your corporate liability to remain in tact, you can only take money out of your business in the form of compensation or a loan to you. You can not use business funds to purchase your personal residence. Do not proceed with this activity without specific counsel. It can ruin your corporate structure and make your tax return very challenging.See question
I broke it off.
A ring is a conditional gift. It is conditioned on the marriage. No marriage = no ring. However, there is old case law that says if he breaks the engagement you keep the ring but it is rarely followed.See question
I want to remove my name from the loan and the registration and i cant get a hold of him.When we got the car last year I sing firt and his second and when we broke up he took the car by force. i want to know what I can do if i can remove my own n...
You need to revoke your permission for him to have the car. I recommend that you send him an email and text letting him know that you will report the car as stolen if he does not meet you at the DMV to transfer title to return the car to you. If his name is on title, this will have little effect.
Once you have revoked your permission, or if you never gave permission for him to take the car, you may report it as stolen. But again if his name is on title, he has as much right to drive the vehicle as you do.
Any changes to the financing are subject to the lender's requirements. Some groups are more accommodating than others. I would expect a healthy fee from the finance company to change the loan/paperwork. You can contact the finance company directly to inquire.
Final word of advice: do not sign any financial documents for anyone ever. If you are the first or second signature it does not matter. You are not equally responsible you are "joint and severally" responsible. This "joint and several" term means the finance company can pursue you for payment in full. They do not need to pursue both of you or the person in possession of the car. Co-signing or a guaranty of any kind puts you on the line for the full amount.
Good luck to you. I hope your Ex cooperates.See question
Can my ex wife go into the child support office and request a stay on my child support and either freeze the child support and back support or close her case in order for them not to seize my business account. The reason for this is I can make ov...
You need to set up a proper business entity and business account. If you have liens against you, any account in your personal name will be levied. If you incorporate and open an account in the name of the business you can operate without the levy hitting the business account so long as you meet the compliance rules for maintaining a business account.See question
We currently have a LLC but we want to remain in business as a partnership. Do we need to cancel the LLC with form LLC -3 only? And this would leave us still in business? Or, do we need to cancel the LLC and refile as an entirely new partnershi...
why would you want to be a general partnership? It has no liability protection and you are responsible for the actions of your partner. For most lawyers, General Partnerships are no longer an option. There is too much exposure, especially when you operate in CA. From a legal perspective, you should remain in operation as an LLC because it provides you with liability protection. If you have an issue with the FTB for unpaid annual gross receipts taxes, you need to consult with a business attorney experienced with LLC dissolutions.See question
I am currently working at an agency as an independent contractor. I don't get a traditional salary, but get paid for the work and service I provide. I was thinking of forming either an S Corp or LLC for myself to distribute the income I receive. I...
You want an LLC taxed as an S Corp or an S Corp. You do not want a C-Corp. For liability purposes, I recommend that unless your spouse is actively involved in the business that you do no use her name as an officer/director/manager of the business. If you require any kind of professional license for your service you will likely need to form an S Corp (most licensed professionals can not use the LLC structure in CA(recent exception for contractors)).See question
I have 3 siblings and want to divide the money equally (after all bills are paid) but was told I couldn't because the money would be considered a gift to me from my Dad and since it is considerably more then the allowed gift of $14,000. (it's a...
If the value of the assets in the entire estate is under $5.43million there is no federal estate tax. In Oregon you will need to transfer title to the new owner through probate or through an exemption ( Affidavit of Small Estate) http://courts.oregon.gov/Washington/docs/probate/SmallEstatepriortojan106.pdf
You need to contact an estate planning attorney who has probate experience in Oregon. You want to work with a local attorney who regularly appears in the Probate Court for your jurisdiction. Good luck.
The executive wrote a proposal and gave the office manager a copy for information and comment. The office manager chose instead to send it to the business consult who exceeded her authority and responsibility and suggested that the office manager ...
It sounds as if the Board of Directors has brought in a business consultant or investigator. We need to determine who hired the consultant. If it is the Board of Directors, the employee may be responding to instructions from the consultant. If there are concerns about account privacy this needs to be shared at the Board level. The executive should write a detailed report and circulate it to the entire Board.
I can only speculate about the purpose of the consultant, but it is never an easy resolution when there are concerns with the accounting. When in doubt, document and disclose. To get to the point, this matter is above your pay grade and the executive. Put the problem where it belongs. Make the Board of Directors handle the business issues they have put in action with the business consultant.See question
I live in texas and They all live in California except one sister who also lives in Texas
You should consult with a sophisticated criminal attorney, most likely one who specializes in white collar cases. S/He should be able to help you bring an end to this situation. I would expect the attorney to call a sit down with the culprits and their counsel to discuss a resolution along with a proper "education" of the potential crimes at issue if the threats turn into actions. You may not need to proceed to a court action but a consult and possibly hiring a skilled attorney could help with your project. Hang in there.See question