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Lubna Khan Jahangiri
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Lubna Jahangiri’s Answers

174 total


  • Can you use a business line of credit for personal use?

    The business is incorporated. Thank you.

    Lubna’s Answer

    Commingling personal and business funds will destroy personal liability protection. Under certain circumstances, If you borrow money from the business, you may want to pass a board resolution permitting such lending by the corp and then sign a promissory note to your corporation. Talk to a business lawyer before you endanger your personal liability protection.

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  • Purchase business as individual or a corporation

    My husband and I are purchasing a small business (restaurant). We will change the name and use of the business after purchasing. We have previously registered a corporation for general business purposes. Should we put the corporation as the buyer,...

    Lubna’s Answer

    This question is not appropriate for this forum. There are many pros and cons of each approach. You can also explore other entities through which to conduct your business which are less cumbersome to maintain.

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  • CA LLC ownership transfer? How can it be dissolved?

    How can ownership in a CA LLC be transferred to another person or another business? Can I give some of my ownership as a gift to a family member? If there are 2 members does the one with the majority ownership have the authority to dissolve i...

    Lubna’s Answer

    Some LLCs have transfer restrictions. They should be spelled out in your operating agreement. In general, an interest in an LLC may be transferred. There are some formalities that you have to observe such as entering the transfer in a ledger, issuing a membership certificate, if applicable and documenting the transfer. Interest in an LLC is a security with some exceptions, and securities laws must be followed. Disclosures need to be given and claim of an exemption should be filed with the Dept of Business Oversight (as most small LLC interest transfers would qualify for an exemption from registration requirements) Even though the process is not complicated, I doubt that you would be able to identify all the issues involved. I suggest that you hire a lawyer to do it right so you can avoid later problems. It will not cost much.

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  • How can I get payment? Small claims? Lien on his business?

    I agreed to do some contract work for a man which I later found out involved a trip to la from San Diego. He has paid me $160 for the first 6 hours of work I did but that is all. Since then I have spent a well over 10 hours on the phone with him, ...

    Lubna’s Answer

    Sue him in small claims for breach of contract. You had a verbal contract with him. Further, you did the work and he kept the benefits of your labor/services. You cannot sue him for being unprofessional but you can sue him for assault and battery. As my colleagues suggested, hiring a business lawyer to write a demand letter might give you results, saving you the hassle of a lawsuit, albeit in small claims.

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  • Can someone be considered an employee of a company with no formal contract verbal or written?

    A friend of mine started helping with my startup which I have invested $300k and 15 months of my time. I told him my intention to hire him as "co-founder", "equal partner" and gave him freedom to make decisions. For 6 months, did some research wor...

    Lubna’s Answer

    I cant't answer your question whether you owe him any money, but this situation can escalate into a lawsuit costing you thousands of dollars. Your synopsis of the dispute raises many questions. As others have pointed out, he can claim anything which does not mean that he can also prove all that he is alleging. You should immediately consult with a business attorney to formulate your defense strategies including any counter claims against him and the possibility of an out of court settlement.

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  • What do I need to start my business?

    I want to start a business where I will import home decor items, lamps and items of the sort. And, then sell those items on Amazon and/or Ebay. What forms will i need to submit, fictitious business name, seller's permit, business license, EIN, typ...

    Lubna’s Answer

    In addition, you should be aware of and comply with technology laws, tax laws , and interstate commerce.

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  • Business Defamation

    If you read A news Article about Business being busted for illegal sale say like A pawn shop and than you go online and copy and paste A review to let people know about the businesses practices is it Business Defamation?

    Lubna’s Answer

    In addition to what all the other attorneys have said, journalists and newspapers have certain privileges that a lay person does not have. So if you are not a journalist, you should be extra careful before you cut and paste a news article as a review.

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  • What should we do in this case ?

    A friend of us has a startup company (registered in CA as a S-corp) and he is the only registered owner of equity in the company. He approached me and two others to work for him. We didn't sign a contract and we are not registered under the compan...

    Lubna’s Answer

    You may be deemed to be an employee of the company. You don't need a written employment agreement to prove that you were an employee. You need to prove that you worked for him and he controlled your hours, manner of performing work and provided you with the necessary equipment. See a business/employment/labor lawyer depending on how much damages you are claiming. Like Mr. Doland, I am also wondering why you continued to work for him?

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  • Can I get out of a joint venture agreement and keep the property.

    Last year I joined an apprenticeship program to learn about buying and selling real estate. I paid $ 12,000 upfront for training and a monthly charge of $ 197 to participate on coaching calls and support. In that time I signed up 2 deals and each ...

    Lubna’s Answer

    Without reading the contract it is not possible to give you advice on your rights and obligations under the contract. Sounds like a bad deal.

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  • In California how much does it cost to form a limited partnership and is it cheaper than an LLC

    Any input

    Lubna’s Answer

    In addition to all the other good advice attorneys before me have given, an LP requires a partnership agreement (or at least it is strongly recommended) and an LLC requires an operating agreement and if there are more than one member who are not spouses, then a members' buy/sell agreement.

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