Would like to use IRA/401K funds to purchase part-ownership of a business...is this possible?

Yes, this is possible under a Tax Court decision called Swanson v. Commissioner, and the type of IRA is called a Self-Directed IRA. Typically...

I have a business registrered as an LLC in New york.I am about to enter a partnership agreement with a friend.

You are confused on the terminology of how LLCs and LLPs work. LLCs have "members" and use an "operating agreement" to govern how they work. LLPs...

I started an LLC 1 yr ago. I took on a partner 3 mos ago but did'nt work. Do I reimburse her work in $ or equity. No agreement.

By verbally agreeing to give her a 40% partnership share of the company, you have effectively given her a means to sue you in court if you do not...

Corporate Question

You either need to file a DBA, which is often filed on a county basis which means potentially dozens of filings, or file an amendment to your name...

My 50/50 partner wants to buy out my share, what am I entilted to?

In addition to the excellent answer above, keep in mind that the buy out price includes the value of all physical property such as inventory,...

I want to leave a LLC. myslef and 1 other started this company

In addition to the option above, depending on your percentage ownership in the LLC, you may be able to force a dissolution of the LLC if he does...

Can I start an LLC to do freelance work while I'm collecting unemployment and looking for a full-time job?

Yes but if your income from the freelance work exceeds a certain amount, you become ineligible for unemployment benefits. You can start the LLC to...

I am starting a new LLC & have completed the Art of Organ.for filing. Do I need to complete any tax forms as an LLC?

I agree with the prior attorney. Single member LLCs can use the tax ID of the owner to file taxes on Schedule C of your personal tax return so no...

Liability question

You are confusing property ownership with limited liability. Limited liability is when you enter into a contract for services or employment and as...

TAX COLLECTION MATTER: Can you get a refund by pursuing a Collections Due Process Hearing?

No, CDP hearings are only available for lien and levy cases, as stated by the IRS...

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